Board Policy 3130

Designated Depositories

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    The Board shall select a principal designated depository and other depositories for school funds, per requirements of The School Code of Illinois.

     

    The principal designated depository shall be understood to be that bank wherein full banking services are expected to be rendered.

     

    The other depositories are for deposits maintained for investment purposes.

     

    The Treasurer shall not place funds in any depository in excess of 75% of the capital stock and surplus of the bank, unless the collateral pledged is equal to or exceeds the deposit of the District, and only after receipt of written assurance of collateral in the form of U.S. Government Securities held by an Illinois correspondent bank whose assets exceed one billion dollars or the Federal Reserve Bank of Chicago. The collateral pledged to the District shall only be released under the signature of the District Treasurer and designated depository bank officer.

     

    No charges shall be made to the District for collateral held for the benefit of the District by a designated depository.