Board of Education Investment
When the Board of Education, due to unforeseen contingencies in the current account, receipt of State aid, funds in advance of construction, etc., is holding unencumbered cash balances, such funds shall be invested at interest.
The Board Secretary/Business Manager shall be appointed by
resolution to serve as investment officer. The investment officer would annually present
an investment plan to the Board for approval prior to implementation.
Funds of the Board may be invested in bonds or other
obligations of the
Investment of Board funds my be made at the sole discretion
of the Secretary when operating within applicable statutes provided that no commitment of this Board may be put in default at
the time due but be paid properly and promptly.
The Treasurer of School Monies shall include in the monthly
report to the Board all cash in all accounts on deposit as well as all
investment assets of the Board.
The interest earned on such investments shall be combined
with the general revenues of the Board.
Date Revised:
Date Adopted:
Legal References: 17:9-41 Security for deposit of
governmental units
17:12B-241 Investments of public funds
authorized
N.J.S.A.
18a:24-47 Payment to custodian;
application
40:3-7.1a
40:5-7.1 Bonds and other obligations that may be purchased by counties, municipalities, and other school districts
40A:5-14
Cross References: 9000 Role of the Board
9124 Business Administrator/Secretary of the Board of Education