57-19 School District Special Reserve Fund
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<![CDATA[CHAPTER 57-19SCHOOL DISTRICT SPECIAL RESERVE FUND57-19-01. School district may establish special reserve fund. Each school district inthis state may establish and maintain a special reserve fund which must be separate and distinct<br>from all other funds now authorized by law and which may not exceed in amount at any one time<br>the sum which could be produced by a levy of the maximum mill levy allowed by law in that<br>district for that year.57-19-02. Special reserve fund - Separate trust fund. The special reserve fund is aseparate trust fund for the use and benefit of the school district, to be drawn upon as provided in<br>this chapter. Moneys in the fund may be deposited, held, or invested in the same manner as the<br>sinking fund of the district or in the purchase of shares or securities of federal savings and loan<br>associations or state-chartered building and loan associations, within the limits of federal<br>insurance. The school district business manager shall annually, upon a resolution of the school<br>board, transfer to the school district general fund any part or all of the investment income or<br>interest earned by the principal amount of the school district's special reserve fund.57-19-03. Transfer of other funds to special reserve fund. Any school district havingon hand funds, other than sinking or building funds, which are not otherwise encumbered, and<br>which are not required for the payment of the items contained in the current operating budget, by<br>a resolution of the governing board of the school district, may set aside a part or all of such<br>surplus funds in such a special reserve fund, subject to the limitation contained in section<br>57-19-01 on the size of such fund.57-19-04. May levy tax beyond levy limitations. In each year each school district maylevy a tax sufficient in amount to establish, maintain, or replenish such special reserve fund, but<br>the levy may not exceed the amount produced by a levy of three mills on the taxable valuation of<br>property in the school district. The levy is in addition to tax levy limitations otherwise specified by<br>law.57-19-05. Fund not considered in fixing budget. Such special reserve fund and thefunds therein may not be considered in determining the budget or the amount to be levied for<br>each school fiscal year, for normal tax purposes, but must be shown in such budget as a special<br>trust fund, and may not be deducted therefrom as otherwise provided by law.57-19-06.Special reserve fund - How and when used.Repealed by S.L. 1997,ch. 489, </p>
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