15-386. Insurance refund fund
A. Monies retained for insurance premium payments which are refunded to a school district at the end of a fiscal year by an insurer with which the governing board contracted for that fiscal year may be deposited with the county treasurer who shall credit the deposits to the insurance refund fund of the district.
B. The insurance refund fund of a school district is a continuing fund not subject to reversion. Monies from the insurance refund fund may:
1. Be expended for insurance premium payments.
2. Be placed into a trust to be used for payments of uninsured losses, claims, defense costs and other related expenses as provided in section 15-382.
3. Be used for reduction of taxes in the budget year.