The governing authority of each county shall designate one or more solvent banks, insured federal savings and loan associations, or insured state chartered building and loan associations as depositories of all county moneys. The board of education of each county school district and of each independent school district shall designate one or more solvent banks, insured federal savings and loan associations, or insured state chartered building and loan associations as depositories of all school district moneys.
(Ga. L. 1933, p. 78, § 6; Code 1933, § 89-811; Ga. L. 1975, p. 696, § 1; Ga. L. 1994, p. 412, § 1.)
OPINIONS OF THE ATTORNEY GENERAL
Right to specify depository for school funds.
- County commissioners do have the legal right to specify the bank to be used as a depository for school funds. 1965-66 Op. Att'y Gen. No. 65-15.
Exercise of right by those other than county authorities.- The statutory authority of the governing authorities of a county to designate the depository to be used by the county board of education applies to all school funds under the jurisdiction and control of the school board; the county board of education and other specified persons in this section may designate such a depository only when the county authorities fail to designate a depository. 1967 Op. Att'y Gen. No. 67-103.
Transfer of school funds when depository redesignated.- When a depository has been selected by the school board due to failure of the county authorities to act, and the county authorities at some later date then do decide to specify a depository for the school fund, the county school board should, if an immediate transfer would for some reason interfere with school operations, be given a reasonable time to transfer such funds, so as not to interfere with education in the county. 1965-66 Op. Att'y Gen. No. 65-15.
RESEARCH REFERENCES
Am. Jur. 2d.
- 63C Am. Jur. 2d, Public Officers and Employees, § 348.
C.J.S.- 67 C.J.S., Officers and Public Employees, § 396.