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FUNDS MANAGEMENT/INVESTING
The Business Administrator/Board Secretary shall direct investment of money not immediately needed for the operation of the school district in financial instruments provided by law, the New Jersey Cash Management Fund, and public depositories located within the boundaries of the State of New Jersey provided such depositories secure public funds in accordance with state law. Investment of Board of Education funds may be made by the Business Administrator/Board Secretary in his/her sole discretion when operating within applicable statutes provided that no investment of this Board of Education may be put in default at time due but must be paid properly and promptly. The Treasurer of school moneys shall include in the monthly report to the Board of Education all cash in all accounts and deposits as well as all investment assets of the Board of Education. Investments must be solicited by quotes of interest offered by at least three banks authorized to invest with school districts as evidenced by the certificate of eligibility to receive public funds deposits. Awarded placement of investment will go to the highest interest rate. When there is a tie, the investment will be placed first with the school’s designated depositors bank, local bank and then other banks. The Board of Education also requires that the Business Administrator/Board Secretary report to the Board of Education monthly the amount of funds in investments, the interest earned to date, and the transactions occurring since the last report. Funds of the Board of Education may be withdrawn from approved public depositories, or negotiable instruments owned by the Board of Education sold before maturity, only with prior approval of the Board of Education. The interest earned on investments may be used to reduce taxes required during the current or ensuing fiscal year. Date: April 14, 1986 September 8, 1997 First Reading October 13, 1997 Approved November 19, 2001 First Reading December 10, 2001 Approved Key Words Funds Management, Interest earned |
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