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Lakeshore Board approves bank depositories, investment authority and administrative signers for 2026
Summary
The board designated multiple financial institutions as official depositories for 2026, authorized investment of district funds under Michigan statute Section 380.1223, and named administrative officers authorized to sign vouchers and contracts.
The Lakeshore Board of Education approved several administrative financial authorizations at its Jan. 12, 2026 meeting.
The board designated Honor Credit Union, United Federal Credit Union and Huntington National Bank as official school depositories for 2026 and authorized the Chief Financial Officer or the Superintendent to sign vouchers for district funds, with any one Board officer named as alternate signer. The meeting record also lists a broader set of authorized institutions for investments, including Chase Bank, Comerica Bank, Fifth Third Bank, 1st Source Bank, Bank of America, Horizon Bank, National City Bank and liquidity pools such as MILAF and CLASS.
Minutes record that the Chief Financial Officer/Superintendent is authorized to invest monies "in a manner prescribed under Section 380.1223 of the Michigan State School Code of 1976 and Board Policy, to gain the best possible interest return and to safeguard the revenues of the district." The board also authorized the Superintendent to act as Executive Secretary for communications and the Chief Financial Officer to act as Executive Treasurer and Electronic Transfer Officer.
These authorizations were adopted as part of the consent action items and were approved by the board's roll call vote with all members voting aye.
