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ISD 279 board approves consent agenda covering banking, investments and electronic payment controls
Summary
The board approved a multi-item consent agenda designating official cash depositories and investment brokers, and delegated investment and electronic funds-transfer authority to the director of business services with specified internal controls.
During its Jan. 6 organizational meeting the ISD 279 School Board approved a consent agenda that designates the Minnesota School District Liquid Asset Fund (US Bank) and MN Trust (Associated Bank) as official cash depositories and names a slate of investment brokers, including Wells Fargo Investment Services, RBC Capital Markets, Morgan Stanley Smith Barney and US Bank Minneapolis.
The consent agenda also authorizes the director of business services, or designee, to invest district funds in accordance with state statute and school board policy and to sign required investment documents as deputy treasurer. The board recorded procedural controls for advance payments and electronic funds transfers, requiring documented initiator approvals and written confirmations to be submitted to the board for ratification at the next regular meeting.
