(1) A clearing account may be used by a school district for bookkeeping purposes if:
- (a) all funds from the account are disbursed through issuance of warrants as provided in 20-9-221;
- (b) records are kept showing the source and use of the funds that passed through the account; and
- (c) the balance in the account is no greater than the amount necessary to cover outstanding warrants written against the account.
- (2) An elementary school district and a high school district that are unified may use the same clearing account if the account is maintained in accordance with rules adopted by the superintendent of public instruction.
- (3) Nothing in this section may be construed to allow the use of funds for any purpose or in any manner other than that expressly authorized in this title.
History: En. Sec. 1, Ch. 263, L. 1987.