(1) Every tax collector or other person having moneys which by law go to any district
school fund shall at least once each month pay the same over to the depository or
depositories designated by the district school board for such purpose, and shall provide
said board with confirmation of the deposit. Every officer having moneys which by law go to any state school fund shall pay the
same to the Chief Financial Officer of the state, and the Chief Financial Officer
shall see that these moneys are deposited to the credit of the proper state school
(2) The district school board shall have the authority to designate that funds due
it be placed for investment for its account with the State Board of Administration
rather than be deposited, and said board may direct those persons having moneys due
it or due any state school fund to pay out such funds to the State Board of Administration
to make authorized investments for its account.
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