Notwithstanding any other provision of this Code, when it appears to any of the various
county boards of education that funds on deposit in its demand deposit account exceed
the current requirements or demands, and it further be determined by the treasurer
for such county board of education that the available interest rate offered by an
acceptable depository in such treasurer's county be less than the interest rate, net
of administrative fees referred to in article six, chapter twelve of this Code, offered
it through the state board of investments, the county board of education treasurer
may, with the approval in writing of each county board of education whose funds are
involved, make such funds available to the state board of investments for investment
in accordance with the provisions of said article six, chapter twelve of the Code. Any county board of education treasurer may enter into an agreement with any state
agency from which they receive funds to allow such funds to be transferred to their
investment account with the state board of investments.
Any income earned on such investment shall be allocated by such treasurer to the board
of education whose funds were made available, such allocation to be made in accordance
with the accounting and allocation principles established by the board of investments.
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