For purposes of this subchapter, the following definitions apply:
(1) "Nonspending investment account" is a school district investment account from which monies are transferred back to the county treasurer to cover district warrants drawn on the district's fund or for cooperatives formed under 20-7-457 , MCA, for cooperative warrants drawn on the cooperative's funds.
(2) "School district investment account" is defined as an investment account established by a Montana school district pursuant to 20-9-235 , MCA, or by a cooperative as provided under ARM 10.10.611. "School district investment account" does not include an investment pool program hosted by the county as a countywide investment pool or a school district investment pool formed by schools or by a combination of schools and other local governments under 20-9-213 , MCA.
(3) "Spending investment account" is a school district investment account from which the district or cooperative formed under 20-7-457 , MCA, makes payments for expenditures using electronic payments, either to vendors or to a subsidiary checking account used to issue checks from the district's or cooperative's investment accounts. Warrants are not written on a fund held for a district or cooperative by a county treasurer if a spending investment account has been established for the fund.
History: 20-9-102, 20-9-235, MCA; IMP, 20-9-235, MCA; NEW, 2002 MAR p. 1740, Eff. 6/28/02; AMD, 2006 MAR p. 3070, Eff. 12/22/06.