(1) A district or full service education cooperative that establishes a spending investment account for a fund will issue payments from the fund using electronic payments or checks. District or full service education cooperative warrants may not be issued from a spending investment account.
(a) A district or full service education cooperative using spending investment accounts may establish a subsidiary checking account from which checks are issued. Districts may transfer money from the spending investment accounts to the district's or full service education cooperative's subsidiary checking account to pay checks written against district or cooperative funds held in spending investment accounts.
(b) A district or full service education cooperative issuing checks from a subsidiary checking account may apply facsimile signatures and seals as provided in 2-16-114 and 20-9-221 , MCA.
(c) Checks must be countersigned using the process for signing warrants as provided in 20-9-221 , MCA.
(d) Checks must be made payable to specified payees and never made payable to cash.
(2) Section 20-9-440 , MCA, requires the county treasurer to make all payments due on school district bonds and special improvement districts (SIDs) . Therefore, trustees may establish a nonspending account, but not a spending investment account, for the debt service fund.