8520

SEMIANNUAL REPORTS

8520

The school finance officer shall report to the secretary of the local government commission on January 1 and July 1 each year (or such other dates as the secretary may prescribe) the amounts of money then in his or her custody and in the custody of treasurers of individual schools within the system, the amount of deposits of such money in depositories, a list of all investment securities and time deposits held by the school system and individual schools therein, and a description of the surety bonds or investment securities securing demand and time deposits. If the secretary finds at any time that any monies of the school system or an individual school are not properly deposited or secured, or are invested in securities not eligible for investment, she/he shall notify the officer in charge of the monies of the failure to comply with law. Upon such notification, the officer shall comply with the law within thirty (30) days, except as to the sale of securities not eligible or investment which shall be sold within nine (9) months at a price to be approved by the secretary. The local government commission may extend the time for sale of ineligible securities, but no one extension may cover a period of more than one year.

Legal Reference: G.S. 115-99.7

Adopted: January 10, 1977