Question: We will be opening a new high school in the fall. I was trying to find a sample resolution or Ed Code that allows me to open a checking account for ASB. The Ed Code I found specifies a Revolving Fund account and do not think this is the appropriate code.

Response: Education Code section 48933 provides the guidance on where ASB organizations can legally deposit funds. They include:

**Banks, or other institutions, whose accounts are federally insured

**Investment certificates or withdrawable shares in state-chartered savings and loan associations and savings accounts of federal savings and loan associations if their accounts are federally insured

** Repurchase agreements issued by savings and loan associations or banks

**Bonds, notes, bills, certificates, debentures, or any other obligations issued by the United States of America

**Shares or certificates for funds received or any form of evidence of interest or indebtedness issued by any credit union in California if organized in a specific manner

The ASB organization will open the bank and/or savings account using the district's federal employer identification number. ASB bank accounts must be held in the name of the ASB organization and not in the name of any individual. ASB bank accounts are for the exclusive use of the ASB organization.

3/19/04