The board has the power and duty to provide and maintain adequate insurance to insure all school buildings and other district property, and the district, against any loss by fire, casualty or liability, and the board, its officers and employees, and to preserve the district’s property for the benefit of the district. In case of loss of any insured property, the proceeds from insurance may:
1. Be expended in constructing a temporary or permanent structure, but no sum greater than the insurance proceeds will be expended except on approval of a majority of the school district’s electors voting in an election called for that purpose;
2. Be placed in or made a part of the school plant facilities reserve fund of the district, if the district has such a fund; or
3. Be placed in a separate account in the bond interest and redemption fund of this district to repay any kind of obligation incurred by the district in replacing or restoring the property for which the insurance proceeds were received. The funds will not be included in the computations of bond and bond interest levies as provided in Section 33-802A, Idaho Code.
If the proceeds of any insurance received by a district by reason of loss of real property will be less than five thousand dollars ($5,000), the proceeds may be credited to the general fund of the district.
LEGAL REFERENCE:
Idaho Code Sections
33-701
33-802A
ADOPTED: August 18, 1999