HB 955 - This act permits either annual selection of, or a 1- to 5-year contract for, depositaries for school funds in seven-director districts. Current law requires selection in odd-numbered years, except that urban districts may select depositaries annually. Bidders for depositary services are permitted to specify how interest will be determined as an alternative to the current requirement that bidders specify the interest rate.

Under current law, it is a misdemeanor for the board secretary to disclose bid amounts before depositaries are selected. The act changes this provision to prohibit disclosure before bids are opened at public meeting. Bids shall be read out loud and documented as they are opened. After clarification of bids, they will be entered on the school board records. Depositary statements shall be provided no later than the fifth day of the month. Current law requires such statements by the first of the month.

The act contains penalty provisions.
OTTO FAJEN