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Depositories

Mt. Hood Community College

Code: 3100
Adopted: 3/8/06
Orig. Code: DG

DEPOSITORIES

The Board shall designate qualified banks or trust companies which meet college, state and federal guidelines to act as official depositories for MHCC funds. The custodian of funds is authorized to place college funds in the State Investment Pool administered by the Oregon State Treasurer.

For the purpose of receiving deposits of community college funds, the Board shall designate such bank or banks as it deems safe and proper to be depositories for college funds.

The custodian of funds shall not be liable personally for money lost by reason of failure or insolvency of any bank which is designated as a depository.

END OF POLICY

Legal Reference:

ORS 341.703

Cross Reference:

Policy 3220