Section 42800 Of Article 1. Revolving Cash Fund From California Education Code >> Division 3. >> Title 2. >> Part 24. >> Chapter 10. >> Article 1.
42800
. (a) The governing board of a school district may, with the
consent of the county superintendent of schools, establish a
revolving cash fund for the use of the chief accounting officer of
the school district, by adopting a resolution setting forth the
necessity for the revolving cash fund, the officer for whom and the
purposes for which the revolving cash fund shall be available, and
the amount of the fund. The purposes for which the revolving cash
fund shall be available shall include the purposes specified in
Section 45167. Three certified copies of the resolution shall be
transmitted to the county superintendent of schools. If he or she
approves the establishment of the fund, the county superintendent of
schools shall endorse his or her consent on the resolution and return
one copy to the governing board of the school district, and transmit
one copy to the county auditor.
(b) The maximum amount allowed for revolving cash funds
established pursuant to subdivision (a) shall be the lesser of:
(1) Two percent of the school district's estimated expenditures
for the current fiscal year, or
(2) A dollar amount limit of seventy-five thousand dollars
($75,000) for any elementary school or high school district and one
hundred fifty thousand dollars ($150,000) for any unified school
district for fiscal year 1990-91. The dollar amount limit for each
school district shall, through the 2012-13 fiscal year, be increased
annually by the percentage increase in the school district's revenue
limit established by Section 42238, as that section read on January
1, 2013. The dollar amount limit for each school district shall
thereafter be increased annually by the percentage increase in the
school district's local control funding formula allocation
established pursuant to Section 42238.02, as implemented pursuant to
Section 42238.03.