§ 15.1222

15-1222. Bank account; employee income tax; withholdings A. The governing board of a school district may establish a bank account for the purpose of depositing the monies it withholds for each employee for application toward the employee's state income tax liability until the governing board must pay the monies to the department of revenue as provided in section 43-401. The governing board may make disbursements from the bank account only by check payable to the department of revenue. The bank account may be interest-bearing, and the governing board shall transfer any interest at the end of the fiscal year to the county treasurer for credit to the maintenance and operation fund of the school district. B. The auditor general in conjunction with the state board of education shall prescribe the procedures for accounting for the monies withheld pursuant to this section in the uniform system of financial records.