The governing board of any school district may establish a revolving cash fund in any bank or other institution whose deposits are federally insured, for the purpose of paying bills as prescribed in Section 42821. Article 1 (commencing with Section 42800) of this chapter shall not apply to the revolving cash fund established pursuant to this article.
The governing board may appropriate money from the county or joint school district fund in the county treasury belonging to the school district to establish the revolving cash fund.
The maximum amount in the revolving cash fund shall be as follows:
(a) In a school district with 20,000 or more units of average daily attendance, ten thousand dollars ($10,000).
(b) In a school district with 5,000 or more, but less than 20,000, units of average daily attendance, five thousand dollars ($5,000).
(c) In a school district with 500 or more, but less than 5,000, units of average daily attendance, two thousand five hundred dollars ($2,500).
(d) In a school district with less than 500 units of average daily attendance, one thousand dollars ($1,000).
(Amended by Stats. 1992, Ch. 115, Sec. 2. Effective January 1, 1993.)