(

a) Notwithstanding

Section 61052, a district may establish an alternative depositary pursuant to this section. (

b) The board of directors shall appoint a district treasurer who shall serve in the place of the county treasurer. (

c) The board of directors shall adopt a resolution that does each of the following:

(1) State its intention to withdraw its money from the county treasury.

(2) Fix the amount of the bond for the district treasurer and other district employees who will be responsible for handling the district’s finances. The district shall pay the cost of the bonds.

(3) Adopt a system of accounting and auditing that shall completely and at all times show the district’s financial condition. The system of accounting and auditing shall adhere to generally accepted accounting principles.

(4) Adopt a procedure for drawing and signing checks, provided that the procedure adheres to generally accepted accounting principles. The procedure shall provide that bond principal and salaries shall be paid when due. The procedure may provide that checks to pay claims and demands need not be approved by the board of directors before payment if the district treasurer determines that the claims and demands conform to the district’s approved budget.

(5) Designate a bank, a savings and loan association, or a credit union as the depositary of the district’s money. A bank, savings and loan association, or credit union may act as a depositary, paying agent, or fiscal agency for the holding or handling of the district’s money, notwithstanding the fact that a member of the board of directors, whose funds are on deposit in that bank or savings and loan association is an officer, employee, or stockholder of that bank or savings and loan association, or of a holding company that owns any of the stock of that bank or savings and loan association. (

d) The board of directors and the board of supervisors of the principal county shall determine a mutually acceptable date for the withdrawal of the district’s money from the county treasury, not to exceed months from the date on which the board of directors adopts its resolution. (

e) In implementing this section, the district shall comply with

Article 1 (commencing with

Section 53600) and

Article 2 (commencing with

Section 53630) of

Chapter of Part of Division of Title 5. Nothing in this

section shall preclude the district treasurer from depositing the district’s money in the county treasury of the principal county or the State Treasury pursuant to

Article 11 (commencing with

Section 16429.1) of

Chapter of Part of Division of Title 2. (

f) The district treasurer shall make quarterly or more frequent written reports to the board of directors, as the board of directors shall determine, regarding the receipts and disbursements and balances in the accounts controlled by the district treasurer. The district treasurer shall sign the reports and file them with the general manager.