(1) When the board of education of a school district has elected to have all moneys belonging to the district paid over to the treasurer of said board, the treasurer, or such other custodian appointed by the board, shall deposit, or cause to be deposited, all such moneys in such depositories as shall be designated by such board.

(2) Repealed.

(3) Any moneys belonging to a school district which are temporarily not needed in the conduct of its operations may be invested or deposited by the board of education of such district pursuant to the provisions of sections 24-75-601 to 24-75-603, C.R.S. Subject to the requirements of part 7 of article 75 of title 24, C.R.S., the school district's moneys may be pooled for investment with the moneys of other local government entities.

(4) Notwithstanding the provisions of this section, the board of education of any school district may provide for the establishment, operation, and maintenance of refunding escrow agreements and accounts, and may provide for payment of principal and interest on the outstanding bonds of such district by paying agents, pursuant to the provisions of articles 42 and 43 of this title.

(5) Except as otherwise provided in section 22-45-103 (1)(b)(VI) or (1)(b)(VII), a third-party custodian selected by a school district shall administer the school district's bond redemption fund as provided in section 22-45-103 (1)(b)(V). Moneys in a school district's bond redemption fund may be invested by the custodian as provided in section 22-45-103 (1)(b)(V).