(1)

(a) Except as provided in paragraph (b) of this subsection, on or before the thirtieth day of each month, the board of supervisors of each county levying taxes pursuant to subsection (1) of Section 37-29-141, for the support and maintenance of the county’s respective community college district shall transmit or have the chancery clerk transmit its warrant or warrants constituting all of the revenues received from taxation for the prior month for those purposes to the chief executive officer or president of the county’s respective community college district. All such county warrants evidencing a county’s annual revenue from the tax levy shall be immediately deposited in one or more banking institutions and public depositories previously selected by the board of trustees of the community college district and spread upon its official minutes.

(b) The county board of supervisors, by appropriate resolution, may designate the tax collector as the official to transmit revenues from taxes levied by the county under Section 37-29-141(1) for the support and maintenance of the county’s respective community college district. If so designated, on or before the twentieth day of each month, the tax collector of each county levying such taxes shall transmit all of the revenues received from taxation for the prior month for those purposes to the chief executive officer or president of the county’s respective community college district. All such revenues from the tax levy of the county shall be immediately deposited in one or more public depositories of the community college district.

(2) The board of trustees shall, by appropriate orders spread upon its minutes, authorize its chief executive officer or president to expend such funds acquired under subsection (1)(a) and (b) for lawful purposes only and in accordance with its annual budget previously adopted. The board of trustees may require its designated employees, including its president, and fiscal agents to enter into and file with the president of the college a surety bond to insure the faithful performance of the public duties of each officer or agent who is authorized to receive and expend the funds of the district. Such bond may be of such denomination and conditions as the board of trustees may deem necessary and requisite, and the premium thereon shall be paid from the funds of the district.

(3)

(a) Except as provided in paragraph (b) of this subsection, all funds derived from such taxes as are provided for in subsection (2) of Section 37-29-141 shall be paid into the county depository of the county in which the community or junior college is located upon receipt warrants of the chancery clerk of said county. Such funds shall be paid out of the depository in the manner prescribed by order of the board of trustees of the community or junior college for purposes provided by statute.

(b) The county board of supervisors, by appropriate resolution, may designate the tax collector as the official to transmit funds from taxes levied by the county under Section 37-29-141(2) for the community college district. If so designated, the tax collector of each county shall transmit all funds derived from such taxes to the public depository or depositories of the community college district. Such funds shall be paid out of the depository or depositories in the manner prescribed by order of the board of trustees of the community college district for purposes provided by statute.