(1) Before establishing a school district investment account or accounts, the trustees of a school district or a full service education cooperative shall enter into a written agreement with the county treasurer. 

(2) Trustees of a joint district shall enter into an agreement with the county treasurer of the located county only. County treasurers of nonlocated counties shall continue to remit the revenue collections from their counties to the appropriate district funds held by the located county's treasurer, who will deposit the money according to the signed agreement and the trustees' directives.

(3) To be effective for the ensuing school year, an agreement must be entered into no later than June 30.

(4) The written agreement must, at a minimum, meet the statutory requirements of 20-9-235, MCA. The district or full service education cooperative and the county treasurer may include additional agreed-upon provisions. An agreement that contains an automatic renewal provision must be reviewed and reauthorized by the parties at least every five years.