95.285. Depositary to deposit securities--contract term for depositaries, certain cities (Maryville). - Missouri Statutes

Depositary to deposit securities--contract term for depositaries,certain cities (Maryville).

95.285. 1. Except as provided in subsection 2 of this section, uponthe opening of the sealed proposals submitted, the city council shallselect as the depositary of the funds of the city the banking institutionoffering to pay to the city the largest amount for the privilege; exceptthat the council may reject any or all bids. Within five days after theselection of the depositary, the banking institution selected shall depositthe securities as required by sections 110.010 and 110.020, RSMo. Therights and duties of the parties to the depositary contract are as providedin section 110.010, RSMo.

2. Notwithstanding any provision of section 95.280 or this section tothe contrary, the contract term for any city of the third classificationwith more than ten thousand five hundred but less than ten thousand sixhundred inhabitants shall begin on the first day of August following thereceipt of the bid proposals.

(RSMo 1939 § 6940, A.L. 1965 p. 216, A.L. 2004 H.B. 1398)

Prior revisions: 1929 § 6794; 1919 § 8281; 1909 § 9218