110.010. Deposits of public funds to be secured. - Missouri Statutes

Deposits of public funds to be secured.

110.010. 1. The public funds of every county, township,city, town, village, school district of every character, roaddistrict, sewer district, fire protection district, water supplydistrict, drainage or levee district, state hospital, stateschools for the mentally deficient, Missouri School for the Deaf,Missouri School for the Blind, Missouri Training School for Boys,training school for girls, Missouri Veterans' Home, MissouriState Chest Hospital, state university, Missouri state teachers'colleges, Lincoln University, which are deposited in any bankinginstitution acting as a legal depositary of the funds under thestatutes of Missouri requiring the letting and deposit of thesame and the furnishing of security therefor, shall be secured bythe deposit of securities of the character prescribed by section30.270, RSMo, for the security of funds deposited by the statetreasurer.

2. The securities shall, at the option of the depositarybanking institution, be delivered either to the fiscal officer orthe governing body of the municipal corporation or otherdepositor of the funds, or by depositing the securities withanother banking institution or safe depositary as trusteesatisfactory to both parties to the depositary agreement. Thetrustee may be a bank owned or controlled by the same bankholding company as the depositary banking institution.

3. The rights and duties of the several parties to thedepositary contract shall be the same as those of the state andthe depositary banking institution respectively under section30.270, RSMo. If a depositary banking institution deposits thebonds or securities with a trustee as above provided, and themunicipal corporation or other depositor of funds gives notice inwriting to the trustee that there has been a breach of thedepositary contract and makes demand in writing on the trusteefor the securities, or any part thereof, then the trustee shallforthwith surrender to the municipal corporation or otherdepositor of funds a sufficient amount of the securities to fullyprotect the depositor from loss and the trustee shall thereby bedischarged of all further responsibility in respect to thesecurities so surrendered.

(RSMo 1939 § 8183, A.L. 1955 p. 735, A.L. 1959 S.B. 77, A.L. 1961 p. 463, A.L. 1971 H.B. 581, A.L. 1988 H.B. 1204)

CROSS REFERENCES:

Banks exempt from furnishing security for insured deposits, RSMo 362.490

Depositaries of state moneys, RSMo 30.250 to 30.280

Fiscal agent, selection of bank as--duties, RSMo 33.440 to 33.470

School funds, depositaries for, RSMo 165.201 to 165.301