110.180. Duty of county commission when no bids submitted. - Missouri Statutes

Duty of county commission when no bids submitted.

110.180. If for any reason the banking corporations orassociations in any county fail or refuse to submit proposals toact as county depositaries as provided in section 110.140, thecounty commission may deposit the funds of the county with anyone or more of the banking corporations, or associations in thecounty or adjoining counties, in the sums or amounts, and for theperiod of time, the commission deems advisable, at the rate ofinterest, not less than one and one-half percent, as is agreedupon by the commission and the banking concern receiving thedeposit, the interest to be computed upon the daily balances duethe county, as provided in section 110.150. Any bank or bankingconcern agreeing to accept deposits under this section shallprovide security as required by section 110.010.

(RSMo 1939 § 13852, A.L. 1959 S.B. 77)

Prior revisions: 1929 § 12189; 1919 § 9587; 1909 § 3808