165.221. Bids, how made--to be accompanied by check--penalty for secretary disclosing amount of bid. - Missouri Statutes

Bids, how made--to be accompanied by check--penalty for secretarydisclosing amount of bid.

165.221. For the purpose of letting the funds the board shall dividethe funds into not less than two nor more than ten equal parts. Eachbidder may bid for any number of the parts, but the bid for each part shallbe separate. Any banking institution in the county or in an adjoiningcounty desiring to bid shall deliver to the secretary of the board, on orbefore the date selected for the acceptance of bids, a sealed bid, statingthe rate of interest, or method by which the interest will be determined,that the banking institution offers to pay on one part of the funds andmoneys of the school district for the term of one to five years, as thecase may be, next ensuing the date of the bid; or if the selection is madefor a less term as provided in sections 165.201 to 165.291, then for thetime between the date of the bid and the next regular time for theselection of depositaries, as fixed by section 165.211. Each bid shall beaccompanied by a check in favor of the school district, on some solventbanking institution in the county or an adjoining county, duly certified,for not less than two thousand five hundred dollars, as a guaranty of goodfaith on the part of the bidder that if any of its bids are accepted by theboard it will deposit the security required by law. It is a misdemeanorfor the secretary of the board to directly or indirectly disclose theamount of any bid before all bids are opened at a public depositary bidopening.

(L. 1963 p. 200 § 6-22, A.L. 1980 S.B. 733, A.L. 1992 S.B. 581, A.L. 1998 H.B. 955)

(Source: RSMo 1959 § 165.420)