165.231. Opening of bids--interest on deposits--check returned on rejection of bid. - Missouri Statutes

Opening of bids--interest on deposits--check returned on rejection ofbid.

165.231. The school board or their designee in seven-directordistricts, on the date selected for the acceptance of bids, shall publiclyopen the bids and cause each bid to be verbally read and documented.Following discussion and clarification of bids with the financialinstitutions, the board of education shall cause each bid to be enteredupon the records of the board and shall select from among the bidders, asdepositaries of the funds and moneys of the school district, those whosebids are accepted, and shall notify each of the bidders so selected. Theboard may reject any and all bids. The interest upon the funds and moneysshall be computed upon the daily balances to the credit of the schooldistrict with each depositary and shall be payable by each depositary onthe first day of each month to the treasurer of the school district, whoshall place the same to the credit of the district. Each depositary, by atleast the fifth day of the current month, shall render to the secretary ofthe board a statement, in writing, showing the amount of interest paid bythe depositary. The secretary of the board shall return the certifiedchecks accompanying the bids to the banking institutions whose bids whichthey accompanied were rejected and, upon the approval of the securityprovided for in sections 110.010 and 110.020, RSMo, return the certifiedchecks accompanying the accepted bids to the banking institutionsrespectively, from which they were received.

(L. 1963 p. 200 § 6-23, A.L. 1980 S.B. 733, A.L. 1998 H.B. 955)

(Source: RSMo 1959 § 165.423)