165.301. Selection of depositaries in metropolitan districts. - Missouri Statutes

Selection of depositaries in metropolitan districts.

165.301. 1. Subject to the provisions of section 110.030, RSMo, theboard of education in each metropolitan district shall at least once everyfive years advertise for bids from the banking institutions in the city forthe deposits of the board of education to be secured as provided insections 110.010 and 110.020, RSMo. The bids shall specify the rate ofinterest to be allowed to the board on the deposits and the nature of thesecurity offered. The deposits shall be awarded to the bankinginstitutions that offer, with the required security, the highest rate ofinterest therefor. The board may select as many depositaries for itsdeposits as it deems necessary and the board shall cause contracts to bemade with the banking institutions receiving award of deposits. The boardshall cause all funds received to be paid into the designated depositaries,allocating funds to the depositaries, if more than one depositary has beendesignated, as the board deems proper.

2. The president of the board immediately after the selection of thedepositary or depositaries of the school moneys shall notify the treasurerof the state of Missouri and the collector of school taxes in the city ofthe name of the depositary to which they are to make all payments of moneyapportioned, belonging to or distributed to the board; and the officersupon making deposits shall take from the depositary duplicate receiptstherefor, one of which shall be retained by the officer making the depositsand one delivered to the treasurer of the board.

(L. 1963 p. 200 § 6-30, A.L. 1967 p. 238, A.L. 1980 S.B. 733, A.L. 2004 S.B. 968 and S.B. 969)

(Source: RSMo 1959 § 165.610)