166.021. Investment of capital of public school fund--securities deposited with state treasurer. - Missouri Statutes

Investment of capital of public school fund--securities deposited withstate treasurer.

166.021. 1. All funds accruing to the state public school fund,except the interest on the fund, shall be invested by the state board ofeducation in registered bonds of the United States or the state, bonds ofschool districts of the state, or bonds or other securities payment ofwhich is fully guaranteed by the United States.

2. Whenever the state board of education contracts with the seller ofany such bonds or securities, the board shall requisition and thecommissioner of administration shall approve and forthwith issue a warrantupon the state treasurer for the purchase price agreed upon, payable out ofthe state public school fund, in favor of the seller.

3. All bonds or securities so purchased shall be made payable to, orbe registered in the name of, the state treasurer as trustee of the statepublic school fund and shall be deposited as part of the state publicschool fund with the state treasurer who shall give his receipt therefor tothe board of education.

(L. 1963 p. 200 § 7-2, A.L. 2007 H.B. 264)

(Source: RSMo 1959 § 161.201)

CROSS REFERENCE:

Multinational banks, securities and obligations of, investment in, when, RSMo 409.950