182.800. Free libraries--funds, investment of. - Missouri Statutes

Free libraries--funds, investment of.

182.800. The governing board of any free library districtmay invest funds of the district. The board may invest the fundsin either open time deposits for ninety days or certificates ofdeposit in a depositary selected by the board, if the depositaryhas deposited securities under the provisions of sections 110.010and 110.020, RSMo; or in bonds, redeemable at maturity at par, ofthe state of Missouri, of the United States, or of any whollyowned corporation of the United States; or in other short termobligations of the United States. No open time deposits shall bemade or bonds purchased to mature beyond the date that the fundsare needed for the purpose for which they were received by thedistrict. Interest accruing from the investment of funds in suchdeposits or bonds shall be credited to the library district fundfrom which the money was invested.

(L. 1971 H.B. 104 § 1)