227.190. Surety bond necessary to guarantee payment of funds deposited--premium, how paid. - Missouri Statutes

Surety bond necessary to guarantee payment of fundsdeposited--premium, how paid.

227.190. 1. The state highways and transportationcommission of Missouri is authorized and directed to purchase asurety bond or bonds to guarantee to the state highways andtransportation commission of Missouri the payment of any fundswhich have been or may be hereafter advanced or furnished to thestate highways and transportation commission as trustee by anycounty, civil subdivision or interested parties for the purposeof making secure contributions toward the cost of constructingany road or bridge now being constructed or hereafter to beconstructed under the supervision and direction of the statehighways and transportation commission of Missouri as part of thestate highway system, and which moneys have been or may bedeposited in the various banks or trust companies throughout thestate to the credit of the state highways and transportationcommission of Missouri as trustee.

2. The premium on said bond or bonds shall be paid by thecounty, civil subdivision or interested parties or the variousbanks or trust companies which are depositaries of said funds,and in the event a blanket bond is secured the amount of thepremium which each bank or trust company having any of said fundson deposit shall be required to pay shall be determined by thepercentage of such trust funds deposited in said bank or trustcompany; provided, any bank may deposit bonds as security forsaid money on deposit, such bonds to be approved by the statetransportation department.

(RSMo 1939 § 8785)

Prior revision: 1929 § 8137