245.505. Sinking fund moneys may be invested. - Missouri Statutes

Sinking fund moneys may be invested.

245.505. Whenever there shall be any money belonging to anylevee district set apart as a sinking fund for the payment ofbonds, the board of directors of such district shall loan thesame for the highest obtainable interest, not exceeding eight norless than six percent per annum, and shall cause the same to besecured by mortgage or deed of trust on real estate, free fromall liens and encumbrances, within the county, of the value ofdouble the amount of the loan; and any other funds of said leveedistrict may be deposited at the highest obtainable interest insome bank in the county wherein said district or any part thereofis situated, in the same manner as county school funds aredeposited; provided, no such loan or deposit shall be made untilthe same shall be approved by the county commission of the countyin which said district may be situated.

(RSMo 1939 § 12598)

Prior revisions: 1929 § 11008; 1919 § 4700; 1909 § 5763

CROSS REFERENCES:

Bi-state development agency, bonds of, investment in authorized, RSMo 70.377

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

Savings accounts in insured savings and loan associations, investment in authorized, RSMo 369.194