246.165. Investment of surplus funds, when--approved investments. - Missouri Statutes

Investment of surplus funds, when--approved investments.

246.165. 1. Any drainage or levee district organized underany law of this state may invest any funds not immediately neededfor the purpose for which the money was received in thefollowing:

(1) Bonds, notes or certificates of indebtedness which aredirect obligations of the United States or bonds or otherindebtedness, the principal and interest of which areunconditionally guaranteed by the United States;

(2) Accounts of any savings and loan association organizedunder the laws of this state or another state, or the UnitedStates, which holds a certificate of insurance from the FederalSavings and Loan Insurance Corporation;

(3) Savings accounts and time deposits, including timecertificates of deposit in any banking institution which holds acertificate of insurance from the Federal Deposit InsuranceCorporation.

2. If a deposit in a savings and loan association or abanking institution is greater than the amount covered by theinsurance provided for the account by the Federal Savings andLoan Insurance Corporation or the Federal Deposit InsuranceCorporation, as the case may be, that portion of the deposit inexcess of the amount covered by insurance shall be secured asprovided by the provisions of sections 110.010 and 110.020, RSMo.

(L. 1971 H.B. 139 § 1)

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