2011 Missouri Revised Statutes
TITLE VI COUNTY, TOWNSHIP AND POLITICAL SUBDIVISION GOVERNMENT
Chapter 67 Political Subdivisions, Miscellaneous Powers
Section 67.085. Investment of certain public funds, conditions.

67.085. Notwithstanding any law to the contrary, any political subdivision of the state and any other public entity in Missouri may invest funds of the public entity not immediately needed for the purpose to which such funds or any of them may be applicable provided each public entity meets the requirements for separate deposit insurance of public funds permitted by federal deposit insurance and in accordance with the following conditions:

(1) The public funds are invested through a financial institution which has been selected as a depositary of the funds in accordance with the applicable provisions of the statutes of Missouri relating to the selection of depositaries and such financial institution enters into a written agreement with the public entity;

(2) The selected financial institution arranges for the deposit of the public funds in certificates of deposit in one or more financial institutions wherever located in the United States, for the account of the public entity;

(3) Each such certificate of deposit issued by financial institutions as provided in subdivision (2) of this section is insured by federal deposit insurance for one hundred percent of the principal and accrued interest of the certificate of deposit;

(4) The selected financial institution acts as custodian for the public entity with respect to the certificate of deposit issued for its account; and

(5) At the same time that the public funds are deposited and the certificates of deposit are issued, the selected financial institution receives an amount of deposits from customers of other financial institutions equal to the amount of the public funds initially invested by the public entity through the selected financial institution.

(L. 2004 S.B. 1093)

Annotation Copyright Missouri Joint Committee on Legislative Research