Missouri Statute | Act | Code |Executive Branch| US Code - US Statute

The state treasurer shall hold office for a term of four years
beginning at 12:00 noon on the second Monday in January next after his or
her election and until a successor is elected and qualified. (L. 1987
H.B. 456)

The state treasurer shall receive an annual salary of sixty
thousand dollars plus any salary adjustment provided pursuant to section
105.005, RSMo, to be paid at the time and in the manner provided by law.
Such salary shall constitute the total compensation for all duties to be
performed by him and there shall be no further payment made to or
accepted by him for the performance of any duty now required of him under
any existing law. (L. 1943 p. 869 § 1, A. 1949 S.B. 1013, A.L. 1955 p.
572, A.L. 1967 p. 97, A.L. 1977 H.B. 520, A.L. 1984 S.B. 528)

Effective 1-1-85

Revisor's note: Salary adjustment index is printed, as required by §
105.005, in Appendix E.

1. Immediately after his election or appointment, the state
treasurer shall execute and deliver to the governor a surety bond to the
state in the sum of five hundred thousand dollars to be approved by the
governor and conditioned for the faithful performance of all his duties
as state treasurer or ex officio, and for the safety of the state funds
and securities in his custody or under his control.

2. If the bond is furnished by a corporate surety company the premium
shall be paid by the state. The governor shall require the corporate
surety to be duly licensed and authorized to do business in this state.

3. If the bond is a personal bond, it shall be renewed every two years or
oftener if the governor requires and the safety of the public moneys and
securities demands. Each personal surety shall subscribe and swear to a
statement to be duly attested and endorsed on or attached to the bond,
that he believes he is worth a certain stated sum, over and above all
liabilities and exemptions, and any other particulars the governor
requires.

4. After the legality of the bond has been passed upon by the attorney
general, it shall be submitted to the governor for his approval. If the
governor approves the bond, he shall endorse the approval and its date
thereon and deliver the bond, with the affidavit of the surety if a
personal bond, to the secretary of state to be filed and recorded in his
office. If the governor doubts the solvency of any of the bondsmen, he
may require further evidence of solvency before he approves the bond.
(RSMo 1939 § 13012, A.L. 1945 p. 1977 § 2, A.L. 1959 H.B. 117)

Prior revisions: 1929 § 11390; 1919 § 13287; 1909 § 11799

If the state treasurer fails to give the bond required in section
30.020 within sixty days after he receives his certificate of election or
appointment or fails to renew the bond in accordance with the provisions
of section 30.020 within thirty days after the time prescribed by law for
renewal, or if the bond is not approved by the governor, then twenty days
after the refusal of the governor to approve the bond, his office shall
be ipso facto forfeited and the governor shall take possession and
supervise the business of the office until the vacancy is filled in the
manner prescribed in section 30.070. (RSMo 1939 § 13013, A.L. 1945 p.
1977 § 3, A.L. 1959 H.B. 117)

Prior revisions: 1929 § 11391; 1919 § 13288; 1909 § 11800

The treasurer shall not have possession or control of his office
until he has taken the oath of office prescribed by the constitution and
caused the same to be endorsed on his commission, and given the official
bond required in section 30.020; and if he shall attempt under color of
law to do or perform any official act or duty before complying with the
provisions of this section, he shall forfeit five thousand dollars for
the use of the state, to be recovered before any court of competent
jurisdiction, without power in anyone to remit such forfeiture. (RSMo
1939 § 13011, A.L. 1945 p. 1977 § 1)

Prior revisions: 1929 § 11389; 1919 § 13286; 1909 § 11798

It shall be the duty of the governor, at least once in every six
months, to examine the official bond of the state treasurer as to its
solvency, and if the solvency of such bond has become impaired from any
cause, he shall require such treasurer to give a new bond, or such
additional security as may be deemed necessary to make the said bond good
and sufficient for the security of the trusts reposed in such treasurer;
and if such treasurer fail or refuse to give such new bond or furnish
such additional security within thirty days after he shall be so
required, his office shall thereby become forfeited, and the governor
shall take charge of the same, as in section 30.030 provided in case of
failure of the treasurer to give bond within the time in said section
specified. (RSMo 1939 § 13014, A.L. 1945 p. 1977 § 4)

Prior revisions: 1929 § 11392; 1919 § 13289; 1909 § 11801

In case of death, resignation, removal from office, impeachment
or vacancy from any cause, in the office of the state treasurer, the
governor shall take charge of such office and superintend the business
thereof until a successor is appointed, commissioned and qualified except
in case of impeachment, when no appointment shall be made until a
determination of the matter is had, when, in the event of an acquittal,
the suspended officer shall be reinstated in office. (RSMo 1939 § 13015,
A.L. 1945 p. 1977 § 5)

Prior revisions: 1929 § 11393; 1919 § 13290; 1909 § 11802

When a vacancy occurs in the office of state treasurer, the
governor shall immediately appoint a state treasurer to fill such vacancy
for the residue of the term in which the vacancy occurred, and until his
successor is elected or appointed, commissioned and qualified. (RSMo 1939
§ 13016, A.L. 1945 p. 1977 § 6)

Prior revisions: 1929 § 11394; 1919 § 13291; 1909 § 11803

Immediately after the appointment and qualification of a state
treasurer, made to fill any vacancy occurring in said office, or the
resumption of his duties by said officer, after the removal of any
disability or temporary suspension therefrom the general assembly if in
session, or, if such assembly be not in session, then the governor, shall
cause a settlement to be made of the accounts of the former state
treasurer, or any such office ad interim, remaining unsettled, and
ascertain what balance, if any, is due the state or such officer, as the
case may be. (RSMo 1939 § 13064, A.L. 1945 p. 1977 § 28)

Prior revisions: 1929 § 11447; 1919 § 13353; 1909 § 11854

If the general assembly shall be in session when such settlement
is made, it shall cause to be made out and delivered to the person
entitled thereto a certificate of such settlement, showing the balance of
moneys, securities and effects for which he is accountable, and what has
been delivered to his successor. (RSMo 1939 § 13065, A.L. 1945 p. 1977 §
29)

Prior revisions: 1929 § 11448; 1919 § 13354; 1909 § 11855

If the general assembly shall not be in session when such
settlement is made, the persons appointed by the governor to make such
settlement shall make out duplicate certificates of such settlement,
showing what is required to be shown in the provisions of section 30.090,
one of which shall be delivered to the person entitled thereto, and the
other to the governor, to be laid before the general assembly at its next
session. (RSMo 1939 § 13066, A.L. 1945 p. 1977 § 30)

Prior revisions: 1929 § 11449; 1919 § 13355; 1909 § 11856

When the certificate mentioned in section 30.100 shall be laid
before the general assembly, if it approve the same, it shall cause the
proper entries to be made in the books of the state treasurer, and if it
disapprove thereof, it shall cause another settlement to be made. (RSMo
1939 § 13067, A.L. 1945 p. 1977 § 31)

Prior revisions: 1929 § 11450; 1919 § 13356; 1909 § 11857

The state treasurer shall have the power to appoint and fix the
compensation of one assistant treasurer and the clerks and other
employees that are necessary in the performance of his duties under the
law. Each appointment, with the oath of office endorsed thereon, shall be
filed in the office of the secretary of state, before the appointee
enters upon his duties. The assistant treasurer shall be competent to
perform and, when appointed, may perform the duties of the office. The
treasurer, and his sureties on his official bond, shall be liable for the
official acts, misfeasance or defalcation of the assistant treasurer.
(RSMo 1939 § 13017, A.L. 1945 p. 1977 § 7, A.L. 1963 p. 100)

Prior revisions: 1929 § 11395; 1919 § 13292; 1909 § 11804

The surety of any treasurer shall be held responsible for all
acts of his principal and the assistant treasurer until a successor to
the office of state treasurer is elected or appointed, commissioned and
qualified; except, that if a new bond is given by the state treasurer in
accordance with the provisions of this chapter, and the new bond is
approved by the governor, as in this chapter provided, then the surety on
the first bond shall only be held liable for all acts or omissions of his
principal and the assistant treasurer occurring prior to the giving and
approving of the new bond. (RSMo 1939 § 13018, A.L. 1945 p. 1977 § 8,
A.L. 1963 p. 100)

Prior revisions: 1929 § 11396; 1919 § 13293; 1909 § 11805

The state treasurer shall keep a seal of office, which shall be
used to authenticate all writings, papers and documents certified from
his office. (RSMo 1939 § 13019, A.L. 1945 p. 1977 § 9)

Prior revisions: 1929 § 11397; 1919 § 13294; 1909 § 11806

The state treasurer shall have power to administer all oaths and
affirmations required or allowed by law, in matters touching the duties
of his office. (RSMo 1939 § 13068, A.L. 1945 p. 1977 § 32)

Prior revisions: 1929 § 11451; 1919 § 13357; 1909 § 11858

The treasurer shall give duplicate receipts, under the seal of
his office, for all sums of money which shall be paid into the treasury,
and he shall file or cause the duplicate receipt to be filed with the
commissioner of administration, who thereupon shall credit the person
named in the receipt, and charge the treasurer with the amount. (RSMo
1939 § 13050, A.L. 1945 p. 1977 § 16)

Prior revisions: 1929 § 11426; 1919 § 13332; 1909 § 11833

The state treasurer shall receive and keep, as provided by law,
all the moneys of the state not expressly required by law to be received
and kept by some other person; disburse the state moneys upon warrants
drawn on the treasury according to law, and within the time limited in
the constitution, and not otherwise, except that no warrant shall be
required when the state treasurer is withdrawing state moneys from a bank
account, demand or time, either for the purpose of transferring such
moneys to another bank account, demand or time, or for the purpose of
investing such moneys in obligations of the United States as authorized
by law; keep a just and true account of all funds and appropriations made
therefrom by law, and the disbursements made thereunder. (RSMo 1939 §
13047, A.L. 1945 p. 1977 § 13, A. 1949 S.B. 1013, A.L. 1957 p. 484)

Prior revisions: 1929 § 11425; 1919 § 13331; 1909 § 11832

Whenever a warrant is presented to the state treasurer, he shall
certify it for payment from a designated depositary of state funds if the
warrant is properly drawn against a legal appropriation, and does not
exceed the amount thereof. (RSMo 1939 § 13054, A.L. 1945 p. 1977 § 20,
A.L. 1957 p. 484, A.L. 1957 p. 493, A.L. 1990 S.B. 838)

Prior revisions: 1929 § 11429; 1919 § 13335; 1909 § 11836

1. Outstanding checks or drafts drawn by the treasurer, if not
presented for payment within twelve months from the date of issuance,
shall be void and the state treasurer shall print or cause to be printed
upon all checks, drafts or evidence of payment due, the following:

"Void if not presented for payment within twelve months from the date of
issue."

All moneys set aside to pay any outstanding check or draft which has not
been presented for payment as required by this section shall be
transferred to the general revenue fund. Any person who fails to present
his check or draft for payment within twelve months from the date of
issuance may receive a duplicate check or draft if he files a statement
with the state treasurer of the reason for the nonpayment and obtains an
appropriation made for that purpose as provided by law. A duplicate check
or draft may be issued against a general appropriation for that purpose
within five years immediately following the date of issuance of the
original check or draft. Whenever a check or draft of the treasurer is
paid by a depositary on a forged endorsement, upon the return of this
money to the state, the treasurer may issue a new check provided the old
check or draft is returned to the state treasurer.

2. The treasurer is authorized to cooperate with all state and federal
law enforcement agencies, all prosecuting attorneys and the circuit
attorney of the city of St. Louis, or federal postal authorities, for the
purpose of investigating any and all irregularities or alleged forgeries
of checks or drafts issued by him. The cooperation may include the
granting of temporary custody of all pertinent checks and records to
state or federal law enforcement agencies, prosecuting attorneys and the
circuit attorney of the city of St. Louis, or federal postal authorities,
if in the discretion of the treasurer cooperation is necessary to
accomplish a proper investigation. (L. 1945 p. 1977 § 13, A. 1949 S.B.
1013, A.L. 1976 H.B. 1254, A.L. 1983 H.B. 389, A.L. 1988 H.B. 1260)

1. The state treasurer may develop and implement an advanced
function printing data processing system whereby the signature of the
state treasurer is printed simultaneously with the production of drafts
or checks. Whenever the signature of the state treasurer is required or
permitted by law to be placed upon checks or drafts, such advanced
function printing data processing system may be used by the state
treasurer in lieu of other procedures used to place such signature upon
checks or drafts, including, but not limited to, the facsimile signature
of public officials law, sections 105.273 to 105.278, RSMo.

2. Before implementing any advance function printing data processing
system pursuant to subsection 1 of this section, the state treasurer
shall take all necessary and reasonable precautions to assure that
adequate physical and electronic security procedures are in place at any
data processing center using such a data processing system and all
necessary and reasonable measures are in place to preserve and protect
the separation of duties of the state treasurer and commissioner of
administration as provided by law. (L. 1993 H.B. 732)

The state treasurer shall have free access to all other offices
of this state, for the inspection of such books, accounts and papers as
concern any of his duties. (RSMo 1939 § 13057, A.L. 1945 p. 1977 § 23, A.
1949 S.B. 1013)

Prior revisions: 1929 § 11433; 1919 § 13339; 1909 § 11840

It shall be the duty of the state treasurer, in all cases when he
may deem it necessary so to do, to make out blank forms for such returns
and reports as are required by law to be made to his office by clerks of
courts and other county officers, and transmit the same to such officers,
and when necessary, shall accompany the same with directions; and such
officer shall make his returns and reports in conformity to such forms
and directions. (RSMo 1939 § 13069, A.L. 1945 p. 1977 § 33)

Prior revisions: 1929 § 11452; 1919 § 13358; 1909 § 11859

Immediately upon receipt of state moneys the state treasurer
shall deposit all state moneys in the state treasury to the credit of the
state on demand deposit in banking institutions selected by him and
approved by the governor and the state auditor and thereafter withdraw
such moneys as authorized by law. (RSMo 1939 § 13090, A.L. 1945 p. 1977 §
40, A.L. 1957 p. 484, A.L. 1989 S.B. 444)

Prior revisions: 1929 § 11473; 1919 § 13383; 1909 § 11884

Effective 6-6-89

The state treasurer shall hold all state moneys, all deposits
thereof, time as well as demand, and all obligations of the United States
government in which such moneys are placed for the benefit of the
respective funds to which they belong and disburse the same as authorized
by law. Unless otherwise provided by law, all yield, interest, income,
increment, or gain received from the time deposit of state moneys or
their investment in obligations of the United States government shall be
credited by the state treasurer to the general revenue. (RSMo 1939 §
13082, A.L. 1945 p. 1977 § 34, A.L. 1945 p. 1990 § 34, A.L. 1957 p. 484,
A.L. 1982 S.B. 497)

Prior revisions: 1929 § 11465; 1919 § 13375; 1909 § 11876

(1973) This section requires state treasurer to hold investments made
from state road fund for the benefit of that fund, and includes interest
from such investments in view of Art. IV, § 30(b), Constitution of
Missouri. State Highway Commission v. Spainhower (Mo.). 504 S.W.2d 121.

There is hereby created a "Central Check Mailing Service
Revolving Fund" within the state treasury, which shall be administered by
the state treasurer. The state treasurer shall be custodian of the fund
and shall receive funds paid or transferred to his office by state
departments or agencies for centralized check mailing services rendered
by the state treasurer. The commissioner of administration shall approve
disbursements from the fund at the request of the state treasurer, or his
designee, to purchase goods and services which will be utilized in
providing a centralized check mailing service. The central check mailing
service revolving fund shall be funded annually by appropriation, and any
unencumbered balance in excess of fifty thousand dollars remaining at the
end of each fiscal year shall revert to the general revenue fund in
accordance with other provisions of law. (L. 1978 H.B. 1219 §1)

CROSS REFERENCE: Central check mailing service revolving fund abolished
subject to exemption, RSMo 33.571

1. The state treasurer shall enter into a written contract with
each depositary setting forth the conditions and terms upon which the
moneys of the state are deposited therewith and containing among its
provisions and conditions the following:

(1) The amount of the moneys of the state to be entrusted to each
depositary;

(2) With respect to demand deposits, the time such contract shall
continue with the right reserved to each the state treasurer and the
depositary to terminate the contract at any time upon giving ninety days'
notice to the other party of his or her or its intention to do so;

(3) With respect to time deposits, the conditions as to time and notice
which need be given in regard to withdrawals and the rate of interest
which the depositary shall be obligated to pay;

(4) Provisions requiring that the depositary shall:

(a) Safely keep such deposits;

(b) Pay demand deposits on the state treasurer's demand therefor; and

(c) Pay time deposits only in accordance with the contract with the
depositary;

(5) That such depositary shall secure the state moneys with the amount
and character of securities provided for in section 30.270, such
securities to be held at the expense of the depositary;

(6) That no item of security deposited by a depositary under the terms of
the contract shall be withdrawn without the written consent of the state
treasurer; and that otherwise the representatives of the state of
Missouri shall have the rights prescribed by sections 30.270 and 30.280;

(7) That the depositary shall, at times specified by the state treasurer,
render a statement showing the daily activity in the account;

(8) That in the event the depositary shall default in any manner in
performing any of the terms and conditions of the contract, or shall fail
to keep safely the moneys of the state deposited with it, the state
treasurer shall be authorized forthwith without notice, advertisement or
demand, and at public or private sale, to convert into money the
securities deposited, or as many of them as may be necessary to pay the
whole amount of the state deposits in such depositary; and

(9) The contract for state funds may be for a period of up to five years.

2. Upon the execution of such contracts the state treasurer shall deliver
a copy thereof to the governor, a copy thereof to the state auditor, a
copy thereof to the depositary, shall file another copy with the
secretary of state, and shall retain the contract in his own office.
(RSMo 1939 § 13087, A.L. 1945 p. 1977 § 35, A. 1949 S.B. 1013, A.L. 1957
p. 484, A.L. 1973 S.B. 89, A.L. 1983 H.B. 389, A.L. 1988 H.B. 1260, A.L.
2005 S.B. 270)

Prior revisions: 1929 § 11470; 1919 § 13380; 1909 § 11881

Effective 5-13-05

Beginning July 1, 1999, the state treasurer shall, when making a
new deposit of state funds, continuing an existing demand deposit of
state funds, or renewing an existing time deposit of state funds beyond
the expiration date of the deposit in any financial institution, review
and consider the depository institution's lending record, giving
consideration to, among other factors, whether:

(1) The institution has been given by the appropriate federal regulatory
agency a written evaluation of the institution's record of meeting the
credit needs of its entire community, including low and moderate income
neighborhoods, pursuant to the federal Community Reinvestment Act of
1977, as amended, 12 U.S.C. 2905; and

(2) The most recent evaluation of the institution includes a rating of
"needs to improve record of meeting community credit needs" or
"substantial noncompliance of meeting community credit needs", or
categories substantially comparable if said federal law is amended. In
the event that a financial institution is not required to comply with the
Community Reinvestment Act, the state treasurer shall not use that fact,
either favorably* or negatively, in depositing, continuing a demand
deposit, or reissuing a demand deposit of state funds. (L. 1998 S.B. 792)

*Word "favorable" appears in original rolls.

1. The state treasurer shall prepare, maintain and adhere to a
written investment policy which shall include an asset allocation plan
which limits the total amount of state moneys which may be invested in
any particular investment authorized by section 15, article IV of the
Missouri Constitution. The state treasurer shall present a copy of such
policy to the governor, commissioner of administration, state auditor and
general assembly at the commencement of each regular session of the
general assembly or at any time the written investment policy is amended.

2. The state treasurer shall determine by the exercise of the treasurer's
best judgment the amount of state moneys that are not needed for current
operating expenses of the state government and shall keep on demand
deposit in banking institutions in this state selected by the treasurer
and approved by the governor and state auditor the amount of state moneys
which the treasurer has so determined are needed for current operating
expenses of the state government and disburse the same as authorized by
law.

3. Within the parameters of the state treasurer's written investment
policy, the state treasurer shall place the state moneys which the
treasurer has determined are not needed for current operations of the
state government on time deposit drawing interest in banking institutions
in this state selected by the treasurer and approved by the governor and
the state auditor, or place them outright or, if applicable, by
repurchase agreement in obligations described in section 15, article IV,
Constitution of Missouri, as the treasurer in the exercise of the
treasurer's best judgment determines to be in the best overall interest
of the people of the state of Missouri, giving due consideration to:

(1) The preservation of such state moneys;

(2) The benefits to the economy and welfare of the people of Missouri
when such state money is invested in banking institutions in this state
that, in turn, provide additional loans and investments in the Missouri
economy and generate state taxes from such initial investments and the
loans and investments created by the banking institutions, compared to
the removal or withholding from banking institutions in the state of all
or some such state moneys and investing same in obligations authorized in
section 15, article IV of the Missouri Constitution;

(3) The liquidity needs of the state;

(4) The aggregate return in earnings and taxes on the deposits and the
investment to be derived therefrom; and

(5) All other factors which to the treasurer as a prudent state treasurer
seem to be relevant to the general public welfare in the light of the
circumstances at the time prevailing. The state treasurer may also place
state moneys which are determined not needed for current operations of
the state government in linked deposits as provided in sections 30.750 to
30.767.

4. Except for state moneys deposited in linked deposits as provided in
sections 30.750 to 30.767, the rate of interest payable by all banking
institutions on time deposits of state moneys shall be the same as the
average rate paid during the week next preceding the week in which the
deposit was made for United States of America treasury securities
maturing and becoming payable closest to the time of termination of the
deposit, as determined by the state treasurer, adjusted to the nearest
one-tenth of a percent; except that the rate shall never exceed the
maximum rate of interest which by federal law or regulation a bank which
is a member of the Federal Reserve System may from time to time pay on a
time deposit of the same size and maturity.

5. Within the parameters of the state treasurer's written investment
policy, the state treasurer may subscribe for or purchase outright or by
repurchase agreement investments of the character described in subsection
3 of this section which the treasurer, in the exercise of the treasurer's
best judgment, believes to be the best for investment of state moneys at
the time and in payment therefor may withdraw moneys from any bank
account, demand or time, maintained by the treasurer without having any
supporting warrant of the commissioner of administration. The state
treasurer may bid on subscriptions for such obligations in accordance
with the treasurer's best judgment. The state treasurer shall provide for
the safekeeping of all such obligations so acquired in the same manner
that securities pledged to secure the repayment of state moneys deposited
in banking institutions are kept by the treasurer pursuant to law. The
state treasurer may hold any such obligation so acquired by the treasurer
until its maturity or prior thereto may sell the same outright or by
reverse repurchase agreement provided the state's security interest in
the underlying security is perfected or temporarily exchange such
obligation for cash or other authorized securities of at least equal
market value with no maturity more than one year beyond the maturity of
any of the traded obligations, for a negotiated fee as the treasurer, in
the exercise of the treasurer's best judgment, deems necessary or
advisable for the best interest of the people of the state of Missouri in
the light of the circumstances at the time prevailing. The state
treasurer may pay all costs and expenses reasonably incurred by the
treasurer in connection with the subscription, purchase, sale,
collection, safekeeping or delivery of all such obligations at any time
acquired by the treasurer.

6. As used in this chapter, except as more particularly specified in
section 30.270, obligations of the United States shall include securities
of the United States Treasury, and United States agencies or
instrumentalities as described in section 15, article IV, Constitution of
Missouri. The word "temporarily" as used in this section shall mean no
more than six months. (RSMo 1939 § 13084, A.L. 1945 p. 1977 § 36, A.L.
1957 p. 484, A.L. 1973 S.B. 89, A.L. 1983 H.B. 389, A.L. 1986 H.B. 1107,
A.L. 1988 H.B. 1260, A.L. 1997 S.B. 449, A.L. 2002 S.B. 895, A.L. 2005
S.B. 270)

Prior revisions: 1929 § 11467; 1919 § 13377; 1909 § 11878

Effective 5-13-05

CROSS REFERENCES:

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

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

1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and
the state treasurer shall require of the selected and approved banks or
financial institutions as security for the safekeeping and payment of
deposits, securities from the list provided for in this section, which
list shall include only securities of the following kind and character,
unless it is determined by the state treasurer that the use of such
securities as collateral may place state public funds at undue risk:

(1) Bonds or other obligations of the United States;

(2) Bonds or other obligations of the state of Missouri including revenue
bonds issued by state agencies or by state authorities created by
legislative enactment;

(3) Bonds of any city in this state having a population of not less than
two thousand;

(4) Bonds of any county in this state;

(5) Approved registered bonds of any school district situated in this
state;

(6) Approved registered bonds of any special road district in this state;

(7) State bonds of any state;

(8) Notes, bonds, debentures or other similar obligations issued by the
farm credit banks or agricultural credit banks or any other obligations
issued pursuant to the provisions of an act of the Congress of the United
States known as the Farm Credit Act of 1971, and acts amendatory thereto;

(9) Bonds of the federal home loan banks;

(10) Any bonds or other obligations guaranteed as to payment of principal
and interest by the government of the United States or any agency or
instrumentality thereof;

(11) Bonds of any political subdivision established pursuant to the
provisions of section 30, article VI of the Constitution of Missouri;

(12) Tax anticipation notes issued by any county of the first
classification;

(13) A surety bond issued by an insurance company licensed pursuant to
the laws of the state of Missouri whose claims-paying ability is rated in
the highest category by at least one nationally recognized statistical
rating agency. The face amount of such surety bond shall be at least
equal to the portion of the deposit to be secured by the surety bond;

(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank possessing the highest rating issued by at least one nationally
recognized statistical rating agency;

(15) Out-of-state municipal bonds, provided such bonds are rated in the
highest category by at least one nationally recognized statistical rating
agency;

(16) (a) Mortgage securities that are individual loans that include
negotiable promissory notes and the first lien deeds of trust securing
payment of such notes on one to four family real estate, on commercial
real estate, or on farm real estate located in Missouri or states
adjacent to Missouri, provided such loans:

a. Are underwritten to conform to standards established by the state
treasurer, which are substantially similar to standards established by
the Federal Home Loan Bank of Des Moines, Iowa, and any of its successors
in interest that provide funding for financial institutions in Missouri;

b. Are offered by a financial institution in which a senior executive
officer certifies under penalty of perjury that such loans are compliant
with the requirements of the Federal Home Loan Bank of Des Moines, Iowa,
when such loans are pledged by such bank;

c. Are offered by a financial institution that is well capitalized; and

d. Are not construction loans, are not more than ninety days delinquent,
have not been classified as substandard, doubtful, or subject to loss,
are one hundred percent owned by the financial institution, are otherwise
unencumbered and are not being temporarily warehoused in the financial
institution for sale to a third party.

Any disqualified mortgage securities shall be removed as collateral
within ninety days of disqualification or the state treasurer may
disqualify such collateral as collateral for state funds;

(b) The state treasurer may promulgate regulations and provide such other
forms or agreements to ensure the state maintains a first priority
position on the deeds of trust and otherwise protect and preserve state
funds. Any rule or portion of a rule, as that term is defined in section
536.010, RSMo, that is created under the authority delegated in this
section shall become effective only if it complies with and is subject to
all of the provisions of chapter 536, RSMo, and, if applicable, section
536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and
if any of the powers vested with the general assembly pursuant to chapter
536, RSMo, to review, to delay the effective date, or to disapprove and
annul a rule are subsequently held unconstitutional, then the grant of
rulemaking authority and any rule proposed or adopted after August 28,
2005, shall be invalid and void;

(c) A status report on all such mortgage securities shall be provided to
the state treasurer on a calendar monthly basis in the manner and format
prescribed by the state treasurer by the financial institutions pledging
such mortgage securities and also shall certify their compliance with
subsection 2 for such mortgage securities;

(d) In the alternative to paragraph (a) of this subdivision, a financial
institution may provide a blanket lien on all loans secured by one to
four family real estate, all loans secured by commercial real estate, all
loans secured by farm real estate, or any combination of these
categories, provided the financial institution secures such blanket liens
with real estate located in Missouri and states adjacent to Missouri and
otherwise complies with paragraphs (b) and (c) of this subdivision;

(e) The provisions of paragraphs (a) to (d) of this subdivision are not
authorized for any Missouri political subdivision, notwithstanding the
provisions of chapter 110, RSMo, to the contrary;

(f) As used in this subdivision, the term "unencumbered" shall mean
mortgage securities pledged for state funds as provided in subsection 1
of this section, and not subject to any other express claims by any third
parties, including but not limited to a blanket lien on the bank assets
by the Federal Home Loan Bank, a depositary arrangement when securities
are loaned and repurchased daily or otherwise, or the depositary has
pledged its stock and assets for a loan to purchase another depositary or
otherwise; and

(g) As used in this subdivision, the term "well capitalized" shall mean a
banking institution that according to its most recent report of condition
and income or thrift financial report, publicly available as applicable,
qualifies as well capitalized under the uniform capital requirements
established by the federal banking regulators or as determined by state
banking regulators under substantially similar requirements;

(17) Any investment that the state treasurer may invest in as provided in
article IV, section 15 of the Missouri Constitution, and subject to the
state treasurer's written investment policy in section 30.260, that is
not otherwise provided for in this section, provided the banking
institution or eligible lending institution as defined in subdivision (7)
of section 30.750 is well capitalized, as defined in subdivision (16) of
this subsection. The provisions of this subdivision are not authorized
for political subdivisions, notwithstanding the provisions of chapter
110, RSMo, to the contrary.

2. Securities deposited shall be in an amount valued at market equal at
least to one hundred percent of the aggregate amount on time deposit as
well as on demand deposit with the particular financial institution less
the amount, if any, which is insured either by the Federal Deposit
Insurance Corporation or by the National Credit Unions Share Insurance
Fund. Furthermore, for a well-capitalized banking institution, securities
authorized in this section that are:

(1) Mortgage securities on loans secured on one to four family real
estate appraised to reflect the market value at the time of the loan and
deposited as collateral shall not exceed one hundred twenty-five percent
of the aggregate amount of time deposits and demand deposits;

(2) Mortgage securities on loans secured on commercial real estate or on
farm real estate appraised to reflect the market value at the time of the
loan and deposited as collateral shall not exceed the collateral
requirements of the Federal Home Loan Bank of Des Moines, Iowa;

(3) Other securities valued at market and deposited as collateral shall
not exceed one hundred five percent of the aggregate amount of time
deposits and demand deposits; and

(4) Securities that are surety bonds and letters of credit authorized as
collateral need only collateralize one hundred percent of the aggregate
amount of time deposits and demand deposits.

3. The securities or book entry receipts shall be delivered to the state
treasurer and receipted for by the state treasurer and retained by the
treasurer or by financial institutions that the governor, state auditor
and treasurer agree upon. The state treasurer shall from time to time
inspect the securities and book entry receipts and see that they are
actually held by the state treasury or by the financial institutions
selected as the state depositaries. The governor and the state auditor
may inspect or request an accounting of the securities or book entry
receipts, and if in any case, or at any time, the securities are not
satisfactory security for deposits made as provided by law, they may
require additional security to be given that is satisfactory to them.

4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for
in subsection 1 of this section may be substituted in lieu of the
withdrawn securities with the consent of the treasurer; but a sufficient
amount of securities to secure the deposits shall always be held by the
treasury or in the selected depositaries.

5. If a financial institution of deposit fails to pay a deposit, or any
part thereof, pursuant to the terms of its contract with the state
treasurer, the state treasurer shall forthwith convert the securities
into money and disburse the same according to law.

6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds
to be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the
conditions of this chapter or upon the release by the state treasurer.
(RSMo 1939 § 13086, A.L. 1945 p. 1977 § 37, A.L. 1945 p. 1990 § 37, A.L.
1957 p. 484, A.L. 1959 H.B. 117, A.L. 1965 p. 137, A.L. 1969 p. 89, A.L.
1973 S.B. 89, A.L. 1975 S.B. 257, A.L. 1979 H.B. 588, A.L. 1983 H.B. 389,
A.L. 1987 H.B. 694, A.L. 1988 H.B. 1260, A.L. 1993 H.B. 105 & 480, A.L.
1998 H.B. 1707, A.L. 2003 S.B. 346, A.L. 2005 S.B. 270)

Prior revisions: 1929 § 11469; 1919 § 13379; 1909 § 11880

Effective 5-13-05

The state treasurer shall keep separate accounts of the funds of
the state showing the name of the fund, the moneys belonging to it,
deposits, time as well as demand, and obligations of the United States
government in which the moneys of each particular fund have been placed
and all yield, interest, income, increment or gain received on the
moneys. The state treasurer may require any depositary of state moneys to
keep separate accounts showing the name of each fund to which the moneys
belong. (RSMo 1939 § 13088, A.L. 1945 p. 1977 § 38, A.L. 1957 p. 484)

Prior revisions: 1929 § 11471; 1919 § 13381; 1909 § 11882

In addition to the other powers authorized in this chapter, the
state treasurer may enter into one or more agreements with one or more
vendors, banking institutions, agents, consulting firms, or
not-for-profit private businesses for the provisions of services relating
to the state treasurer's duties as described in this chapter and the
Missouri Constitution, including but not limited to collateral tracking
and management, custodial banking and other banking services, securities
lending, investment advisory services, and other general consulting
services as required for a period of years. Such businesses shall be
required to demonstrate their ability to manage confidential information,
to purchase fidelity bonds on the employees of such businesses, purchase
other bonds and insurance as needed for the services provided, and to
certify adequately the accuracy of reports required from time to time.
(L. 2005 S.B. 270)

Effective 5-13-05

1. The state treasurer shall not be responsible for any moneys or
bonds deposited in a bank, banks or banking institutions or safe
depositary under the provisions of this chapter while the same remain
there deposited with the consent of the governor and state auditor, but
the state treasurer shall be chargeable with the safekeeping, management
and disbursement of the bonds deposited with him as security for deposits
of state moneys, and with the proceeds arising from any sale thereof
under the provisions of this chapter, and his sureties on his official
bond shall be held liable for any default in the faithful performance of
any duty required of said treasurer under or by virtue of any of the
provisions of this chapter.

2. Neither the state treasurer nor the sureties on his official bond
shall be liable for any loss to any fund of the state occasioned by the
sale of any obligation of the United States government acquired by the
state treasurer pursuant to law at a price which does not restore to the
fund the cost of such obligation where such sale was made by the state
treasurer in the good faith exercise of the power of sale reposing in him
by law. Good faith compliance by the state treasurer with subsection 2 of
section 30.260 shall be a full justification for the action of the state
treasurer in the investment of state moneys although different action by
the state treasurer would have yielded a greater return on the state
moneys.

3. Depositaries of state moneys shall not be liable for any default in
the faithful performance of any duty imposed upon the state treasurer by
law in regard to any withdrawal of moneys from any bank account, demand
or time, maintained by him. (RSMo 1939 § 13092, A.L. 1945 p. 1977 § 42,
A.L. 1957 p. 484)

Prior revisions: 1929 § 11476; 1919 § 13386; 1909 § 11887

1. It shall be the duty of the state treasurer to report to the
governor in writing, under oath, on or before the fifth day of every
month:

(1) The amount of money received by the treasurer during the previous
month;

(2) The amount paid out during the same period;

(3) The balances on hand to the credit of the several funds; and

(4) The amount of actual money in the treasurer's vault on the evening of
the last day of the previous month and on deposit, time as well as
demand, in what bank or banks and the sum in each type deposit in each
bank, a description of the investments authorized by the Constitution of
Missouri held by the treasurer for the account of the several funds
including the cost of the obligation, how and when acquired, its maturity
date, the rate of interest it pays or yields and a breakdown of the
current total amount invested in each category of investment authorized
by the Constitution of Missouri.

2. It shall be the duty of every depositary of state moneys to transmit
to the governor, on demand, a true statement of account, showing the
several deposits, time as well as demand, made by the treasurer and the
dates thereof during the previous month, the balance on hand at the end
of such month, including the interest, if any, which may have accrued on
the time deposits.

3. The governor, without delay, shall compare the several reports and
statements and ascertain whether the state treasurer has invested the
money which came into the treasurer's hands within the requirements of
section 30.260, and at the proper date, and whether the treasurer has
drawn out only such sums as are the equivalent of the warrants issued,
except as otherwise permitted by law. (RSMo 1939 § 13055, A.L. 1945 p.
1977 § 21, A.L. 1957 p. 484, A.L. 1988 H.B. 1260, A.L. 1997 S.B. 449)

Prior revisions: 1929 § 11430; 1919 § 13336; 1909 § 11837

The state treasurer shall keep such records as may be necessary
for the proper performance of his duties. He shall file, retain, store
and destroy those records in accordance with the state and local records
law. (RSMo 1939 § 13058, A.L. 1945 p. 1977 § 24, A.L. 1983 H.B. 713
Revision)

Prior revisions: 1929 § 11434; 1919 § 13340; 1909 § 11841

CROSS REFERENCE: Records retention and destruction, duties, Chap. 109,
RSMo

The state treasurer shall make monthly reports to the
commissioner of administration under oath and more often* if requested,
showing the receipts and disbursements for each month, the balance on
hand and where the same is held and deposited and whether on demand or
time deposit, a description of the investments authorized by the
Constitution of Missouri held by the treasurer for the account of the
several funds, including the cost of the obligation, how and when
acquired, its maturity date, the rate of interest it pays or yields, and
a breakdown of the current total amount invested in each category of
investment authorized by the Constitution of Missouri. (RSMo 1939 §
13047, A.L. 1945 p. 1977 § 13, A. 1949 S.B. 1013, A.L. 1957 p. 484, A.L.
1997 S.B. 449)

Prior revisions: 1929 § 11425; 1919 § 13331; 1909 § 11832

*Original rolls contain the word "oftener".

The state treasurer shall keep a separate account of the funds
and the number and amount of warrants received and from whom, and shall
publish, in such manner as the governor may designate, quarterly
statements showing the amount of state moneys, and where the same are
kept or deposited. A copy of each such publication shall, as soon as
made, be filed in the offices of the governor, commissioner of
administration, auditor and attorney general, respectively. (RSMo 1939 §
13089, A.L. 1945 p. 1977 § 39)

Prior revisions: 1929 § 11472; 1919 § 13382; 1909 § 11883

The state treasurer, at the commencement of each regular session
of the general assembly, shall prepare and report the amounts claimed
under the provisions of section 30.200. He also shall give information in
writing to either house of the general assembly whenever required upon
any subject connected with the treasury or touching any duty of his
office, and perform all such duties as may be required of him by law.
(RSMo 1939 § 13047, A.L. 1945 p. 1977 § 13, A. 1949 S.B. 1013, A.L. 1959
S.B. 41, A.L. 1989 S.B. 444)

Prior revisions: 1929 § 11425; 1919 § 13331; 1909 § 11832

Effective 6-6-89

CROSS REFERENCE: Vocational education fund, treasurer to report receipts
and disbursements to general assembly, RSMo 178.470

If the state treasurer shall fail to make any report as required
by law, he shall forfeit and pay to the state the sum of five hundred
dollars for every such failure, to be recovered by civil action, and it
shall be the duty of the attorney general to bring such action whenever
he shall be informed that such officer failed to comply with such
provisions. (RSMo 1939 § 13052, A.L. 1945 p. 1977 § 18)

Prior revisions: 1929 § 11427; 1919 § 13333; 1909 § 11834

Should any depositary fail to make a statement in manner and at
the time required by law, or should such statement be false, such
depositary shall forfeit one thousand dollars to the state, for the
benefit of the state school fund, to be collected as other fines and
forfeitures are collected by law. (RSMo 1939 § 13056, A.L. 1945 p. 1977 §
22)

Prior revisions: 1929 § 11432; 1919 § 13338; 1909 § 11839

The making of profit by the state treasurer out of any moneys in
the state treasury belonging to the state, the custody of which the state
treasurer shall be charged with, by loaning, depositing or otherwise
using or disposing of the same in any manner whatever, or the removal by
the state treasurer, or by his consent, of such moneys, or any part
thereof, or any bonds deposited by any bank in compliance with the
provisions of this chapter, or of United States obligations in which he
has invested state moneys, out of the vaults of the treasury department
in the state capitol, except for the payment of warrants legally drawn,
or for the purpose of depositing the same in the bank or banks selected
as depositaries under the provisions of this chapter, or for investing in
United States obligations as provided by law, or for returning or
disposing of said bonds or obligations according to law, shall be deemed
a felony, and, on conviction thereof, subject him to punishment by
imprisonment in the penitentiary for a term of not less than two years,
and he shall also be liable under and upon his official bond for all
profits realized from any such unlawful using of said funds; and it shall
be the duty of the attorney general to enter and prosecute to final
determination all suits for a violation of any of the provisions of this
chapter. (RSMo 1939 § 13091, A.L. 1945 p. 1977 § 41, A.L. 1957 p. 484)

Prior revisions: 1929 § 11475; 1919 § 13385; 1909 § 11886

If the state treasurer shall willfully and unlawfully refuse to
pay any warrant lawfully drawn upon the treasury, when there is money in
the fund upon which the warrant is drawn to pay the same, he shall
forfeit and pay to the holder thereof fourfold the amount of such
warrant, to be recovered by civil action against the treasurer and his
sureties on the official bond, or otherwise, according to law; and the
treasurer shall be deemed guilty of a misdemeanor in office. (RSMo 1939 §
13060, A.L. 1945 p. 1977 § 25)

Prior revisions: 1929 § 11436; 1919 § 13342, 1909 § 11843

No state moneys may be deposited on either time or demand deposit
in any banking institution in this state of which bank any one or more of
the state treasurer, the governor, or the state auditor is at the time
the owner of any of the outstanding shares of capital stock of any class
of such bank or is an officer or employee thereof. (L. 1957 p. 484)

1. In each year in which a treasurer of this state is elected and
when the treasurer so elected is not the incumbent at the time of the
election, funds and facilities for the treasurer-elect to be used by him
in preparing an orderly transition of administration shall be provided.

2. The legislature shall appropriate to the commissioner of
administration, funds to be used only for the purpose of this transition
and to be expended during the transition period but in no event shall the
amount so appropriated exceed ten thousand dollars for any such
transition and all funds not expended for this purpose during the
transition period shall revert to general revenue. (L. 1977 H.B. 493 &
458)

The transition period shall begin on the fifteenth day of
November following the election of a treasurer who is not an incumbent
and shall end when that treasurer-elect has taken the oath of office. (L.
1977 H.B. 493 & 458)

1. The commissioner of administration shall provide office space
and equipment for the treasurer-elect and his staff during the transition
period. The facilities provided shall be located at the seat of
government and shall be suitable for the purpose and capable of
adequately housing the treasurer-elect and his staff.

2. The commissioner of administration shall furnish the transition
facility with adequate telephone service, office furniture and office
machines including but not limited to typewriters, adding machines and
duplicating equipment.

3. The transition period office space may be located in state-owned
buildings or in leased property. All salaries, expenses, rentals and
equipment purchase and repairs shall be made only from funds appropriated
for the purpose of this transition. (L. 1977 H.B. 493 & 458)

Records and documents submitted to the state treasurer relating
to financial investments in a business, sales figures or projections or
other business results or business plan information, the disclosure of
which may have a negative impact on the competitiveness of the business,
shall be deemed a "closed record" as such term is defined in section
610.010 to 610.030, RSMo. (L. 1994 H.B. 1681)

1. There is hereby created in the state treasury the "State
Treasurer's General Operations Fund" which shall receive deposits, make
disbursements and be administered in compliance with the provisions of
this section.

2. Subject to appropriation, moneys in the state treasurer's general
operations fund shall be used solely to pay for personal service,
equipment and other expenses of the state treasurer related to the state
treasurer's constitutional and statutory responsibilities, exclusive of
any personal service, equipment and other expenses attributable to
positions wholly dedicated to the functions described in chapter 447,
RSMo. The commissioner of administration shall review and approve all
requests of the state treasurer of disbursements from the state
treasurer's general operations fund for compliance with the provisions of
this section. Nothing in this section shall be deemed to prevent the
general assembly from making appropriations to the state treasurer from
other permissible sources.

3. Notwithstanding any other provisions of law to the contrary, moneys
shall be deposited in the state treasurer's general operations fund and
administered in accordance with the following provisions:

(1) On a daily basis, the state treasurer shall apportion any interest or
other increment derived from the investment of funds in an amount
proportionate to the average daily balance of funds in the state
treasury. The state treasurer shall use a method in accordance with
generally accepted accounting principles in apportioning and distributing
that interest or increment. Prior to distributing that interest or
increment, the state treasurer shall deduct the costs incurred by the
state treasurer in administering this chapter in proportion to the
average daily balance of the amounts deposited to each fund in the state
treasury. The state treasurer shall then deposit the identified portion
of the daily interest receipts in the state treasurer's general
operations fund. All other remaining interest received on the investment
of state funds shall be allocated and deposited to funds within the state
treasury as required by law;

(2) The total costs for personal service, equipment and other expenses of
the state treasurer related to the state treasurer's constitutional and
statutory responsibilities, exclusive of any personal service, equipment
and other expenses attributable to positions wholly dedicated to the
functions described in chapter 447, RSMo, and any banking fees and other
banking-related costs, shall not exceed fifteen basis points, or
fifteen-hundredths of one percent, of the total of the average daily fund
balance of funds within the state treasury.

4. Notwithstanding the provisions of section 33.080, RSMo, moneys in the
state treasurer's general operations fund shall not lapse to the general
revenue fund at the end of the biennium unless and only to the extent to
which the amount in the fund exceeds the annual appropriations from the
fund for the current fiscal year.

5. The provisions of this section shall not be applicable to the state
road fund created in section 226.220, RSMo, the motor fuel tax fund
created in section 142.345, RSMo, the state highways and transportation
department fund created in section 226.200, RSMo, the state
transportation fund created in section 226.225, and the state road bond
fund created pursuant to article IV, section 30(b), Constitution of
Missouri. (L. 2005 S.B. 270 § 1)

Effective 5-13-05

1. All funds received by the state treasurer from governmental
entities or the general public for the preparation, reproduction or
dissemination of information or publications of the state treasurer shall
be deposited in the state treasury to the credit of the "Treasurer's
Information Fund" which is hereby established. Moneys in the fund shall
be used to pay for personal service, equipment and other expenses of the
treasurer necessary for the preparation, reproduction or dissemination of
information or publications of the state treasurer or to refund any
overpayment received for such information or publications, but for no
other purpose. The commissioner of administration shall review and
approve all requests of the treasurer for disbursements from the fund for
compliance with the provisions of this section.

2. An unencumbered balance in the treasurer's information fund at the end
of the fiscal year, not exceeding twenty-five thousand dollars, shall be
exempt from the provisions of section 33.080, RSMo, relating to the
transfer of unexpended fund balances to the general revenue fund.
Notwithstanding the preceding provision of this subsection, interest
earnings on the treasurer's information fund shall be credited, at all
times, to the general revenue fund.

3. The treasurer shall prepare an annual report of all receipts and
expenditures of the treasurer's information fund and shall submit the
report to the house budget committee and the senate appropriations
committee. (L. 1994 H.B. 1681)

As used in sections 30.750 to 30.767, the following terms mean:

(1) "Eligible agribusiness", a person engaged in the processing or adding
of value to agricultural products produced in Missouri;

(2) "Eligible beginning farmer",

(a) For any beginning farmer who seeks to participate in the linked
deposit program alone, a farmer who:

a. Is a Missouri resident;

b. Wishes to borrow for a farm operation located in Missouri;

c. Is at least eighteen years old; and

d. In the preceding five years has not owned, either directly or
indirectly, farm land greater than fifty percent of the average size farm
in the county where the proposed farm operation is located or farm land
with an appraised value greater than four hundred fifty thousand dollars.

A farmer who qualifies as an eligible farmer under this provision may
utilize the proceeds of a linked deposit loan to purchase agricultural
land, farm buildings, new and used farm equipment, livestock and working
capital;

(b) For any beginning farmer who is participating in both the linked
deposit program and the beginning farmer loan program administered by the
Missouri agriculture and small business development authority, a farmer
who:

a. Qualifies under the definition of a beginning farmer utilized for
eligibility for federal tax-exempt financing, including the limitations
on the use of loan proceeds; and

b. Meets all other requirements established by the Missouri agriculture
and small business development authority;

(3) "Eligible facility borrower", a borrower qualified under section
30.860 to apply for a reduced-rate loan under sections 30.750 to 30.767;

(4) "Eligible farming operation", any person engaged in farming in an
authorized farm corporation, family farm, or family farm corporation as
defined in section 350.010, RSMo, that has all of the following
characteristics:

(a) Is headquartered in this state;

(b) Maintains offices, operating facilities, or farming operations and
transacts business in this state;

(c) Employs less than ten employees;

(d) Is organized for profit;

(e) Possesses not more than sixty percent equity, where "percent equity"
is defined as total assets minus total liabilities divided by total
assets, except that an otherwise eligible farming operation applying for
a loan for the purpose of installing or improving a waste management
practice in order to comply with environmental protection regulations
shall be exempt from this eligibility requirement;

(5) "Eligible higher education institution", any approved public or
private institution as defined in section 173.205, RSMo;

(6) "Eligible job enhancement business", a new, existing or expanding
firm operating in Missouri which employs ten or more employees on a
yearly average and which, as nearly as possible, is able to establish or
retain at least one job in Missouri for each twenty-five thousand dollars
received from a linked deposit loan;

(7) "Eligible lending institution", a financial institution that is
eligible to make commercial or agricultural or student loans or discount
or purchase such loans, is a public depository of state funds or obtains
its funds through the issuance of obligations, either directly or through
a related entity, eligible for the placement of state funds under the
provisions of section 15, article IV, Constitution of Missouri, and
agrees to participate in the linked deposit program;

(8) "Eligible livestock operation", any person engaged in production of
livestock or poultry in an authorized farm corporation, family farm, or
family farm corporation as defined in section 350.010, RSMo;

(9) "Eligible marketing enterprise", a business enterprise operating in
this state which is in the process of marketing its goods, products or
services within or outside of this state or overseas, which marketing is
designed to increase manufacturing, transportation, mining,
communications, or other enterprises in this state, which has proposed
its marketing plan and strategy to the department of economic development
and which plan and strategy has been approved by the department for
purposes of eligibility pursuant to sections 30.750 to 30.767. Such
business enterprise shall conform to the characteristics of paragraphs
(a), (b) and (d) of subdivision (4) of this section and also employ less
than twenty-five employees;

(10) "Eligible multitenant development enterprise", a new enterprise that
develops multitenant space for targeted industries as determined by the
department of economic development and approved by the department for the
purposes of eligibility pursuant to sections 30.750 to 30.767;

(11) "Eligible residential property developer", an individual who
purchases and develops a residential structure of either two or four
units, if such residential property developer uses and agrees to continue
to use, for at least the five years immediately following the date of
issuance of the linked deposit loan, one of the units as his principal
residence or if such person's principal residence is located within
one-half mile from the developed structure and such person agrees to
maintain the principal residence within one-half mile of the developed
structure for at least the five years immediately following the date of
issuance of the linked deposit loan;

(12) "Eligible residential property owner", a person, firm or corporation
who purchases, develops or rehabilitates a multifamily residential
structure;

(13) "Eligible small business", a person engaged in an activity with the
purpose of obtaining, directly or indirectly, a gain, benefit or
advantage and which conforms to the characteristics of paragraphs (a),
(b) and (d) of subdivision (4) of this section, and also employs less
than twenty-five employees;

(14) "Eligible student borrower", any person attending, or the parent of
a dependent undergraduate attending, an eligible higher education
institution in Missouri who may or may not qualify for need-based student
financial aid calculated by the federal analysis called Congressional
Methodology Formula pursuant to 20 U.S.C. 1078, as amended (the Higher
Education Amendments of 1986);

(15) "Eligible water supply system", a water system which serves fewer
than fifty thousand persons and which is owned and operated by:

(a) A public water supply district established pursuant to chapter 247,
RSMo; or

(b) A municipality or other political subdivision; or

(c) A water corporation;

and which is certified by the department of natural resources in
accordance with its rules and regulations to have suffered a significant
decrease in its capacity to meet its service needs as a result of drought;

(16) "Farming", using or cultivating land for the production of
agricultural crops, livestock or livestock products, forest products,
poultry or poultry products, milk or dairy products, or fruit or other
horticultural products;

(17) "Linked deposit", a certificate of deposit, or in the case of
production credit associations, the subscription or purchase outright of
obligations described in section 15, article IV, Constitution of
Missouri, placed by the state treasurer with an eligible lending
institution at rates otherwise provided by law in section 30.758,
provided the institution agrees to lend the value of such deposit,
according to the deposit agreement provided in sections 30.750 to 30.767,
to eligible small businesses, farming operations, eligible job
enhancement businesses, eligible marketing enterprises, eligible
residential property developers, eligible residential property owners,
eligible agribusinesses, eligible beginning farmers, eligible livestock
operations, eligible student borrowers, eligible facility borrowers, or
eligible water supply systems at below the present borrowing rate
applicable to each small business, farming operation, eligible job
enhancement business, eligible marketing enterprise, eligible residential
property developer, eligible residential property owner, eligible
agribusiness, eligible beginning farmer, eligible livestock operation,
eligible student borrower, or supply system at the time of the deposit of
state funds in the institution;

(18) "Market rate", the interest rate tied to federal government
securities and more specifically described in subsection 4 of section
30.260;

(19) "Water corporation", as such term is defined in section 386.020,
RSMo;

(20) "Water system", as such term is defined in section 386.020, RSMo.
(L. 1986 H.B. 1107 § 1, A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260, A.L.
1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1992 S.B. 661 & 620, A.L.
1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048 merged with H.B. 1681, A.L.
1997 H.B. 557, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270)

Effective 5-13-05

1. The state treasurer may invest in linked deposits; however,
the total amount so deposited at any one time shall not exceed, in the
aggregate, seven hundred twenty million dollars. No more than three
hundred thirty million dollars of the aggregate deposit shall be used for
linked deposits to eligible farming operations, eligible agribusinesses,
eligible beginning farmers, eligible livestock operations, and eligible
facility borrowers, no more than one hundred ten million of the aggregate
deposit shall be used for linked deposits to small businesses, no more
than twenty million dollars shall be used for linked deposits to eligible
multitenant development enterprises, and no more than twenty million
dollars of the aggregate deposit shall be used for linked deposits to
eligible residential property developers and eligible residential
property owners, no more than two hundred twenty million dollars of the
aggregate deposit shall be used for linked deposits to eligible job
enhancement businesses and no more than twenty million dollars of the
aggregate deposit shall be used for linked deposit loans to eligible
water systems. Linked deposit loans may be made to eligible student
borrowers from the aggregate deposit. If demand for a particular type of
linked deposit exceeds the initial allocation, and funds initially
allocated to another type are available and not in demand, the state
treasurer may commingle allocations among the types of linked deposits.

2. The minimum deposit to be made by the state treasurer to an eligible
lending institution for eligible job enhancement business loans shall be
ninety thousand dollars. Linked deposit loans for eligible job
enhancement businesses may be made for the purposes of assisting with
relocation expenses, working capital, interim construction, inventory,
site development, machinery and equipment, or other expenses necessary to
create or retain jobs in the recipient firm. (L. 1986 H.B. 1107 § 2, A.L.
1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B.
51, et al., A.L. 1993 H.B. 566, A.L. 1998 S.B. 852 & 913, A.L. 2004 S.B.
1155, A.L. 2005 S.B. 270)

Effective 5-13-05

1. An eligible lending institution that desires to receive a
linked deposit shall accept and review applications for linked deposit
loans from eligible multitenant enterprises, eligible farming operations,
eligible small businesses, eligible job enhancement businesses, eligible
marketing enterprises, eligible agribusinesses, eligible beginning
farmers, eligible livestock operations, eligible residential property
developers, eligible residential property owners, eligible student
borrowers, eligible facility borrowers, and eligible water supply
systems. An eligible residential property owner shall certify on his or
her loan application that the reduced rate loan will be used exclusively
to purchase, develop or rehabilitate a multifamily residential property.
The lending institution shall apply all usual lending standards to
determine the credit worthiness of each eligible multitenant enterprise,
eligible farming operation, eligible small business, eligible job
enhancement business, eligible marketing enterprise, eligible residential
property developer, eligible residential property owner, eligible
agribusiness, eligible beginning farmer, eligible livestock operation,
eligible student borrower, eligible facility borrower, or eligible water
supply system. No linked deposit loan made to any eligible farming
operation, eligible livestock operation, eligible agribusiness or
eligible small business shall exceed a dollar limit determined by the
state treasurer in* the state treasurer's best judgment, except as
otherwise limited. Any link deposit loan made to an eligible facility
borrower shall be in accordance with the loan amount and loan term
requirements in section 30.860.

2. An eligible farming operation, small business or job enhancement
business shall certify on its loan application that the reduced rate loan
will be used exclusively for necessary production expenses or the
expenses listed in subsection 2 of section 30.753 or the refinancing of
an existing loan for production expenses or the expenses listed in
subsection 2 of section 30.753 of an eligible farming operation, small
business or job enhancement business. Whoever knowingly makes a false
statement concerning such application is guilty of a class A misdemeanor.
An eligible water supply system shall certify on its loan application
that the reduced rate loan shall be used exclusively to pay the costs of
upgrading or repairing an existing water system, constructing a new water
system, or making other capital improvements to a water system which are
necessary to improve the service capacity of the system.

3. In considering which eligible farming operations should receive
reduced rate loans, the eligible lending institution shall give priority
to those farming operations which have suffered reduced yields due to
drought or other natural disasters and for which the receipt of a reduced
rate loan will make a significant contribution to the continued operation
of the recipient farming operation.

4. The eligible financial institution shall forward to the state
treasurer a linked deposit loan package, in the form and manner as
prescribed by the state treasurer. The package shall include such
information as required by the state treasurer, including the amount of
each loan requested. The institution shall certify that each applicant is
an eligible farming operation, eligible small business, eligible job
enhancement business, eligible marketing enterprise, eligible residential
property developer, eligible residential property owner, eligible
agribusiness, eligible beginning farmer, eligible livestock operation,
eligible student borrower, eligible facility borrower, or eligible water
supply system, and shall, for each eligible farming operation, small
business, eligible job enhancement business, eligible marketing
enterprise, eligible residential property developer, eligible residential
property owner, eligible agribusiness, eligible beginning farmer,
eligible livestock operation, eligible student borrower, eligible
facility borrower, or eligible water supply system, certify the present
borrowing rate applicable.

5. The eligible lending institution shall be responsible for determining
if a student borrower is an eligible student borrower. A student borrower
shall be eligible for an initial or renewal reduced rate loan only if, at
the time of the application for the loan, the student is a citizen or
permanent resident of the United States, a resident of the state of
Missouri as defined by the coordinating board for higher education, is
enrolled or has been accepted for enrollment in an eligible higher
education institution, and establishes that the student has financial
need. In considering which eligible student borrowers may receive reduced
rate loans, the eligible lending institution may give priority to those
eligible student borrowers whose income, or whose family income, if the
eligible student borrower is a dependent, is such that the eligible
student borrower does not qualify for need-based student financial aid
pursuant to 20 U.S.C. 1078, as amended (the Higher Education Amendments
of 1986). The eligible lending institution shall require the eligible
student borrower to document that the student has applied for and has
obtained all need-based student financial aid for which the student is
eligible prior to application for a reduced rate loan pursuant to this
section. In no case shall the combination of all financial aid awarded to
any student in any particular enrollment period exceed the total cost of
attendance at the institution in which the student is enrolled. No
eligible lending institution shall charge any additional fees, including
but not limited to an origination, service or insurance fee on any loan
agreement under the provisions of sections 30.750 to 30.765.

6. The eligible lending institution making an initial loan to an eligible
student borrower may make a renewal loan or loans to the student. The
total of such reduced rate loans from eligible lending institutions made
pursuant to this section to any individual student shall not exceed the
cumulative totals established by 20 U.S.C. 1078, as amended. An eligible
student borrower shall certify on his or her loan application that the
reduced rate loan shall be used exclusively to pay the costs of tuition,
incidental fees, books and academic supplies, room and board and other
fees directly related to enrollment in an eligible higher education
institution. The eligible lending institution shall make the loan payable
to the eligible student borrower and the eligible higher education
institution as copayees. The method of repayment of the loan shall be the
same as for repayment of loans made pursuant to sections 173.095 to
173.186, RSMo.

7. Beginning August 28, 2005, in considering which eligible multitenant
enterprise, eligible farming operation, eligible small business, eligible
job enhancement business, eligible marketing enterprise, eligible
residential property developer, eligible residential property owner,
eligible agribusiness, eligible beginning farmer, eligible livestock
operation, eligible student borrower, eligible facility borrower, or
eligible water supply system should receive reduced-rate loans, the
eligible lending institution shall give priority to an eligible
multitenant enterprise, eligible farming operation, eligible small
business, eligible job enhancement business, eligible marketing
enterprise, eligible residential property developer, eligible residential
property owner, eligible agribusiness, eligible beginning farmer,
eligible livestock operation, eligible student borrower, eligible
facility borrower, or eligible water supply system that has not
previously received a reduced- rate loan through the linked deposit
program. However, nothing shall prohibit an eligible lending institution
from making a reduced- rate loan to any entity that previously has
received such a loan, if such entity otherwise qualifies for such a
reduced-rate loan. (L. 1986 H.B. 1107 § 3, A.L. 1987 H.B. 294, A.L. 1988
H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1993 H.B.
566, A.L. 1994 H.B. 1248 & 1048 merged with H.B. 1681, A.L. 1997 H.B.
H.B. 557, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270)

Effective 5-13-05

*Word "is" appears in original rolls.

1. The state treasurer may accept or reject a linked deposit loan
package or any portion thereof.

2. The state treasurer shall make a good faith effort to ensure that the
linked deposits are placed with eligible lending institutions to make
linked deposit loans to minority- or female-owned eligible multitenant
enterprises, eligible farming operations, eligible small businesses,
eligible job enhancement businesses, eligible marketing enterprises,
eligible residential property developers, eligible residential property
owners, eligible agribusinesses, eligible beginning farmers, eligible
livestock operations, eligible student borrowers, eligible facility
borrowers, or eligible water supply systems. Results of such effort shall
be included in the linked deposit review committee's annual report to the
governor.

3. Upon acceptance of the linked deposit loan package or any portion
thereof, the state treasurer may place linked deposits with the eligible
lending institution as follows: when market rates are five percent or
above, the state treasurer shall reduce the market rate by up to three
percentage points to obtain the linked deposit rate; when market rates
are less than five percent, the state treasurer shall reduce the market
rate by up to sixty percent to obtain the linked deposit rate, provided
that the linked deposit rate is not below one percent. All linked deposit
rates are determined and calculated by the state treasurer. When
necessary, the treasurer may place linked deposits prior to acceptance of
a linked deposit loan package.

4. The eligible lending institution shall enter into a deposit agreement
with the state treasurer, which shall include requirements necessary to
carry out the purposes of sections 30.750 to 30.767. The deposit
agreement shall specify the length of time for which the lending
institution will lend funds upon receiving a linked deposit, and the
original deposit plus renewals shall not exceed five years, except as
otherwise provided in this chapter. The agreement shall also include
provisions for the linked deposit of a linked deposit for an eligible
facility borrower, eligible multitenant enterprise, eligible farming
operation, small business, eligible marketing enterprise, eligible
residential property developer, eligible residential property owner,
eligible agribusiness, eligible beginning farmer, eligible livestock
operation, eligible student borrower or job enhancement business.
Interest shall be paid at the times determined by the state treasurer.

5. The period of time for which such linked deposit is placed with an
eligible lending institution shall be neither longer nor shorter than the
period of time for which the linked deposit is used to provide loans at
reduced interest rates. The agreement shall further provide that the
state shall receive market interest rates on any linked deposit or any
portion thereof for any period of time for which there is no
corresponding linked deposit loan outstanding to an eligible multitenant
enterprise, eligible farming operation, eligible small business, eligible
job enhancement business, eligible marketing enterprise, eligible
residential property developer, eligible residential property owner,
eligible agribusiness, eligible beginning farmer, eligible livestock
operation, eligible student borrower, eligible facility borrower, or
eligible water supply system, except as otherwise provided in this
subsection. Within thirty days after the annual anniversary date of the
linked deposit, the eligible lending institution shall repay the state
treasurer any linked deposit principal received from borrowers in the
previous yearly period and thereafter repay such principal within thirty
days of the yearly anniversary date calculated separately for each linked
deposit loan, and repaid at the linked deposit rate. Such principal
payment shall be accelerated when more than thirty percent of the linked
deposit loan is repaid within a single monthly period. Any principal
received and not repaid, up to the point of the thirty percent or more
payment, shall be repaid within thirty days of that payment at the linked
deposit rate. Finally, when the linked deposit is tied to a revolving
line of credit agreement between the banking institution and its
borrower, the full amount of the line of credit shall be excluded from
the repayment provisions of this subsection. (L. 1986 H.B. 1107 § 4, A.L.
1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B.
51, et al., A.L. 1992 S.B. 661 & 620, A.L. 1993 H.B. 566, A.L. 1994 H.B.
1248 & 1048 merged with H.B. 1681, A.L. 1997 H.B. 557, A.L. 2004 S.B.
1155, A.L. 2005 S.B. 270)

Effective 5-13-05

1. Upon the placement of a linked deposit with an eligible
lending institution, such institution is required to lend such funds to
each approved eligible multitenant enterprise, eligible farm operation,
eligible small business, eligible job enhancement business, eligible
marketing enterprise, eligible residential property developer, eligible
residential property owner, eligible agribusiness, eligible beginning
farmer, eligible livestock operation, eligible student borrower, eligible
facility borrower, or eligible water supply system listed in the linked
deposit loan package required by section 30.756 and in accordance with
the deposit agreement required by section 30.758. The loan shall be at a
fixed rate of interest reduced by the amount established under subsection
3 of section 30.758 to each eligible multitenant enterprise, eligible
farming operation, eligible small business, eligible job enhancement
business, eligible marketing enterprise, eligible residential property
developer, eligible residential property owner, eligible agribusiness,
eligible beginning farmer, eligible livestock operation, eligible student
borrower, eligible facility borrower, or eligible water supply system as
determined pursuant to rules and regulations promulgated by the state
treasurer under the provisions of chapter 536, RSMo, including emergency
rules issued pursuant to section 536.025, RSMo. In addition, the loan
agreement shall specify that the eligible multitenant enterprise,
eligible farming operation, eligible small business, eligible job
enhancement business, eligible marketing enterprise, eligible residential
property developer, eligible residential property owner, eligible
agribusiness, eligible beginning farmer, eligible livestock operation,
eligible student borrower, eligible facility borrower, or eligible water
supply system shall use the proceeds as required by sections 30.750 to
30.765, and that in the event the loan recipient does not use the
proceeds in the manner prescribed by sections 30.750 to 30.765, the
remaining proceeds shall be immediately returned to the lending
institution and that any proceeds used by the loan recipient shall be
repaid to the lending institution as soon as practicable. All records and
documents pertaining to the programs established by sections 30.750 to
30.765 shall be segregated by the lending institution for ease of
identification and examination. A certification of compliance with this
section in the form and manner as prescribed by the state treasurer shall
be required of the eligible lending institution. Any lender or lending
officer of an eligible lending institution who knowingly violates the
provisions of sections 30.750 to 30.765 is guilty of a class A
misdemeanor.

2. The state treasurer shall take any and all steps necessary to
implement the linked deposit program and monitor compliance of eligible
multitenant enterprises, eligible lending institutions, eligible farming
operations, eligible small businesses, eligible job enhancement
businesses, eligible marketing enterprises, eligible residential property
developers, eligible residential property owners, eligible
agribusinesses, eligible beginning farmers, eligible livestock
operations, eligible facility borrowers, or eligible water supply
systems. (L. 1986 H.B. 1107 § 5, A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260,
A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1992 S.B. 661 & 620,
A.L. 1993 H.B. 566, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270)

Effective 5-13-05

1. There is hereby established the "Linked Deposits Review
Committee". The committee shall consist of four appointed members and two
ex officio members. The ex officio members shall be the director of the
department of economic development and the director of the department of
agriculture. The appointed members shall be one member of the house of
representatives appointed by the speaker of the house; one member of the
senate appointed by the president pro tem of the senate; and two members
appointed by the governor, with the advice and consent of the senate, one
of whom shall be a banker and one of whom shall be an active farmer.

2. Within thirty days after appointment of the committee the members
shall meet and select one of their members as chairman. The committee
shall meet as often as necessary to provide timely and appropriate review
of the implementation and operation of the linked deposits program
established by sections 30.750 to 30.765. Meetings shall be held on the
call of the chairman or upon the request of four members of the
committee. A majority of the committee shall constitute a quorum for the
transaction of business. The committee shall serve in a review and
oversight capacity for all matters relating to the linked deposits
program established by sections 30.750 to 30.765. The committee may
examine all aspects of the linked deposits program established by
sections 30.750 to 30.765, including, but not limited to, the program's
administration, operation and effectiveness. All records of the state
treasurer's office related to the linked deposits program shall be made
available to the committee.

3. The committee shall report its findings to the governor, the speaker
of the house of representatives, and the president pro tem of the senate.
The first report of the committee shall be made on or before December 31,
1986, and shall cover the period from February 20, 1986, to September 30,
1986. A subsequent report for each year shall be made on or before
December thirty-first of each year and shall cover the period from
October first to September thirtieth of that year. (L. 1986 H.B. 1107 §
6, A.L. 1988 H.B. 1260)

The state and the state treasurer are not liable to any eligible
lending institution in any manner for payment of the principal or
interest on the loan to an eligible multitenant enterprise, eligible farm
operation, eligible small business, eligible job enhancement business,
eligible marketing enterprise, eligible residential property developer,
eligible residential property owner, eligible agribusiness, eligible
beginning farmer, eligible livestock operation, eligible student
borrower, eligible facility borrower, or eligible water supply system.
Any delay in payments or default on the part of an eligible multitenant
enterprise, eligible farming operation, eligible small business, eligible
job enhancement business, eligible marketing enterprise, eligible
residential property developer, eligible residential property owner,
eligible agribusiness, eligible beginning farmer, eligible livestock
operation, eligible student borrower, eligible facility borrower, or
eligible water supply system does not in any manner affect the deposit
agreement between the eligible lending institution and the state
treasurer. (L. 1986 H.B. 1107 § 7, A.L. 1987 H.B. 294, A.L. 1988 H.B.
1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1993 H.B. 566,
A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270)

Effective 5-13-05

The state treasurer shall not, after December 31, 2015, invest in
any linked deposit the value of which is to be lent to a recipient other
than an eligible water supply system or an eligible student borrower. The
state treasurer shall not, after January 1, 2020, invest in any linked
deposit, the value of which is to be lent to any new eligible facility
borrower. However, such restriction shall not apply to any extensions of
existing loans as provided for in section 30.860. (L. 1986 H.B. 1107 § B,
A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L.
1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048, A.L. 1997 H.B. 557, A.L. 2005
S.B. 270)

Effective 5-13-05

As used in sections 30.800 to 30.850, the following terms shall
mean:

(1) "Eligible guaranteed agribusiness", a person, corporation or other
business entity engaged in the processing or adding of value to
agricultural products produced in Missouri, which is located in Missouri,
and which has received a loan guarantee pursuant to the provisions of
sections 348.400 to 348.415, RSMo;

(2) "Eligible guaranteed livestock operation", a person engaged in the
production of livestock or poultry in Missouri in an authorized farm
corporation, family farm, or family farm corporation as defined in
section 350.010, RSMo, who has received a single-purpose animal
facilities loan guarantee pursuant to the provisions of sections 348.185
to 348.225, RSMo. (L. 1997 H.B. 557)

Except for specific provisions to the contrary in sections 30.800
to 30.850, all definitions, requirements, responsibilities, rights,
remedies and other matters set forth in sections 30.750 to 30.767 shall
apply to linked deposits and linked deposit loans to eligible guaranteed
agribusinesses and eligible guaranteed livestock operations. (L. 1997
H.B. 557)

A linked deposit loan to an eligible guaranteed agribusiness or
an eligible guaranteed livestock operation may not exceed two hundred
fifty thousand dollars, and no service of separate loans to such entities
may be made which exceeds such limit. (L. 1997 H.B. 557)

The state treasurer may utilize up to sixty million dollars of
the three hundred thirty million dollar linked deposit allocation for
agriculture set forth in subsection 1 of section 30.753 for linked
deposits for eligible guaranteed agribusinesses and eligible guaranteed
livestock operations. (L. 1997 H.B. 557, A.L. 2005 S.B. 270)

Effective 5-13-05

The state treasurer may renew a linked deposit for an eligible
guaranteed agribusiness or an eligible guaranteed livestock operation for
additional, up to five-year, terms, not to exceed ten years. (L. 1997
H.B. 557, A.L. 2005 S.B. 270)

Effective 5-13-05

The proceeds of a linked deposit loan to an eligible guaranteed
agribusiness or an eligible guaranteed livestock operation shall be used
exclusively for necessary production expenses as set forth in subsection
2 of section 30.753. (L. 1997 H.B. 557)

1. As used in this section, the following terms mean:

(1) "Agricultural commodity", any agricultural product that has been
produced for purpose of sale or exchange, except for animals whose
principal use may be construed as recreational or as a pet;

(2) "Authority", the Missouri agricultural and small business development
authority organized under sections 348.005 to 348.180, RSMo;

(3) "Borrower", any partnership, corporation, cooperative, or limited
liability company organized or incorporated under the laws of this state
consisting of not less than twelve members for the purpose of owning or
operating within this state a development facility or a renewable fuel
production facility in which producer members:

(a) Hold a majority of the governance or voting rights of the entity and
any governing committee;

(b) Control the hiring and firing of management; and

(c) Deliver agricultural commodities or products to the entity for
processing, unless processing is required by multiple entities;

(4) "Development facility", a facility producing either a good derived
from an agricultural commodity or using a process to produce a good
derived from an agricultural product;

(5) "Eligible facility borrower", a development facility or renewal fuel
production facility borrower qualified by the authority under this
section to apply for a reduced-rate loan under sections 30.750 to 30.767;

(6) "Renewable fuel production facility", a facility producing an energy
source that is derived from a renewable, domestically grown organic
compound capable of powering machinery, including an engine or power
plant, and any by-product derived from such energy source.

2. The authority shall accept applications and issue certificates of
qualification as an eligible facility borrower to development facilities
and renewable fuel production facilities for purposes of applying for
reduced-rate loans under sections 30.750 to 30.767 to finance new costs
or refinance existing debt associated with such facilities. The authority
may charge for each certificate of qualification a one-time fee in an
amount not to exceed the actual cost of issuance of the certificate.

3. In determining whether a facility will qualify as an eligible facility
borrower, the authority shall consider the following factors:

(1) The borrower's ability to repay the loan;

(2) The general economic conditions of the area in which the agricultural
property will be or is located;

(3) The prospect of success of the particular project for which the loan
is sought; and

(4) Such other factors as the authority may establish by rule.

4. No reduced rate loan made to an eligible facility borrower under
sections 30.750 to 30.767 shall:

(1) Exceed seventy million dollars for any single eligible facility
borrower;

(2) Exceed seventy percent of the total anticipated cost of the
development facility or renewable fuel production facility or, in the
case of refinancing existing debt, ninety percent of the fair market
value of the development facility or renewable fuel production facility;

(3) Exceed a loan term of five years, except that such loan may be
extended up to two additional loan periods of five years each for a
maximum total loan term of fifteen years; and

(4) When a banking institution or an eligible lending institution extends
credit under the provisions of this section and provides the lead in
underwriting the credit, it may enter into a participation agreement,
sell part of the loan to third parties, syndicate the loan, or make other
written arrangement with financial intermediaries, provided that at all
times any financial intermediary, participant, purchaser, or other party
obtaining a legal or equitable interest in the loan otherwise qualifies
for linked deposit loans and fully collateralizes those loans as required
by this chapter.

5. The state treasurer may contract with other parties as permitted in
section 30.286 and consult with the authority to implement this section.
However, the state treasurer shall make the final determination on the
placement of linked deposits of state funds in banking institutions or
eligible lending institutions as permitted by the constitution.

6. The state treasurer shall promulgate rules to implement the provisions
of this section. Any rule or portion of a rule, as that term is defined
in section 536.010, RSMo, that is created under the authority delegated
in this section shall become effective only if it complies with and is
subject to all of the provisions of chapter 536, RSMo, and, if
applicable, section 536.028, RSMo. This section and chapter 536, RSMo,
are nonseverable and if any of the powers vested with the general
assembly pursuant to chapter 536, RSMo, to review, to delay the effective
date, or to disapprove and annul a rule are subsequently held
unconstitutional, then the grant of rulemaking authority and any rule
proposed or adopted after August 28, 2005, shall be invalid and void.

7. The provisions of sections 23.250 to 23.298, RSMo, shall not apply to
the provisions of this section. (L. 2005 S.B. 270)

Effective 5-13-05

1. There is hereby created in the treasury a fund to be known as
"The Revenue Sharing Trust Fund". All funds received by this state from
the federal government under the provisions of the State and Local Fiscal
Assistance Act of 1972 (Title I, Public Law 92-512) shall be deposited in
this fund together with any interest or other earnings on the principal
of this fund and no expenditure shall be made from this fund for any
purpose prohibited by the State and Local Assistance Act of 1972 and no
expenditure shall be made except by an appropriation made in the same
manner as from general revenue.

2. Other provisions of law notwithstanding, appropriations shall not be
made transferring funds from this fund to other funds nor shall funds
from this fund lapse into other funds. Appropriations from this fund may
be made for periods of two years.

3. The state auditor shall audit and report on the expenditure of money
from this fund in the same manner as other state funds. (L. 1973 S.B. 16
§ 1)

Effective 6-5-73

CROSS REFERENCE: Revenue sharing trust fund abolished subject to
exemption, RSMo 33.571

1. As used in this section, the following terms shall mean:

(1) "Derivative securities", a financial instrument, contract or
obligation which has a value or return based upon or linked to another
asset or index, or both, separate from the financial instrument, contract
or obligation itself;

(2) "Governing body", the board, body or persons in which the powers of a
political subdivision as a body corporate, or otherwise, are vested;

(3) "Leveraging", using current assets as collateral to purchase other
assets;

(4) "Political subdivision", any agency or unit of this state;

(5) "Speculation", contracting to sell securities not yet acquired in
order to purchase other securities for purposes of speculating on
developments or trends in the market.

2. Every political subdivision of this state which is responsible for the
management and investment of public funds and which has existing
authority to invest such funds in a manner other than in depositary
accounts at financial institutions in this state shall promulgate,
formally adopt and comply with a written investment policy containing,
but not be limited to, the following components:

(1) A commitment to the principles of safety, liquidity and yield, in
that order, when managing public funds;

(2) A prohibition on the purchase of derivative securities, either
directly or through a repurchase agreement;

(3) A prohibition on the use of leveraging whether through a reverse
repurchase agreement or otherwise;

(4) A prohibition on the use of public funds for speculation;

(5) A requirement that on a regular basis the investments of the
political subdivision shall be revalued to reflect prevailing market
prices;

(6) A requirement that investments which are downgraded below the minimum
acceptable rating levels shall be reviewed for possible sale within a
reasonable time period; and

(7) A requirement that the current status and performance of the
investments of the political subdivision be reported regularly to the
governing body of the political subdivision.

3. The state treasurer shall prepare a model form of an investment policy
reflecting the principles set forth herein which shall be made available
to political subdivisions in the state. Any political subdivision which
formally adopts such a model investment policy shall be deemed to be in
compliance with the requirements of this section.

4. Notwithstanding any other law to the contrary, any political
subdivision of the state which manages and invests public funds, but does
not promulgate, formally adopt and comply with a written investment
policy as described herein shall have its investment authority limited to
those investments authorized by law as of January 1, 1997. Except for
those political subdivisions authorized by law to place public funds in
the investments authorized by section 15, article IV of the Constitution
of Missouri, and only then if the political subdivision complies with the
requirements of this section, nothing in this section shall be deemed to
expand the investment authority of a political subdivision beyond that
currently permitted by law.

5. Any written investment policy promulgated and adopted in accordance
with this section shall be deemed a public record. (L. 1997 S.B. 449)

1. There is hereby created and established as an instrumentality
of the state of Missouri, the "Missouri Investment Trust" which shall
constitute a body corporate and politic, and shall be managed by a board
of trustees as described herein. The purpose of the Missouri investment
trust shall be:

(1) To receive, hold, manage, invest and ultimately reconvey to the
granting party any funds or property of the state of Missouri which may,
from time to time, be transferred to the investment trust pursuant to the
terms of a trust agreement with the state of Missouri and the provisions
of sections 30.953 to 30.971. All property, money, funds, investments and
rights which may be so conveyed to the investment trust shall be
dedicated to and held in trust for the state of Missouri and no other
until such time as they are reconveyed to the state of Missouri, all as
set forth herein; and

(2) To perform other duties assigned by law.

2. The state treasurer, on behalf of the state of Missouri, is hereby
authorized to convey designated funds in the state treasury to the
Missouri investment trust to be held in trust for the exclusive benefit
of the state of Missouri for a fixed period, pursuant to the terms and
conditions of a written trust agreement and the provisions of sections
30.953 to 30.971, provided that all the following requirements have been
met:

(1) Initially, the general assembly passes and the governor signs
legislation designating specific funds in the state treasury as being
funds which, due to their nature and purpose, are intended for long-term
investment and growth, and accordingly, from which there shall be no
appropriations for a period exceeding the longest duration for
investments by the state treasury pursuant to section 15, article IV of
the Constitution of Missouri. Such legislation shall declare that it is
the intention and desire of the general assembly that the state treasurer
shall convey, from time to time, the designated funds, in trust, to the
Missouri investment trust, and shall further declare the maximum time
such funds shall remain in the Missouri investment trust before being
reconveyed to the state treasurer by the investment trust; and

(2) Thereafter, an appropriation by the general assembly authorizing
disbursement of the designated funds from the state treasury to the
Missouri investment trust; and

(3) The Missouri investment trust executes a valid, binding trust
agreement, sufficient in form and substance to bind the investment trust
to hold, maintain, and invest the designated funds, in trust, for the
exclusive benefit of the state of Missouri, for the prescribed period,
whereupon the investment trust shall reconvey the designated funds and
any earnings thereon to the state treasury.

3. The investment trust may hold and invest funds so designated in order
to satisfy the specific long-term investment goals of such funds, but the
investment trust shall not be utilized to invest idle general revenue
funds of the state treasury. No more than one hundred million dollars, in
aggregate, may be conveyed to the investment trust pursuant to sections
30.953 to 30.971. Total assets under management by the investment trust
may exceed one hundred million dollars, but no new funds may be conveyed
to the investment trust until such time as previous existing transfers to
the investment trust total less than one hundred million dollars.

4. The board of trustees of the investment trust shall consist of the
state treasurer, who shall serve as chairman, the commissioner of
administration, one member appointed by the speaker of the house of
representatives, one member appointed by the president pro tem of the
senate and three members to be selected by the governor, with the advice
and consent of the senate. The persons to be selected by the governor
shall be individuals knowledgeable in the areas of banking, finance or
the investment and management of public funds. Not more than two of the
members appointed by the governor shall be from the same political party.
The initial members of the board of trustees appointed by the governor
shall serve the following terms: one shall serve two years, one shall
serve three years, and one shall serve four years, respectively.
Thereafter, each appointment shall be for a term of four years. If for
any reason a vacancy occurs, the governor, with the advice and consent of
the senate, shall appoint a new member to fill the unexpired term.
Members are eligible for reappointment.

5. Five members of the board of trustees of the investment trust shall
constitute a quorum. No vacancy in the membership of the board of
trustees shall impair the right of a quorum to exercise all the rights
and perform all the duties of the board of trustees of the investment
trust. No action shall be taken by the board of trustees of the
investment trust except upon the affirmative vote of at least four of the
members of the board where a quorum is present.

6. The board of trustees shall meet within the state of Missouri at the
time set at a previously scheduled meeting or by the request of any four
members of the board. Notice of the meeting shall be delivered to all
other trustees in person or by depositing notice in a United States post
office in a properly stamped and addressed envelope not less than six
days prior to the date fixed for the meeting. The board may meet at any
time by unanimous mutual consent. There shall be at least one meeting in
each quarter.

7. In the event any trustee other than the state treasurer or the
commissioner of administration fails to attend three consecutive meetings
of the board, unless in each case excused for cause by the remaining
trustees attending such meetings, such trustee shall be considered to
have resigned from the board and the chairman shall declare such
trustee's office vacated, and the vacancy shall be filled in the same
manner as originally filled.

8. Each member of the board of trustees appointed by the governor, unless
prohibited by law, is entitled to compensation of fifty dollars per diem
plus such member's reasonable and necessary expenses actually incurred in
discharging such member's duties pursuant to sections 30.953 to 30.971.
(L. 1997 S.B. 449, A.L. 1999 H.B. 965)

As authorized pursuant to subsection 2 of section 30.953, it is
the intention and desire of the general assembly that the state treasurer
convey to the Missouri investment trust on January 1, 2000, up to one
hundred percent of the balances of the Wolfner library trust fund
established in section 181.150, RSMo, the Missouri arts council trust
fund established in section 185.100, RSMo, the Missouri humanities
council trust fund established in section 186.055, RSMo, and the Pansy
Johnson-Travis memorial state gardens trust fund established in section
253.380, RSMo. On January 2, 2010, the Wolfner library trust fund, the
Missouri arts council trust fund, the Missouri humanities council trust
fund and the Pansy Johnson-Travis memorial state gardens trust fund shall
be reconveyed to the state treasurer by the investment trust. (L. 1999
H.B. 965)

The investment trust is hereby granted, has and may exercise all
powers necessary or appropriate for it or its agents or employees to
carry out and effectuate its purpose, including but not limited to the
following:

(1) To purchase, acquire, hold, invest, lend, lease, sell, assign,
transfer and dispose of all funds, property, rights and securities, and
enter into written contracts, releases, compromises and other instruments
necessary or convenient for the exercise of its powers, or to carry out
the purposes of a trust agreement or sections 30.953 to 30.971;

(2) To make, and from time to time, amend and repeal bylaws, rules and
regulations not inconsistent with the provisions of sections 30.953 to
30.971 for the regulation of its affairs and the conduct of its business;

(3) To accept appropriations, gifts, grants, bequests and devises and to
utilize or dispose of the same to carry out its purpose or the terms of a
trust agreement;

(4) To invest any funds or property not required for immediate
disbursement in accordance with sections 30.953 to 30.971, and consistent
with the principles set forth in sections 105.687 to 105.690, RSMo,
except that nothing herein shall be deemed to authorize investment in
venture capital firms or small business investment companies, as defined
in those statutory sections;

(5) To sue and be sued;

(6) To have a seal and alter the same at will;

(7) To enter into agreements or other transactions with any federal or
state agency, person, or domestic or foreign partnership, corporation,
association or organization;

(8) To procure insurance against any loss in connection with the property
it holds in trust in such amounts and from such insurers as may be
necessary or desirable;

(9) To hire or retain such agents or employees as necessary to carry out
and effectuate its purpose and the requirements of sections 30.953 to
30.971. (L. 1997 S.B. 449)

1. The principal office of the investment trust shall be in
Jefferson City. The investment trust shall have a seal bearing the
inscription "Missouri Investment Trust", which shall be in the custody of
the state treasurer. The courts of this state shall take judicial notice
of the seal and all copies of records, books, and written instruments
which are kept in the office of the investment trust and are certified by
the state treasurer under the seal shall be proved or admitted in any
court or proceeding as provided by section 109.130, RSMo.

2. The board of trustees of the investment trust shall keep a complete
record of all its proceedings which shall be open to the public in
accordance with the provisions of chapter 610, RSMo.

3. The board of trustees shall annually prepare and have available as
public information a comprehensive annual financial report showing the
financial status of the investment trust as of the end of the trust's
fiscal year. The report shall contain, but not be limited to, detailed
financial statements prepared in accordance with generally accepted
accounting principles for trust funds, a detailed listing of the
investments, showing both cost and market value, held by the investment
trust as of the date of the report together with a detailed statement of
the annual rates of investment return from all assets and from each type
of investment, a detailed list of investments acquired and disposed of
during the fiscal year, a listing of the investment trust's board of
trustees and responsible administrative staff, a detailed list of
administrative expenses of the investment trust including all fees paid
for professional services, a detailed list of brokerage commissions paid,
and such other data as the board shall deem necessary or desirable for a
proper understanding of the condition of the investment trust. In the
event the investment trust is unable to comply with any of the disclosure
requirements outlined above, a detailed statement shall be included in
the report as to the reason for such noncompliance. A copy of the
comprehensive annual financial report as outlined above shall be
forwarded within six months of the end of the investment trust's fiscal
year to the governor of Missouri.

4. The state auditor shall conduct an annual audit of the records and
accounts of the investment trust and shall report the findings to the
board of trustees and the governor. (L. 1997 S.B. 449)

1. No trustee or employee of the investment trust shall receive
any gain or profit from any funds or transaction of the investment trust.

2. Any trustee, employee or agent of the investment trust accepting any
gratuity or compensation for the purpose of influencing such trustee's,
employee's or agent's action with respect to the investment or management
of the funds of the investment trust shall thereby forfeit the office and
in addition thereto be subject to the penalties prescribed for bribery.
(L. 1997 S.B. 449)

1. The investment trust shall set up and maintain the system of
accounts necessary to monitor, preserve and ultimately reconvey the funds
conveyed to it pursuant to sections 30.953 to 30.971. All funds,
property, income and earnings received by the investment trust from any
and all sources shall be promptly credited to the appropriate account.

2. Unless and until invested in compliance with sections 30.953 to
30.971, all moneys received by the investment trust shall be promptly
deposited to the credit of the investment trust in one or more banks or
financial institutions in this state. No such money shall be deposited in
or be retained by any bank or financial institution which does not
continually have on deposit with and pledged for the benefit of the
investment trust the kind and value of collateral required by section
30.270, for depositaries of the state treasurer.

3. The board of trustees shall invest all funds under its control which
are in excess of a safe operating balance and not subject to imminent
conveyance to the state treasury. The funds shall be invested only in
those investments which a prudent person acting in a like capacity and
familiar with these matters would use in the conduct of an enterprise of
a like character and with like aims, as provided in section 105.688,
RSMo. The board of trustees may delegate to duly appointed investment
counselors authority to act in place of the board in the investment and
reinvestment of all or part of the moneys of the trust, and may also
delegate to such counselors the authority to act in place of the board in
the holding, purchasing, selling, assigning, transferring or disposing of
any or all of the securities and investments in which such moneys shall
have been invested, as well as the proceeds of such investments and such
moneys. Such investment counselors shall be registered as investment
advisors with the United States Securities and Exchange Commission. In
exercising or delegating its investment powers and authority, members of
the board of trustees shall exercise ordinary business care and prudence
under the facts and circumstances prevailing at the time of the action or
decision. No member of the board of trustees shall be liable for any
action taken or omitted with respect to the exercise of, or delegation
of, these powers and authority if such member shall have discharged the
duties of his or her position in good faith and with that degree of
diligence, care and skill which a prudent person acting in a like
capacity and familiar with these matters would use in the conduct of an
enterprise of a like character and with like aims.

4. No investment transaction authorized by the board of trustees shall be
handled by any company or firm in which a member of the board has a
substantial interest, nor shall any member of the board profit directly
or indirectly from any such investment. All investments shall be made for
the account of the investment trust, and any securities or other
properties obtained by the board of trustees may be held by a custodian
in the name of the investment trust, or in the name of a nominee in order
to facilitate the expeditious transfer of such securities or other
property. Such securities or other properties which are not available in
registered form may be held in bearer form or in book entry form. The
investment trust is further authorized to deposit, or have deposited for
its account, eligible securities in a central depository system or
clearing corporation or in a federal reserve bank under a book entry
system as defined in the Uniform Commercial Code, chapter 400, RSMo. When
such eligible securities of the investment trust are so deposited with a
central depository system they may be merged and held in the name of the
nominee of such securities depository and title to such securities may be
transferred by bookkeeping entry on the books of such securities
depository or federal reserve bank without physical delivery of the
certificates or documents representing such securities.

5. With appropriate safeguards against loss by the investment trust in
any contingency, the board of trustees may designate a bank or trust
company to serve as a depository of trust funds and intermediary in the
investment of those funds and payment of trust obligations.

6. The board of trustees may employ a financial institution having
fiduciary powers for the provision of such custodial or clerical services
as the board may deem appropriate.

7. Consistent with the exercise of its fiduciary responsibilities, the
board of trustees may provide for the payment of any costs or expenses
for the employees, agents, services or transactions necessary for the
execution of sections 30.953 to 30.971 in the form, manner and amount
that the board deems appropriate.

8. The board of trustees shall take the necessary steps, consistent with
the exercise of its fiduciary responsibilities, to ensure that the
investment trust has sufficient available assets to satisfy any
obligation to reconvey property held in trust at the end of the term
established in a trust agreement.

9. Any funds or property in the charge and custody of the board of
trustees of the investment trust pursuant to the provisions of sections
30.953 to 30.971 shall not be subject to execution, garnishment,
attachment or any other process whatsoever and shall be unassignable,
unless otherwise specifically provided in sections 30.953 to 30.971. (L.
1997 S.B. 449, A.L. 1999 H.B. 965)

Upon completion of the fixed period identified in a trust
agreement with the state of Missouri, the investment trust shall promptly
transfer to the state treasury the current corpus of the property
originally conveyed in trust, along with any interest, income or other
earnings thereon. (L. 1997 S.B. 449)

For the purposes of the books and records of the state of
Missouri, any funds or property held by the investment trust pursuant to
sections 30.953 to 30.971 shall be treated, consistent with generally
accepted accounting principles, in the same manner as property of a
not-for-profit, tax-exempt beneficiary which is held in trust by a
trustee for a fixed period. (L. 1997 S.B. 449)

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