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| Home > Statutes > Usa Missouri |
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USA Statutes : missouri
Title : PUBLIC OFFICERS AND EMPLOYEES, BONDS AND RECORDS
Chapter : Chapter 110 Depositaries for Public Funds
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1. The public funds of every county, township, city, town,
village, school district of every character, road district, sewer
district, fire protection district, water supply district, drainage or
levee district, state hospital, state schools for the mentally deficient,
Missouri School for the Deaf, Missouri School for the Blind, Missouri
Training School for Boys, training school for girls, Missouri Veterans'
Home, Missouri State Chest Hospital, state university, Missouri state
teachers' colleges, Lincoln University, which are deposited in any
banking institution acting as a legal depositary of the funds under the
statutes of Missouri requiring the letting and deposit of the same and
the furnishing of security therefor, shall be secured by the deposit of
securities of the character prescribed by section 30.270, RSMo, for the
security of funds deposited by the state treasurer.
2. The securities shall, at the option of the depositary banking
institution, be delivered either to the fiscal officer or the governing
body of the municipal corporation or other depositor of the funds, or by
depositing the securities with another banking institution or safe
depositary as trustee satisfactory to both parties to the depositary
agreement. The trustee may be a bank owned or controlled by the same bank
holding company as the depositary banking institution.
3. The rights and duties of the several parties to the depositary
contract shall be the same as those of the state and the depositary
banking institution respectively under section 30.270, RSMo. If a
depositary banking institution deposits the bonds or securities with a
trustee as above provided, and the municipal corporation or other
depositor of funds gives notice in writing to the trustee that there has
been a breach of the depositary contract and makes demand in writing on
the trustee for the securities, or any part thereof, then the trustee
shall forthwith surrender to the municipal corporation or other depositor
of funds a sufficient amount of the securities to fully protect the
depositor from loss and the trustee shall thereby be discharged of all
further responsibility in respect to the securities so surrendered. (RSMo
1939 § 8183, A.L. 1955 p. 735, A.L. 1959 S.B. 77, A.L. 1961 p. 463, A.L.
1971 H.B. 581, A.L. 1988 H.B. 1204)
CROSS REFERENCES: Banks exempt from furnishing security for insured
deposits, RSMo 362.490 Depositaries of state moneys, RSMo 30.250 to
30.280 Fiscal agent, selection of bank as--duties, RSMo 33.440 to 33.470
School funds, depositaries for, RSMo 165.201 to 165.301
The value of the securities deposited and maintained by a legal
depositary under section 110.010 shall at all times be not less than one
hundred percent of the actual amount of the funds on deposit with the
depositary, less the amount, if any, insured by the Federal Deposit
Insurance Corporation. (RSMo 1939 § 8184, A.L. 1959 S.B. 77, A.L. 1973
S.B. 66)
CROSS REFERENCES: Accounts of certain savings and loan associations shall
be legal securities, when, RSMo 369.194 Bonds, notes, etc., of the FHA
may be used as security, RSMo 362.190
The various statutory provisions in relation to the
advertisement for and receipt of bids and the award of the funds to the
best bidder or bidders for the whole or any part of any of the public
funds of the character referred to in section 110.010 shall be applicable
only if and when, at the time of said advertisement and award, it shall
be lawful for banking institutions to pay interest upon demand deposits,
in which event such applicable statutory provisions shall be complied
with; but if, at the time of the advertisement for bids or the receipt of
bids or the award of funds, it shall be unlawful for depositary banks and
trust companies to pay interest upon such demand deposits, the award or
awards of such funds shall be made in each case, without bids and without
requiring the payment of any bonus or interest, by the authority or
authorities which are by statute empowered to make the awards of such
funds upon bids. (RSMo 1939 § 8185)
In the event that there shall be no banking corporation,
association, trust company or individual banker in the territory within
which the depositary or depositaries of any public fund must, under the
applicable laws of this state, be located to become eligible for
selection, or in the event that the selected depositary or depositaries
within such territory shall fail to accept such award or awards of such
public funds as may be made, then the authority or authorities which are
by law empowered to make such selection of depositaries and awards of
public funds thereto are authorized and empowered to select as depositary
or depositaries such banking institutions located outside the territorial
limits aforesaid as such authority or authorities may deem the safest and
most convenient depositary or depositaries for such public fund. (RSMo
1939 § 8186)
No bank or trust company wherein any deposits of private or
public moneys shall be made shall become obligated or liable on account
thereof except for the safekeeping thereof and for the payment of the
amount thereof with interest thereon, if any, which said depositary may
have contracted to pay. All banks and trust companies and other banking
institutions now or hereafter engaged in business in this state shall be
and they are hereby authorized with respect to any and all such funds
deposited with them to provide and maintain the security for such
deposits as may be by law required. (RSMo 1939 § 8187)
All banks and trust companies and other banking institutions now
or hereafter engaged in business in this state shall be and they are
hereby likewise authorized with respect to funds of the United States
government or of any agency or instrumentality thereof, or funds held
under the provisions of the Bankruptcy Act and amendments thereof, or the
provisions of any other act of congress, which may be deposited with
them, to provide and maintain security for such deposits as may be by
such laws required. All banks and trust companies and other banking
institutions now or hereafter engaged in business in this state shall be,
and they are hereby, likewise authorized, with respect to funds of any
housing authority created under chapter 99, RSMo, and amendments thereof,
which may be deposited with them, to provide and maintain security for
such deposits, as may be required under any agreement of any such housing
authority with the United States, or any agency or instrumentality
thereof, for loans, grants-in-aid, annual contributions or other
financial assistance to such housing authority, or as may be required
under any general depositary agreement or any fiscal agent agreement of
any such housing authority with any such bank or trust company executed
pursuant to any such annual contributions contract. (RSMo 1939 § 8188,
A.L. 1953 p. 660)
1. Subject to the provisions of section 110.030, all boards of
managers, curators, trustees or other persons by whatever name called,
who have the management of any state institution, that have the use or
custody of any funds, on or before the first Monday of July for the year
in which a bid is requested shall receive sealed proposals from banking
corporations, associations, or trust companies in any city, town or
county in which the institutions are located which desire to be selected
as depositaries of the moneys and funds of the institution. The bids may
be for a period of one to four years.
2. Notice that bids will be received shall be published by the secretary
of the board at least twenty days before the meeting at which the
depositary is to be selected in some newspaper published in the city,
town or county at least once in each week. (RSMo 1939 § 9373, A.L. 1959
S.B. 77, A.L. 2004 S.B. 1320)
Prior revisions: 1929 § 8676; 1919 § 12319
1. Any banking corporation, association or trust company in the
city desiring to bid shall deliver to the secretary of the board on or
before twelve o'clock noon on the day of the meeting at which the
depositary is to be selected a sealed bid stating the rate of interest
that it offers to pay on the funds and moneys of the institution for the
term of up to four years next ensuing the date of the bid.
2. Each bid shall be accompanied by a check in favor of the institution
on some solvent banking corporation, association, or trust company in the
city, duly certified, for not less than one thousand dollars, as a
guaranty of good faith on the part of the bidder that if its bid is
accepted by the board it will give the security required by section
110.010.
3. It is a misdemeanor for the secretary of the board to directly or
indirectly disclose the amount of any bid before the selection of the
depositary or depositaries. (RSMo 1939 § 9374, A.L. 1959 S.B. 77, A.L.
2004 S.B. 1320)
Prior revisions: 1929 § 8677; 1919 § 12320
1. At twelve o'clock noon on the day named for the selection of
the depositary, the board shall publicly open the bids and cause each bid
to be entered upon the records of the board, and shall select from the
bidders, as depositaries of the funds and moneys of the institution, the
banking corporation, association or trust company, who bid the highest
rate of interest, and shall notify the successful bidder selected; but
the board may reject any and all bids.
2. The interest upon the funds and moneys shall be computed upon the
daily balances to the credit of the institution with each of the
depositaries, and shall be payable by each depositary on the first day of
each month, to the treasurer of the institution, who shall place the same
to the credit of the institution. The depositaries shall, on the first
day of each month, render to the secretary of the board a statement, in
writing, showing the amount of interest paid by the depositary.
3. The secretary of the board shall return the certified checks
accompanying the bids to the banking corporations, associations, or trust
companies whose bids which they accompanied were rejected, and, upon the
approval of the securities provided for in section 110.010, return the
certified check accompanying the accepted bids to the banking
corporation, association, or trust company from whom it was received.
4. If, for any reason, no selection of a depositary is made at the time
fixed by sections 110.070 to 110.120, the board of managers by whatever
name called may, at any subsequent time, after twenty days' notice,
receive bids and select depositaries in the manner herein provided, in
which event the selection shall only be for the period of time as may
intervene until the next regular period for the selection of the
depositary. (RSMo 1939 § 9375, A.L. 1959 S.B. 77)
Prior revisions: 1929 § 8678; 1919 § 12321
The treasurer of the board of managers, by whatever name called,
of the institution, after the selection of the depositaries and the
approval of their security, immediately upon the receipt of any money
thereafter shall deposit the same with the depositary to the credit of
the institution, and the treasurer shall, as near as may be, maintain
with the depositary selected its due and proper share of the total of the
funds let; and for any failure of the treasurer to make transfer of the
funds or to deposit all of the funds with the depositary, he shall be
liable to the depositary for ten percent per month upon the part of the
funds not deposited, to be recovered by civil action. (RSMo 1939 § 9377,
A.L. 1959 S.B. 77)
Prior revisions: 1929 § 8680; 1919 § 12323
1. Subject to the provisions of section 110.030 the county
commission of each county in this state, at the April term, in April 1997
and every fourth year thereafter, with an option to rebid in each
odd-numbered year, shall receive proposals from banking corporations or
associations at the county seat of the county which desire to be selected
as the depositaries of the funds of the county. For the purpose of
letting the funds the county commission shall, by order of record, divide
the funds into not less than two nor more than twelve equal parts, except
that in counties of the first classification not having a charter form of
government, funds shall be divided in not less than two nor more than
twenty equal parts, and the bids provided for in sections 110.140 and
110.150 may be for one or more of the parts.
2. Notice that such bids will be received shall be published by the clerk
of the commission twenty days before the commencement of the term in some
newspaper published in the county, and if no newspaper is published
therein, then the notice shall be published at the door of the courthouse
of the county. In counties operating under the township organization law
of this state, township boards shall exercise the same powers and
privileges with reference to township funds as are conferred in sections
110.130 to 110.260 upon county commissions with reference to county funds
at the same time and manner, except that township funds shall not be
divided but let as an entirety; and except, also, that in all cases of
the letting of township funds, three notices, posted in three public
places by the township clerk, will be a sufficient notice of such
letting. (RSMo 1939 § 13846, A.L. 1955 p. 734, A.L. 1959 S.B. 77, A.L.
1965 p. 236, A.L. 1996 H.B. 1469 merged with S.B. 914, A.L. 2005 S.B. 210)
Prior revisions: 1929 § 12184; 1919 § 9582; 1909 § 3803
CROSS REFERENCE: County collector to make daily deposits, RSMo 52.360
1. Any banking corporation or association in the county desiring
to bid shall deliver to the clerk of the commission, on or before the
first day of the term at which the selection of depositaries is to be
made, a sealed proposal, stating the rate of interest that the banking
corporation, or association offers to pay on the funds of the county for
the term of two or four years next ensuing the date of the bid, or, if
the selection is made for a less term than two or four years, as provided
in sections 110.180 and 110.190, then for the time between the date of
the bid and the next regular time for the selection of depositaries as
fixed by section 110.130, and stating also the number of parts of the
funds for which the banking corporation or association desires to bid.
2. Each bid shall be accompanied by a certified check for not less than
the proportion of one and one-half percent of the county revenue of the
preceding year as the sum of the part or parts of funds bid for bears to
the whole number of the parts, as a guaranty of good faith on the part of
the bidder, that if his bid should be the highest he will provide the
security required by section 110.010. Upon his failure to give the
security required by law, the amount of the certified check shall go to
the county as liquidated damages, and the commission may order the county
clerk to readvertise for bids.
3. It shall be a misdemeanor, and punishable as such, for the clerk of
the commission, or any deputy of the clerk, to directly or indirectly
disclose the amount of any bid before the selection of depositaries.
(RSMo 1939 § 13848, A.L. 1959 S.B. 77, A.L. 1996 H.B. 1469 merged with
S.B. 914)
Prior revisions: 1929 § 12185; 1919 § 9583; 1909 § 3804
1. The county commission, at noon on the first day of the April
term in 1997 and every second or fourth year thereafter, shall publicly
open the bids, and cause each bid to be entered upon the records of the
commission, and shall select as the depositaries of all the public funds
of every kind and description going into the hands of the county
treasurer, and also all the public funds of every kind and description
going into the hands of the ex officio collector in counties under
township organization, the deposit of which is not otherwise provided for
by law, the banking corporations or associations whose bids respectively
made for one or more of the parts of the funds shall in the aggregate
constitute the largest offer for the payment of interest per annum for
the funds; but the commission may reject any and all bids.
2. The interest upon each fund shall be computed upon the daily balances
with the depositary, and shall be payable to the county treasurer
monthly, who shall place the interest on the school funds to the credit
of those funds respectively, the interest on all county hospital funds
and hospital district funds to the credit of those funds, the interest on
county health center funds to the credit of those funds, the interest on
county library funds to the credit of those funds and the interest on all
other funds to the credit of the county general fund; provided, that the
interest on any funds collected by the collector of any county of the
first classification not having a charter form of government on behalf of
any political subdivision or special district shall be credited to such
political subdivision or special district.
3. The county clerk shall, in opening the bids, return the certified
checks deposited with him to the banks whose bids are rejected, and on
approval of the security of the successful bidders return the certified
checks to the banks whose bids are accepted. (RSMo 1939 § 13849, A.L.
1959 S.B. 77, A.L. 1971 H.B. 45, A.L. 1984 S.B. 423, A.L. 1985 H.B. 568,
A.L. 1996 H.B. 1469 merged with S.B. 914, A.L. 2005 S.B. 210)
Prior revisions: 1929 § 12186; 1919 § 9584; 1909 § 3805
1. As soon as the required security is given and approved, the
commission shall make an order designating the successful bidders as
depositaries of the funds until sixty-five days after the time fixed by
sections 110.130 to 110.260 for another selection, and thereupon the
county treasurer, and the ex officio collector if the county be under
township organization, shall immediately upon the making of the order,
transfer to the depositaries the part or parts of all funds respectively
let to the depositaries under the selection, and immediately upon the
receipt of any money thereafter deposit it with the depositaries to the
credit of the county. The said treasurer shall, as nearly as may be,
maintain with each of the depositaries selected its due and proportionate
share of the total of the funds let.
2. For any failure of the county treasurer to make transfer of the funds
or to deposit all of the funds with the depositaries, whether the same
shall come into his hands as treasurer or as ex officio collector of the
revenue, or otherwise, he is liable to the depositaries, respectively,
for ten percent per month, during such failure, upon the respective part
or parts of said funds not so deposited, to be recovered by civil action.
3. In counties under township organization the township trustee shall
deposit all school taxes received by him with the depositary selected by
the township board of his township as the depositary of the township
funds; and in default of the selection of a depositary by the township
board, and during the time when any township has no depositary of its
funds, the township trustee shall deposit all school taxes and all
township funds received by him in any county depositary within the
township, if there be one; if not, then in the county depositary most
convenient to the township, and such county depositary shall thereupon
pay to the township the same rate of interest upon the moneys which it
has contracted to pay the county upon its funds, and the township may
recover the same by civil action. (RSMo 1939 § 13851, A.L. 1959 S.B. 77)
Prior revisions: 1929 § 12188; 1919 § 9586; 1909 § 3807
If for any reason the banking corporations or associations in
any county fail or refuse to submit proposals to act as county
depositaries as provided in section 110.140, the county commission may
deposit the funds of the county with any one or more of the banking
corporations, or associations in the county or adjoining counties, in the
sums or amounts, and for the period of time, the commission deems
advisable, at the rate of interest, not less than one and one-half
percent, as is agreed upon by the commission and the banking concern
receiving the deposit, the interest to be computed upon the daily
balances due the county, as provided in section 110.150. Any bank or
banking concern agreeing to accept deposits under this section shall
provide security as required by section 110.010. (RSMo 1939 § 13852, A.L.
1959 S.B. 77)
Prior revisions: 1929 § 12189; 1919 § 9587; 1909 § 3808
When the funds of any county are deposited with two or more
banking corporations, or associations, as provided in section 110.180,
the county commission shall select and name, by order, one of the banking
concerns to act as a clearing house for the others, at which all checks
drawn by the county treasurer upon the county funds shall be finally
paid; and the bank so selected and acting as a clearing house shall be
allowed a rebate on the amount of interest due from it to the county for
funds deposited with it; but the rebate shall not exceed one-half of one
percent per annum on the whole amount of county funds deposited with the
banking concern, to be computed as provided in section 110.150 and to be
deducted from the amount of interest due and payable monthly as provided
in section 110.150. (RSMo 1939 § 13853, A.L. 1959 S.B. 77)
Prior revisions: 1929 § 12190; 1919 § 9588; 1909 § 3809
If the bids submitted under the provisions of section 110.140
shall not, when taken together, include the whole of said funds, the
county commission may let the part or parts not bid for in the manner
provided in section 110.190, or, if the rate of interest offered upon any
part or parts into which said funds are divided shall, in the judgment of
the commission, be too low, said county commission may accept one or more
bids for one or more of said parts, and readvertise and relet the part or
parts of said funds for which an adequate rate of interest has not been
offered, or may let such part or parts in the manner provided in section
110.180. (RSMo 1939 § 13854)
Prior revisions: 1929 § 12191; 1919 § 9589; 1909 § 3810
If, for any reason, no selection of a depositary is made at the
time fixed by sections 110.130 to 110.260, the county commission may, at
any subsequent term, after twenty days' notice, receive bids and select a
depositary or depositaries in the manner provided in section 110.130, and
the bank or banks so selected shall remain the depositary or depositaries
until the next regular term for the selection of a depositary as provided
by section 110.130, unless the order selecting it be revoked for the
causes specified in sections 110.130 to 110.260. (RSMo 1939 § 13859)
Prior revisions: 1929 § 12196; 1919 § 9594; 1909 § 3815
It shall be the duty of each depositary selected under the
provisions of sections 110.130 to 110.260 on the first of each month to
make a statement in duplicate of the amount of interest accrued for the
preceding month, and of the balance standing to the credit of said county
with such depositary, one of which statements said depositary shall
deliver to the county treasurer, and one to the county clerk of said
county. (RSMo 1939 § 13857)
Prior revisions: 1929 § 12194; 1919 § 9592; 1909 § 3813
It is the duty of the county treasurer to draw a check as county
treasurer upon a county depositary in favor of the legal holder thereof,
and to charge the same to the fund upon which it is drawn. No county
treasurer shall draw any check upon the funds in any depositary unless
there is sufficient money belonging to the fund upon which the check is
drawn to pay the same, and no money belonging to the county shall be paid
by any depositary except upon checks of the county treasurer. In case any
bonds, coupons or other indebtedness of the county are payable by the
terms of the bonds, coupons or other debts at any particular place other
than the treasury of the county, nothing contained in this section shall
prevent any county commission from causing the treasurer to place a
sufficient sum at the place where such debts shall be payable, at the
time of their maturity, to meet the same. (RSMo 1939 § 13858, A.L. 1992
S.B. 833)
Prior revisions: 1929 § 12195; 1919 § 9593; 1909 § 3814
(1971) County treasurer's duty to pay school district's money on warrant
of school board is purely ministerial and fact that state board of
education had ordered dissolving of school district does not relieve him
of that duty. State ex rel. Sch. Dist. No. 15, Pleasant Val. v. Baker
(A.), 472 S.W.2d 865.
If the county commission, at any time, deems it necessary for
the protection of the county, it may require any depositary to provide
additional security, and upon failure to do so within five days after the
service of a copy of the order upon the bank the county commission may
proceed to select another depositary in lieu thereof, in the manner
provided in section 110.130. (RSMo 1939 § 13860, A.L. 1959 S.B. 77)
Prior revisions: 1929 § 12197; 1919 § 9595; 1909 § 3816
The county treasurer shall not be responsible for any loss of
the county funds through the negligence or failure of any depositary, but
nothing in sections 110.130 to 110.260 shall release said treasurer from
any loss resulting from any official misconduct on his part, or from
responsibility for the funds of the county, until a depositary shall be
selected and the funds deposited therein, or for any misappropriation of
such funds in any manner by him. (RSMo 1939 § 13861)
Prior revisions: 1929 § 12198; 1919 § 9596; 1909 § 3817
Any county may place money of the county which it has determined
is not needed for current operations in obligations described in section
15, article IV, Constitution of Missouri, outright or by repurchase
agreement. Such obligations and agreements shall be purchased through
institutions in the county whose deposits may be insured by an agency of
the United States government, hereafter referred to as federally insured
institutions, provided the county determines such purchases to be in the
best interest of the county as determined by the county treasurer. When
such federally insured institutions are unwilling or unable to provide
such obligations and agreements, the county may purchase them from
federally insured institutions in any adjacent county in Missouri. The
investment authority granted by this section shall be in addition to the
investment authority otherwise granted a county by law. (L. 1994 H.B.
1312)
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