Funds committee--membership--chairman--selection of depositary--dutiesof chairman--financial institutions, agencies and officials toreport--bonds and securities--may invest funds, when, how(certain cities).
95.530. In all cities not within a county, the mayor, the comptrollerand the treasurer shall constitute the funds committee, and the treasurer,by virtue of his office, shall serve as chairman of such committee. Thecommittee shall annually select a bank or banks, or trust company or trustcompanies, or credit union or credit unions, savings and loan or savingsand loans, which has its principal place of business in Missouri referredto hereafter as "listed institutions", for the current deposit of thecity's funds, which in their opinion will be most commensurate with thesafety thereof. The treasurer, as chairman, shall supervise the businessof the committee and maintain records of committee proceedings, and shallcall annual meetings or any other meeting as often as the business of thecity may require. The treasurer shall be a member of any financialplanning or decision-making body or committee furthering the needs of thecity's financial business, except the legislative and appropriating bodies.The treasurer, by virtue of his office, shall sit on any committee or groupwhich deals with the issuance of bonds of the city or any agency orinstrumentality thereof. The treasurer shall serve as the chief investmentand cash management officer of the city and, as such, act as the soleinvestment authority on any investments of public funds held by the city orany instrumentality thereof, including funds derived from proceeds from theissuance of bonds and funds from proceeds from lease/purchase agreements.Such investments shall be made in a manner consistent with investmentpolicies approved by the funds commission, and with judgment and care,under circumstances then prevailing, which persons of prudence, discretionand intelligence exercise in the management of their own affairs, not forspeculation, but for investment, considering the probable safety of capitaland income to be derived. The treasurer shall ensure the safety of allfunds held by the city or any instrumentalities thereof and, upon theapproval of the funds commission and reasonable notice, may assume controlof any accounts not managed in compliance with state law, serve as thecustodian of any funds held in such accounts and take any other measuresreasonably required to ensure the preservation of public funds andcompliance with applicable law. The funds commission, also known as the"funds committee", shall approve all financial institutions for any bankingservices required by the city pursuant to investment policies andevaluation criteria set by the treasurer and approved by the fundscommission. At least once per year, the treasurer and the city's externalauditors shall report to the comptroller on the city's compliance with thissection. Any state or municipally created agency, citywide electedofficials or any instrumentality thereof working in cooperation with thecity in the collection, management, investment or disbursement ofgovernmental funds, shall annually report a listing of all listedinstitution's accounts, including a list of all pledged collateral, to thefund committee. Any financial institution acting as a depository orcustodian of public funds for any state or municipally created agency,citywide elected official or any instrumentality thereof working in thecollection, management, investment or disbursement of governmental fundsfor a city located not within a county shall annually report to the fundscommittee. Such agencies, elected officials and instrumentalities shall,during the interim period, report any change or transfer or establishmentof new accounts or changes in collateral to the fund committee within tendays of doing so. Financial institutions, when requested by the fundscommittee, shall verify such information. Before any deposit shall be madeby the treasurer in any listed institution, the institution shall give abond in an amount equal to the deposit, with good and sufficient sureties,to be approved by the unanimous vote of the members of the funds committee,for the safekeeping and prompt payment of such funds, or any part thereof,when demanded by the treasurer, and shall at all times keep the sureties onsuch bond satisfactory to the funds committee. In lieu of or in additionto such bond, listed institutions may, with the unanimous consent of themembers of the funds committee, deposit with the treasurer of such city orwith some other mutually satisfactory depositary in such city, in escrow,bonds or treasury certificates of the United States or otherinterest-bearing obligations guaranteed as to both principal and interestby the United States or agency or instrumentality thereof in accordancewith the approved collateral securities maintained and approved by thestate treasurer, or bonds of the state of Missouri or of any city notwithin a county, of a par value equal to the amount of such deposit, or anypart of such deposit not protected by such bond. The securities sodeposited shall, in case of default by any such listed institution, betaken possession of by the funds committee, and to the extent required tomake good such default, be sold for the benefit of such city. Anysecurities so deposited may, with the unanimous consent of the members ofthe funds committee, be withdrawn, and others of equal value and amountsubstituted therefor. As the amount of such funds on deposit is reduced,listed institutions, when not in default, shall be permitted to withdrawthe excess of collateral, except that there shall at no time be a lessamount in par value of collateral than the amount at such time of deposits.The securities so deposited or any substitute therefor, shall, upondefault, be exhausted before recourse shall be had against the securitiesupon any bond executed by listed institutions for the protection of suchdeposits. In lieu of or in addition to such deposit of city funds inlisted institutions, the treasurer may invest funds belonging to such cityand not immediately needed for the purpose to which such funds or any ofthem may be applicable, in accordance with section 15, article IV of theMissouri Constitution. In addition, the treasurer may enter intorepurchase agreements maturing and becoming payable within ninety dayssecured by United States Treasury obligations or obligations of the UnitedStates government agencies or instrumentalities of any maturity as providedby law.
Funds committee--membership--chairman--selection of depositary--dutiesof chairman--financial institutions, agencies and officials toreport--bonds and securities--may invest funds, when, how(certain cities).
95.530. In all cities not within a county, the mayor, the comptrollerand the treasurer shall constitute the funds committee, and the treasurer,by virtue of his office, shall serve as chairman of such committee. Thecommittee shall annually select a bank or banks, or trust company or trustcompanies, or credit union or credit unions, savings and loan or savingsand loans, which has its principal place of business in Missouri referredto hereafter as "listed institutions", for the current deposit of thecity's funds, which in their opinion will be most commensurate with thesafety thereof. The treasurer, as chairman, shall supervise the businessof the committee and maintain records of committee proceedings, and shallcall annual meetings or any other meeting as often as the business of thecity may require. The treasurer shall be a member of any financialplanning or decision-making body or committee furthering the needs of thecity's financial business, except the legislative and appropriating bodies.The treasurer, by virtue of his office, shall sit on any committee or groupwhich deals with the issuance of bonds of the city or any agency orinstrumentality thereof. The treasurer shall serve as the chief investmentand cash management officer of the city and, as such, act as the soleinvestment authority on any investments of public funds held by the city orany instrumentality thereof, including funds derived from proceeds from theissuance of bonds and funds from proceeds from lease/purchase agreements.Such investments shall be made in a manner consistent with investmentpolicies approved by the funds commission, and with judgment and care,under circumstances then prevailing, which persons of prudence, discretionand intelligence exercise in the management of their own affairs, not forspeculation, but for investment, considering the probable safety of capitaland income to be derived. The treasurer shall ensure the safety of allfunds held by the city or any instrumentalities thereof and, upon theapproval of the funds commission and reasonable notice, may assume controlof any accounts not managed in compliance with state law, serve as thecustodian of any funds held in such accounts and take any other measuresreasonably required to ensure the preservation of public funds andcompliance with applicable law. The funds commission, also known as the"funds committee", shall approve all financial institutions for any bankingservices required by the city pursuant to investment policies andevaluation criteria set by the treasurer and approved by the fundscommission. At least once per year, the treasurer and the city's externalauditors shall report to the comptroller on the city's compliance with thissection. Any state or municipally created agency, citywide electedofficials or any instrumentality thereof working in cooperation with thecity in the collection, management, investment or disbursement ofgovernmental funds, shall annually report a listing of all listedinstitution's accounts, including a list of all pledged collateral, to thefund committee. Any financial institution acting as a depository orcustodian of public funds for any state or municipally created agency,citywide elected official or any instrumentality thereof working in thecollection, management, investment or disbursement of governmental fundsfor a city located not within a county shall annually report to the fundscommittee. Such agencies, elected officials and instrumentalities shall,during the interim period, report any change or transfer or establishmentof new accounts or changes in collateral to the fund committee within tendays of doing so. Financial institutions, when requested by the fundscommittee, shall verify such information. Before any deposit shall be madeby the treasurer in any listed institution, the institution shall give abond in an amount equal to the deposit, with good and sufficient sureties,to be approved by the unanimous vote of the members of the funds committee,for the safekeeping and prompt payment of such funds, or any part thereof,when demanded by the treasurer, and shall at all times keep the sureties onsuch bond satisfactory to the funds committee. In lieu of or in additionto such bond, listed institutions may, with the unanimous consent of themembers of the funds committee, deposit with the treasurer of such city orwith some other mutually satisfactory depositary in such city, in escrow,bonds or treasury certificates of the United States or otherinterest-bearing obligations guaranteed as to both principal and interestby the United States or agency or instrumentality thereof in accordancewith the approved collateral securities maintained and approved by thestate treasurer, or bonds of the state of Missouri or of any city notwithin a county, of a par value equal to the amount of such deposit, or anypart of such deposit not protected by such bond. The securities sodeposited shall, in case of default by any such listed institution, betaken possession of by the funds committee, and to the extent required tomake good such default, be sold for the benefit of such city. Anysecurities so deposited may, with the unanimous consent of the members ofthe funds committee, be withdrawn, and others of equal value and amountsubstituted therefor. As the amount of such funds on deposit is reduced,listed institutions, when not in default, shall be permitted to withdrawthe excess of collateral, except that there shall at no time be a lessamount in par value of collateral than the amount at such time of deposits.The securities so deposited or any substitute therefor, shall, upondefault, be exhausted before recourse shall be had against the securitiesupon any bond executed by listed institutions for the protection of suchdeposits. In lieu of or in addition to such deposit of city funds inlisted institutions, the treasurer may invest funds belonging to such cityand not immediately needed for the purpose to which such funds or any ofthem may be applicable, in accordance with section 15, article IV of theMissouri Constitution. In addition, the treasurer may enter intorepurchase agreements maturing and becoming payable within ninety dayssecured by United States Treasury obligations or obligations of the UnitedStates government agencies or instrumentalities of any maturity as providedby law.
Funds committee--membership--chairman--selection of depositary--dutiesof chairman--financial institutions, agencies and officials toreport--bonds and securities--may invest funds, when, how(certain cities).
95.530. In all cities not within a county, the mayor, the comptrollerand the treasurer shall constitute the funds committee, and the treasurer,by virtue of his office, shall serve as chairman of such committee. Thecommittee shall annually select a bank or banks, or trust company or trustcompanies, or credit union or credit unions, savings and loan or savingsand loans, which has its principal place of business in Missouri referredto hereafter as "listed institutions", for the current deposit of thecity's funds, which in their opinion will be most commensurate with thesafety thereof. The treasurer, as chairman, shall supervise the businessof the committee and maintain records of committee proceedings, and shallcall annual meetings or any other meeting as often as the business of thecity may require. The treasurer shall be a member of any financialplanning or decision-making body or committee furthering the needs of thecity's financial business, except the legislative and appropriating bodies.The treasurer, by virtue of his office, shall sit on any committee or groupwhich deals with the issuance of bonds of the city or any agency orinstrumentality thereof. The treasurer shall serve as the chief investmentand cash management officer of the city and, as such, act as the soleinvestment authority on any investments of public funds held by the city orany instrumentality thereof, including funds derived from proceeds from theissuance of bonds and funds from proceeds from lease/purchase agreements.Such investments shall be made in a manner consistent with investmentpolicies approved by the funds commission, and with judgment and care,under circumstances then prevailing, which persons of prudence, discretionand intelligence exercise in the management of their own affairs, not forspeculation, but for investment, considering the probable safety of capitaland income to be derived. The treasurer shall ensure the safety of allfunds held by the city or any instrumentalities thereof and, upon theapproval of the funds commission and reasonable notice, may assume controlof any accounts not managed in compliance with state law, serve as thecustodian of any funds held in such accounts and take any other measuresreasonably required to ensure the preservation of public funds andcompliance with applicable law. The funds commission, also known as the"funds committee", shall approve all financial institutions for any bankingservices required by the city pursuant to investment policies andevaluation criteria set by the treasurer and approved by the fundscommission. At least once per year, the treasurer and the city's externalauditors shall report to the comptroller on the city's compliance with thissection. Any state or municipally created agency, citywide electedofficials or any instrumentality thereof working in cooperation with thecity in the collection, management, investment or disbursement ofgovernmental funds, shall annually report a listing of all listedinstitution's accounts, including a list of all pledged collateral, to thefund committee. Any financial institution acting as a depository orcustodian of public funds for any state or municipally created agency,citywide elected official or any instrumentality thereof working in thecollection, management, investment or disbursement of governmental fundsfor a city located not within a county shall annually report to the fundscommittee. Such agencies, elected officials and instrumentalities shall,during the interim period, report any change or transfer or establishmentof new accounts or changes in collateral to the fund committee within tendays of doing so. Financial institutions, when requested by the fundscommittee, shall verify such information. Before any deposit shall be madeby the treasurer in any listed institution, the institution shall give abond in an amount equal to the deposit, with good and sufficient sureties,to be approved by the unanimous vote of the members of the funds committee,for the safekeeping and prompt payment of such funds, or any part thereof,when demanded by the treasurer, and shall at all times keep the sureties onsuch bond satisfactory to the funds committee. In lieu of or in additionto such bond, listed institutions may, with the unanimous consent of themembers of the funds committee, deposit with the treasurer of such city orwith some other mutually satisfactory depositary in such city, in escrow,bonds or treasury certificates of the United States or otherinterest-bearing obligations guaranteed as to both principal and interestby the United States or agency or instrumentality thereof in accordancewith the approved collateral securities maintained and approved by thestate treasurer, or bonds of the state of Missouri or of any city notwithin a county, of a par value equal to the amount of such deposit, or anypart of such deposit not protected by such bond. The securities sodeposited shall, in case of default by any such listed institution, betaken possession of by the funds committee, and to the extent required tomake good such default, be sold for the benefit of such city. Anysecurities so deposited may, with the unanimous consent of the members ofthe funds committee, be withdrawn, and others of equal value and amountsubstituted therefor. As the amount of such funds on deposit is reduced,listed institutions, when not in default, shall be permitted to withdrawthe excess of collateral, except that there shall at no time be a lessamount in par value of collateral than the amount at such time of deposits.The securities so deposited or any substitute therefor, shall, upondefault, be exhausted before recourse shall be had against the securitiesupon any bond executed by listed institutions for the protection of suchdeposits. In lieu of or in addition to such deposit of city funds inlisted institutions, the treasurer may invest funds belonging to such cityand not immediately needed for the purpose to which such funds or any ofthem may be applicable, in accordance with section 15, article IV of theMissouri Constitution. In addition, the treasurer may enter intorepurchase agreements maturing and becoming payable within ninety dayssecured by United States Treasury obligations or obligations of the UnitedStates government agencies or instrumentalities of any maturity as providedby law.
