Transfer of funds to depositaries--payment of bonds--effect of failureof depositary to deposit security.
165.271. 1. As soon as the securities are deposited andapproved by the board of a seven-director district, an order shallbe made designating the banking institution depositing thesecurities as a depositary of the part of the funds and moneys ofthe school district of which it has been selected as thedepositary, until the time fixed by sections 165.201 to 165.291for another selection. The treasurer of the school districtimmediately upon the making of the order shall transfer to thedepositary the parts of all funds and moneys belonging to theschool district that the depositary is entitled to receive byvirtue of its designation.
2. In case any bonds, coupons or other indebtedness of thedistrict are payable, by the terms of the bonds, coupons or otherevidences of indebtedness, at any particular place outside thedistrict, nothing contained in sections 165.201 to 165.291 shallprevent the board from causing the treasurer to place asufficient sum of money to meet the same at the place where thedebts are payable at the time of their maturity.
3. The treasurer of a seven-director district, as the fundsand moneys of the school district come into his hands from timeto time, shall deposit them with the depositaries to the creditof the school district, and at all times shall keep on depositwith each depositary approximately that proportion of all thefunds and moneys of the district for which the board accepted thebid of the depositary. If at any time the amount of funds andmoneys on deposit with any depositary to the credit of the schooldistrict is either more or less than the proportion thereof forwhich the board accepted the bid of the depositary, that factshall not impair or in any manner affect the liability of thedepositary to faithfully perform all the duties and obligationsdevolving by law upon the depositary.
4. If any banking institution, after being selected asdepositary and notified thereof, fails to deposit the securitywithin the time provided by section 165.241, the certified checkaccompanying the accepted bid of the banking institution shall beforfeited to the school district as liquidated damages, and theboard, after twenty days' notice in the manner herein provided,shall proceed to receive new bids and select another depositaryin lieu of the one failing to deposit the security.
Transfer of funds to depositaries--payment of bonds--effect of failureof depositary to deposit security.
165.271. 1. As soon as the securities are deposited andapproved by the board of a seven-director district, an order shallbe made designating the banking institution depositing thesecurities as a depositary of the part of the funds and moneys ofthe school district of which it has been selected as thedepositary, until the time fixed by sections 165.201 to 165.291for another selection. The treasurer of the school districtimmediately upon the making of the order shall transfer to thedepositary the parts of all funds and moneys belonging to theschool district that the depositary is entitled to receive byvirtue of its designation.
2. In case any bonds, coupons or other indebtedness of thedistrict are payable, by the terms of the bonds, coupons or otherevidences of indebtedness, at any particular place outside thedistrict, nothing contained in sections 165.201 to 165.291 shallprevent the board from causing the treasurer to place asufficient sum of money to meet the same at the place where thedebts are payable at the time of their maturity.
3. The treasurer of a seven-director district, as the fundsand moneys of the school district come into his hands from timeto time, shall deposit them with the depositaries to the creditof the school district, and at all times shall keep on depositwith each depositary approximately that proportion of all thefunds and moneys of the district for which the board accepted thebid of the depositary. If at any time the amount of funds andmoneys on deposit with any depositary to the credit of the schooldistrict is either more or less than the proportion thereof forwhich the board accepted the bid of the depositary, that factshall not impair or in any manner affect the liability of thedepositary to faithfully perform all the duties and obligationsdevolving by law upon the depositary.
4. If any banking institution, after being selected asdepositary and notified thereof, fails to deposit the securitywithin the time provided by section 165.241, the certified checkaccompanying the accepted bid of the banking institution shall beforfeited to the school district as liquidated damages, and theboard, after twenty days' notice in the manner herein provided,shall proceed to receive new bids and select another depositaryin lieu of the one failing to deposit the security.
Transfer of funds to depositaries--payment of bonds--effect of failureof depositary to deposit security.
165.271. 1. As soon as the securities are deposited andapproved by the board of a seven-director district, an order shallbe made designating the banking institution depositing thesecurities as a depositary of the part of the funds and moneys ofthe school district of which it has been selected as thedepositary, until the time fixed by sections 165.201 to 165.291for another selection. The treasurer of the school districtimmediately upon the making of the order shall transfer to thedepositary the parts of all funds and moneys belonging to theschool district that the depositary is entitled to receive byvirtue of its designation.
2. In case any bonds, coupons or other indebtedness of thedistrict are payable, by the terms of the bonds, coupons or otherevidences of indebtedness, at any particular place outside thedistrict, nothing contained in sections 165.201 to 165.291 shallprevent the board from causing the treasurer to place asufficient sum of money to meet the same at the place where thedebts are payable at the time of their maturity.
3. The treasurer of a seven-director district, as the fundsand moneys of the school district come into his hands from timeto time, shall deposit them with the depositaries to the creditof the school district, and at all times shall keep on depositwith each depositary approximately that proportion of all thefunds and moneys of the district for which the board accepted thebid of the depositary. If at any time the amount of funds andmoneys on deposit with any depositary to the credit of the schooldistrict is either more or less than the proportion thereof forwhich the board accepted the bid of the depositary, that factshall not impair or in any manner affect the liability of thedepositary to faithfully perform all the duties and obligationsdevolving by law upon the depositary.
4. If any banking institution, after being selected asdepositary and notified thereof, fails to deposit the securitywithin the time provided by section 165.241, the certified checkaccompanying the accepted bid of the banking institution shall beforfeited to the school district as liquidated damages, and theboard, after twenty days' notice in the manner herein provided,shall proceed to receive new bids and select another depositaryin lieu of the one failing to deposit the security.
