State Codes and Statutes
Statutes > Missouri > T11 > C166 > 166_131County commission to administer county schoolfund--investments--distribution of income to schools.
166.131. The county commission in each county shall administer thecounty school fund of the county. In each county wherein the annualdistribution of the liquidated capital of the county school fund has notbeen ordered by the voters pursuant to sections 166.151 to 166.161, theproceeds of the fund shall be invested by the county commission inregistered bonds of the United States, or in bonds of the state or inapproved bonds of any city or school district thereof, or in bonds or othersecurities the payment of which is fully guaranteed by the United Statesgovernment and shall be preserved as a county school fund. Annually, on orbefore September thirtieth, in each county of the state all interestaccruing from the investment of the capital of the county school fund, ifany, the clear proceeds of all penalties and fines collected for any breachof the penal laws of the state, the net proceeds from the sale of estrays,and all other money lawfully coming into the fund, shall be collected anddistributed to the school districts of the county by the county clerk inthe same proportion that the September membership of a school district,determined as provided in (1) of subdivision (8) of section 163.011, RSMo,bears to the sum of the September membership of all the districts in thecounty. He shall immediately after making the apportionments enter them ina book to be kept for that purpose, and shall furnish each district clerk acopy of the apportionment. The county treasurer shall pay over to thetreasurer of the school board of every district in the county the amountdue each respective district. The clear proceeds of all forfeiturescollected for any breach of the penal laws of the state distributed foreducation shall be transferred to the school building revolving fund.
(L. 1963 p. 200 § 7-13 and p. 338 § 161.051, A.L. 1982 Adopted by Initiative, Proposition C, November 2, 1982, A.L. 1988 S.B. 789, A.L. 1998 H.B. 1265)(Source: RSMo 1959 §§ 161.051, 171.010)
CROSS REFERENCE:
Multinational banks, securities and obligations of, investments in, when, RSMo 409.950
(1999) Section allocating forfeiture proceeds to school building revolving fund was within article IX, section 7 prerogative of distributing such proceeds "according to law". Ensor v. Director of Revenue, 998 S.W.2d 782 (Mo.banc).
