Missouri constitution
Article IV: executive department
Section 15

The state treasurer shall be custodian of
all state funds and funds received from the United States government. The department
of revenue shall take custody of and invest nonstate funds as defined herein, and other
moneys authorized to be held by the department of revenue. All revenue collected and
moneys received by the state which are state funds or funds received from the United
States government shall go promptly into the state treasury. All revenue collected and
moneys received by the department of revenue which are nonstate funds as defined
herein shall be promptly credited to the fund provided by law for that type of money.
Immediately upon receipt of state or United States funds the state treasurer shall deposit
all moneys in the state treasury in banking institutions selected by him and approved by
the governor and state auditor, and he shall hold them for the benefit of the respective
funds to which they belong and disburse them as provided by law. Unless otherwise
provided by law, all interest received on nonstate funds shall be credited to such funds.
The state treasurer shall determine by the exercise of his best judgment the amount of
moneys in his custody that are not needed for current expenses and shall place all such
moneys on time deposit, bearing interest, in banking institutions in this state selected
by the state treasurer and approved by the governor and state auditor or in obligations
of the United States government or any agency or instrumentality thereof maturing and
becoming payable not more than five years from the date of purchase. In addition the
treasurer may enter into repurchase agreements maturing and becoming payable within
ninety days secured by United States Treasury obligations or obligations of United
States government agencies or instrumentalities of any maturity, as provided by law.
The treasurer may also invest in banker’s acceptances issued by domestic commercial
banks possessing the highest rating issued by a nationally recognized rating agency
and in commercial paper issued by domestic corporations which has received the
highest rating issued by a nationally recognized rating agency. Investments in banker’s
acceptances and commercial paper shall mature and become payable not more than one
hundred eighty days from the date of purchase, maintain the highest rating throughout
the duration of the investment and meet any other requirements provided by law.
The state treasurer shall prepare, maintain and adhere to a written investment policy
which shall include an asset allocation plan limiting the total amount of state money
which may be invested in each investment category authorized by this section. The
investment and deposit of state, United States and nonstate funds shall be subject to
such restrictions and requirements as may be prescribed by law. Banking institutions
in which state and United States funds are deposited by the state treasurer shall give
security satisfactory to the governor, state auditor and state treasurer for the safekeeping
and payment of the deposits and interest thereon pursuant to deposit agreements
made with the state treasurer pursuant to law. No duty shall be imposed on the state
treasurer by law which is not related to the receipt, investment, custody and disbursement
of state funds and funds received from the United States government. As used in
the section, the term “banking institutions” shall include banks, trust companies, savings
and loan associations, credit unions, production credit associations authorized by
act of the United States Congress, and other financial institutions which are authorized
by law to accept funds for deposit or which in the case of production credit associations,
issues securities. As used in this section, the term “nonstate funds” shall include
all taxes and fees imposed by political subdivisions and collected by the department
of revenue; all taxes which are imposed by the state, collected by the department of
revenue and distributed
by the department of revenue to political subdivisions; and all
other moneys which are hereafter designated as “nonstate funds” to be administered
by the department of revenue.