Effective - 28 Aug 1999
165.051. Investment of surplus funds. — If any school district has money in the teachers', incidental, capital projects or debt service fund not needed within a reasonable period of time for the purpose for which the money was received, the school board in the district, if it deems it advisable, may invest the funds in either open time deposits or certificates of deposit secured under the provisions of sections 110.010 and 110.020; or in bonds, redeemable at maturity at par, of the state of Missouri, of the United States, or of any wholly owned corporation of the United States; or in other short term obligations of the United States, or in any instrument permitted by law for the investment of state moneys. No open time deposits shall be made or bonds purchased to mature beyond the date that the funds are needed for the purpose for which they were received by the school district. Interest accruing from the investment of the surplus funds in such deposits or bonds shall be credited to the fund from which the money was invested.
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(L. 1963 p. 200 § 6-5, A.L. 1977 H.B. 130, A.L. 1992 S.B. 581, A.L. 1993 S.B. 380, A.L. 1996 S.B. 795, et al., A.L. 1999 S.B. 386)
(Source: RSMo 1959 §§ 165.110, 165.243, 165.247)
CROSS REFERENCES:
Bi-state development agency, bonds of, investment in authorized, 70.377
Multinational banks, securities and obligations of, investment in, when, 409.950
Savings accounts in insured savings and loan associations, investment in authorized, 369.194
Structure Missouri Revised Statutes
Title XI - Education and Libraries
Chapter 165 - Budget and Current Financing
Section 165.031 - Lost or destroyed check, duplicate to issue, when.
Section 165.051 - Investment of surplus funds.
Section 165.061 - Treasurer, duties of.
Section 165.091 - School money, how disbursed.
Section 165.101 - Settlements of treasurer of seven-director districts, when due.
Section 165.131 - Tax and revenue anticipation notes — form.
Section 165.161 - Disbursements in metropolitan districts, how made.
Section 165.171 - Audits, how provided — removal of appointed auditor.
Section 165.211 - Depositaries, how selected, when — bids received when — notice to be published.
Section 165.231 - Opening of bids — interest on deposits.
Section 165.241 - Deposits, how secured — renewal of deposit agreement.
Section 165.251 - Additional security may be required.
Section 165.261 - Failure to select depositary.
Section 165.281 - Penalty for failure to pay valid check of seven-director district.
Section 165.291 - Liability of district treasurer.
Section 165.301 - Selection of depositaries in metropolitan districts.