Effective - 28 Aug 2004
165.301. Selection of depositaries in metropolitan districts. — 1. Subject to the provisions of section 110.030, the board of education in each metropolitan district shall at least once every five years advertise for bids from the banking institutions in the city for the deposits of the board of education to be secured as provided in sections 110.010 and 110.020. The bids shall specify the rate of interest to be allowed to the board on the deposits and the nature of the security offered. The deposits shall be awarded to the banking institutions that offer, with the required security, the highest rate of interest therefor. The board may select as many depositaries for its deposits as it deems necessary and the board shall cause contracts to be made with the banking institutions receiving award of deposits. The board shall cause all funds received to be paid into the designated depositaries, allocating funds to the depositaries, if more than one depositary has been designated, as the board deems proper.
2. The president of the board immediately after the selection of the depositary or depositaries of the school moneys shall notify the treasurer of the state of Missouri and the collector of school taxes in the city of the name of the depositary to which they are to make all payments of money apportioned, belonging to or distributed to the board; and the officers upon making deposits shall take from the depositary duplicate receipts therefor, one of which shall be retained by the officer making the deposits and one delivered to the treasurer of the board.
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(L. 1963 p. 200 § 6-30, A.L. 1967 p. 238, A.L. 1980 S.B. 733, A.L. 2004 S.B. 968 and S.B. 969)
(Source: RSMo 1959 § 165.610)
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.