Mo. Rev. Stat. ch. 110

in effect

Mo. Rev. Stat. § 110.010 Deposits of public funds to be secured.

110.010. Deposits of public funds to be secured. — 1. The public funds of every county, township, city, town, village, school district of every character, road district, sewer district, fire protection district, water supply district, drainage or levee district, state hospital, state schools for the mentally deficient, Missouri School for the Deaf, Missouri School for the Blind, Missouri Training School for Boys, training school for girls, Missouri Veterans' Home, Missouri State Chest Hospital, state university, Missouri state teachers' colleges, Lincoln University, or any other political subdivision or agency of the state, that * are deposited in any banking institution acting as a legal depositary of the funds under the statutes of Missouri requiring the letting and deposit of the same and the furnishing of security therefor shall be secured by the deposit of securities of the character prescribed by section 30.270 for the security of funds deposited by the state treasurer. 2. The securities shall, at the option of the depositary banking institution, be delivered either to the fiscal officer or the governing body of the municipal corporation or other depositor of the funds, or by depositing the securities with another banking institution or safe depositary as trustee satisfactory to both parties to the depositary agreement. The trustee may be a bank owned or controlled by the same bank holding company as the depositary banking institution. 3. The rights and duties of the several parties to the depositary contract shall be the same as those of the state and the depositary banking institution respectively under section 30.270 . If a depositary banking institution deposits the bonds or securities with a trustee as above provided, and the municipal corporation or other depositor of funds gives notice in writing to the trustee that there has been a breach of the depositary contract and makes demand in writing on the trustee for the securities, or any part thereof, then the trustee shall forthwith surrender to the municipal corporation or other depositor of funds a sufficient amount of the securities to fully protect the depositor from loss and the trustee shall thereby be discharged of all further responsibility in respect to the securities so surrendered. 4. Pursuant to an agreement with the banking institution serving as a depositary for a public entity under this section, public funds held in the custody of the depositary may be invested in the obligations described in Article IV, Section 15 of the Missouri Constitution ** permitted for the state treasurer, including repurchase agreements, provided the investments are authorized in an investment policy adopted by the public entity, treasurer, or other finance officer authorized to act for the public entity. (RSMo 1939 § 8183, A.L. 1955 p. 735, A.L. 1959 S.B. 77, A.L. 1961 p. 463, A.L. 1971 H.B. 581, A.L. 1988 H.B. 1204, A.L. 2018 H.B. 1879 merged with S.B. 769) *Word "which" appears in original rolls of S.B. 769, 2018. **Words "Constitution of Missouri" appear in original rolls of S.B. 769, 2018. CROSS REFERENCES: Banks exempt from furnishing security for insured deposits, 362.490 Depositaries of state moneys, 30.250 to 30.280 Fiscal agent, selection of bank as--duties, 33.440 to 33.470 School funds, depositaries for, 165.201 to 165.301

Mo. Rev. Stat. § 110.020 Securities deposited, amount of.

110.020. Securities deposited, amount of. — The value of the securities deposited and maintained by a legal depositary under section 110.010 shall at all times be not less than one hundred percent of the actual amount of the funds on deposit with the depositary, less the amount, if any, insured by the Federal Deposit Insurance Corporation. (RSMo 1939 § 8184, A.L. 1959 S.B. 77, A.L. 1973 S.B. 66) CROSS REFERENCES: Accounts of certain savings and loan associations shall be legal securities, when, 369.194 Bonds, notes, etc., of the FHA may be used as security, 362.190

Mo. Rev. Stat. § 110.030 Advertisement for bids unnecessary, when.

110.030. Advertisement for bids unnecessary, when. — The various statutory provisions in relation to the advertisement for and receipt of bids and the award of the funds to the best bidder or bidders for the whole or any part of any of the public funds of the character referred to in section 110.010 shall be applicable only if and when, at the time of said advertisement and award, it shall be lawful for banking institutions to pay interest upon demand deposits, in which event such applicable statutory provisions shall be complied with; but if, at the time of the advertisement for bids or the receipt of bids or the award of funds, it shall be unlawful for depositary banks and trust companies to pay interest upon such demand deposits, the award or awards of such funds shall be made in each case, without bids and without requiring the payment of any bonus or interest, by the authority or authorities which are by statute empowered to make the awards of such funds upon bids. (RSMo 1939 § 8185)

Mo. Rev. Stat. § 110.040 Depositary outside of territorial limits legal, when.

110.040. Depositary outside of territorial limits legal, when. — In the event that there shall be no banking corporation, association, trust company or individual banker in the territory within which the depositary or depositaries of any public fund must, under the applicable laws of this state, be located to become eligible for selection, or in the event that the selected depositary or depositaries within such territory shall fail to accept such award or awards of such public funds as may be made, then the authority or authorities which are by law empowered to make such selection of depositaries and awards of public funds thereto are authorized and empowered to select as depositary or depositaries such banking institutions located outside the territorial limits aforesaid as such authority or authorities may deem the safest and most convenient depositary or depositaries for such public fund. (RSMo 1939 § 8186)

Mo. Rev. Stat. § 110.050 Liability of depositaries.

110.050. Liability of depositaries. — No bank or trust company wherein any deposits of private or public moneys shall be made shall become obligated or liable on account thereof except for the safekeeping thereof and for the payment of the amount thereof with interest thereon, if any, which said depositary may have contracted to pay. All banks and trust companies and other banking institutions now or hereafter engaged in business in this state shall be and they are hereby authorized with respect to any and all such funds deposited with them to provide and maintain the security for such deposits as may be by law required. (RSMo 1939 § 8187)

Mo. Rev. Stat. § 110.060 Banks to provide security for certain deposits, when.

110.060. Banks to provide security for certain deposits, when. — All banks and trust companies and other banking institutions now or hereafter engaged in business in this state shall be and they are hereby likewise authorized with respect to funds of the United States government or of any agency or instrumentality thereof, or funds held under the provisions of the Bankruptcy Act and amendments thereof, or the provisions of any other act of congress, which may be deposited with them, to provide and maintain security for such deposits as may be by such laws required. All banks and trust companies and other banking institutions now or hereafter engaged in business in this state shall be, and they are hereby, likewise authorized, with respect to funds of any housing authority created under chapter 99 and amendments thereof, which may be deposited with them, to provide and maintain security for such deposits, as may be required under any agreement of any such housing authority with the United States, or any agency or instrumentality thereof, for loans, grants-in-aid, annual contributions or other financial assistance to such housing authority, or as may be required under any general depositary agreement or any fiscal agent agreement of any such housing authority with any such bank or trust company executed pursuant to any such annual contributions contract. (RSMo 1939 § 8188, A.L. 1953 p. 660)

Mo. Rev. Stat. § 110.070 Bids for depositaries - publication of notice.

110.070. Bids for depositaries — publication of notice. — 1. Subject to the provisions of section 110.030 , all boards of managers, curators, trustees or other persons by whatever name called, who have the management of any state institution, that have the use or custody of any funds, on or before the first Monday of July for the year in which a bid is requested shall receive sealed proposals from banking corporations, associations, or trust companies in any city, town or county in which the institutions are located which desire to be selected as depositaries of the moneys and funds of the institution. The bids may be for a period of one to four years. 2. Notice that bids will be received shall be published by the secretary of the board at least twenty days before the meeting at which the depositary is to be selected in some newspaper published in the city, town or county at least once in each week. (RSMo 1939 § 9373, A.L. 1959 S.B. 77, A.L. 2004 S.B. 1320) Prior revisions: 1929 § 8676; 1919 § 12319

Mo. Rev. Stat. § 110.075 Selection of depositories, competitive bid process - definitions - ...

110.075. Selection of depositories, competitive bid process — definitions — requirements — contracts — records. — 1. As used in this section, the following terms shall mean: (1) "Depository" , banking institution headquartered in or maintaining a full-service branch in this state which is selected by a municipality to hold and manage public funds; (2) "Governing body" , any city council, board of aldermen, or board of trustees; (3) "Municipal depositories" , any state-chartered or federally chartered banking institution as defined in Article IV, Section 15 of the Constitution of Missouri; (4) "Municipality" , any city or village in this state; (5) "Public funds" , funds owned or controlled by a municipality, including tax revenues, fees, grants, and other sources of income. 2. All municipalities shall select depositories through a competitive process in accordance with the provisions in this section. The governing body of each municipality shall develop and publish a request for proposals which shall outline the requirements for selecting one or more municipal depositories. Such requirements shall address or include the following matters: (1) The municipality shall use due diligence for determining the financial stability and soundness of the depository based on publicly available financial reports and other public sources; (2) Safe custody and liquidity of public funds, including deposit insurance coverage and pledge of collateral or investment in appropriate government securities as authorized for public funds; (3) Interest rates and fees offered; (4) Services offered, including online banking, cash management, deposit sweep and repurchase accounts, investment in a common trust fund in eligible securities for municipalities and political subdivisions, and other banking service options; (5) Compliance with all applicable state and federal banking regulations; (6) Convenient and efficient treasury functions, including if the location of the depository institution shall be required to be located within the municipality or in the same county as the municipality. 3. Banking institutions interested in becoming the municipal depository shall respond to the municipality's request for proposals within the time frame specified by the municipality in the request. 4. The governing body shall evaluate the proposals based on the criteria outlined in the request for proposals and select a banking institution that best meets the municipality's needs and objectives. 5. The selected banking institution shall enter into a contract with the municipality outlining the terms and conditions of the depository relationship, including, but not limited to, the interest rates, fees, and services to be provided. 6. Municipalities shall maintain records of the selection process, including all proposals received by the municipality for a period of two years. (L. 2024 S.B. 1359)

Mo. Rev. Stat. § 110.080 Bids for depositaries - disclosure of bids a misdemeanor.

110.080. Bids for depositaries — disclosure of bids a misdemeanor. — 1. Any banking corporation, association or trust company in the city desiring to bid shall deliver to the secretary of the board on or before twelve o'clock noon on the day of the meeting at which the depositary is to be selected a sealed bid stating the rate of interest that it offers to pay on the funds and moneys of the institution for the term of up to four years next ensuing the date of the bid. 2. It is a misdemeanor for the secretary of the board to directly or indirectly disclose the amount of any bid before the selection of the depositary or depositaries. (RSMo 1939 § 9374, A.L. 1959 S.B. 77, A.L. 2004 S.B. 1320, A.L. 2018 H.B. 1879 merged with S.B. 769) Prior revisions: 1929 § 8677; 1919 § 12320

Mo. Rev. Stat. § 110.090 Selection of depositary - computation of interest - rejected bids.

110.090. Selection of depositary — computation of interest — rejected bids. — 1. At twelve o'clock noon on the day named for the selection of the depositary, the board shall publicly open the bids and cause each bid to be entered upon the records of the board, and shall select from the bidders, as depositaries of the funds and moneys of the institution, the banking corporation, association or trust company, who bid the highest rate of interest, and shall notify the successful bidder selected; but the board may reject any and all bids. 2. The interest upon the funds and moneys shall be computed upon the daily balances to the credit of the institution with each of the depositaries, and shall be payable by each depositary on the first day of each month, to the treasurer of the institution, who shall place the same to the credit of the institution. The depositaries shall, on the first day of each month, render to the secretary of the board a statement, in writing, showing the amount of interest paid by the depositary. 3. The secretary of the board shall return the certified checks accompanying the bids to the banking corporations, associations, or trust companies whose bids which they accompanied were rejected, and, upon the approval of the securities provided for in section 110.010 , return the certified check accompanying the accepted bids to the banking corporation, association, or trust company from whom it was received. 4. If, for any reason, no selection of a depositary is made at the time fixed by sections 110.070 to 110.120 , the board of managers by whatever name called may, at any subsequent time, after twenty days' notice, receive bids and select depositaries in the manner herein provided, in which event the selection shall only be for the period of time as may intervene until the next regular period for the selection of the depositary. (RSMo 1939 § 9375, A.L. 1959 S.B. 77) Prior revisions: 1929 § 8678; 1919 § 12321

Mo. Rev. Stat. § 110.110 Duty of treasurer.

110.110. Duty of treasurer. — The treasurer of the board of managers, by whatever name called, of the institution, after the selection of the depositaries and the approval of their security, immediately upon the receipt of any money thereafter shall deposit the same with the depositary to the credit of the institution, and the treasurer shall, as near as may be, maintain with the depositary selected its due and proper share of the total of the funds let; and for any failure of the treasurer to make transfer of the funds or to deposit all of the funds with the depositary, he shall be liable to the depositary for ten percent per month upon the part of the funds not deposited, to be recovered by civil action. (RSMo 1939 § 9377, A.L. 1959 S.B. 77) Prior revisions: 1929 § 8680; 1919 § 12323

Mo. Rev. Stat. § 110.130 Depositaries of county funds - how selected.

110.130. Depositaries of county funds — how selected. — 1. Subject to the provisions of section 110.030 the county commission of each county in this state on or before the first Monday of * July for * the year in which a bid is requested and every fourth year thereafter, with an option to rebid in each odd-numbered year, shall receive proposals from banking corporations or associations at the county seat of the county which desire to be selected as the depositaries of the funds of the county. 2. Notice that such bids will be received shall be published by the clerk of the commission twenty days before the commencement of the term in some newspaper published in the county, and if no newspaper is published therein, then the notice shall be published at the door of the courthouse of the county. In counties operating under the township organization law of this state, township boards shall exercise the same powers and privileges with reference to township funds as are conferred in sections 110.130 to 110.260 upon county commissions with reference to county funds at the same time and manner, except that township funds shall not be divided but let as an entirety; and except, also, that in all cases of the letting of township funds, three notices, posted in three public places by the township clerk, will be a sufficient notice of such letting. (RSMo 1939 § 13846, A.L. 1955 p. 734, A.L. 1959 S.B. 77, A.L. 1965 p. 236, A.L. 1996 H.B. 1469 merged with S.B. 914, A.L. 2005 S.B. 210, A.L. 2007 S.B. 22 merged with S.B. 497) Prior revisions: 1929 § 12184; 1919 § 9582; 1909 § 3803 *Word "in" appears here in original rolls of S.B. 22, 2007. CROSS REFERENCE: County collector to make daily deposits, 52.360

Mo. Rev. Stat. § 110.140 Procedure for bidders - disclosure of bids a misdemeanor.

110.140. Procedure for bidders — disclosure of bids a misdemeanor. — 1. Any banking corporation or association in the county desiring to bid shall deliver to the clerk of the commission, on or before the first Monday of July at which the selection of depositaries is to be made, a sealed proposal, stating the rate of interest that the banking corporation, or association offers to pay on the funds of the county for the term of two or four years next ensuing the date of the bid, or, if the selection is made for a less term than two or four years, as provided in sections 110.180 and 110.190 , then for the time between the date of the bid and the next regular time for the selection of depositaries as fixed by section 110.130 . 2. It shall be a misdemeanor, and punishable as such, for the clerk of the commission, or any deputy of the clerk, to directly or indirectly disclose the amount of any bid before the selection of depositaries. (RSMo 1939 § 13848, A.L. 1959 S.B. 77, A.L. 1996 H.B. 1469 merged with S.B. 914, A.L. 2007 S.B. 22 merged with S.B. 497, A.L. 2010 S.B. 771, A.L. 2016 S.B. 660, A.L. 2018 H.B. 1879 merged with S.B. 769) Prior revisions: 1929 § 12185; 1919 § 9583; 1909 § 3804

Mo. Rev. Stat. § 110.150 Public opening of bids - computation and payment of interest - rejected bids.

110.150. Public opening of bids — computation and payment of interest — rejected bids. — 1. The county commission, at noon on or before the first Monday of July for the year in which a bid is requested and every second or fourth year thereafter, shall publicly open the bids, and cause each bid to be entered upon the records of the commission, and shall select as the depositaries of all the public funds of every kind and description going into the hands of the county treasurer, and also all the public funds of every kind and description going into the hands of the collector-treasurer in counties under township organization, the deposit of which is not otherwise provided for by law, the banking corporations or associations whose bids respectively made for one or more of the parts of the funds shall in the aggregate constitute the largest offer for the payment of interest per annum for the funds; but the commission may reject any and all bids. 2. The interest upon each fund shall be computed upon the daily balances with the depositary, and shall be payable to the county treasurer monthly, who shall place the interest to the credit of each individual fund held by the county treasurer; provided, that the interest on any funds collected by the collector of any county of the first classification not having a charter form of government on behalf of any political subdivision or special district shall be credited to such political subdivision or special district. 3. The county clerk shall, in opening the bids, return the certified checks deposited with him to the banks whose bids are rejected, and on approval of the security of the successful bidders return the certified checks to the banks whose bids are accepted. (RSMo 1939 § 13849, A.L. 1959 S.B. 77, A.L. 1971 H.B. 45, A.L. 1984 S.B. 423, A.L. 1985 H.B. 568, A.L. 1996 H.B. 1469 merged with S.B. 914, A.L. 2005 S.B. 210, A.L. 2007 S.B. 22 merged with S.B. 497, A.L. 2010 S.B. 771) Prior revisions: 1929 § 12186; 1919 § 9584; 1909 § 3805

Mo. Rev. Stat. § 110.170 Transferring funds to depositary - liability of collector-treasurer and ...

110.170. Transferring funds to depositary — liability of collector-treasurer and depositary — duties of township trustees. — 1. As soon as the required security is given and approved, the commission shall make an order designating the successful bidders as depositaries of the funds until sixty-five days after the time fixed by sections 110.130 to 110.260 for another selection, and thereupon the county treasurer, or the collector-treasurer if the county be under township organization, shall immediately upon the making of the order, transfer to the depositaries the part or parts of all funds respectively let to the depositaries under the selection, and immediately upon the receipt of any money thereafter deposit it with the depositaries to the credit of the county. The said treasurer shall, as nearly as may be, maintain with each of the depositaries selected its due and proportionate share of the total of the funds let. 2. For any failure of the county treasurer to make transfer of the funds or to deposit all of the funds with the depositaries, whether the same shall come into his hands as treasurer or as collector-treasurer of the revenue, or otherwise, he is liable to the depositaries, respectively, for ten percent per month, during such failure, upon the respective part or parts of said funds not so deposited, to be recovered by civil action. 3. In counties under township organization the township trustee shall deposit all school taxes received by him with the depositary selected by the township board of his township as the depositary of the township funds; and in default of the selection of a depositary by the township board, and during the time when any township has no depositary of its funds, the township trustee shall deposit all school taxes and all township funds received by him in any county depositary within the township, if there be one; if not, then in the county depositary most convenient to the township, and such county depositary shall thereupon pay to the township the same rate of interest upon the moneys which it has contracted to pay the county upon its funds, and the township may recover the same by civil action. (RSMo 1939 § 13851, A.L. 1959 S.B. 77, A.L. 2010 S.B. 771) Prior revisions: 1929 § 12188; 1919 § 9586; 1909 § 3807

Mo. Rev. Stat. § 110.180 Duty of county commission when no bids submitted.

110.180. Duty of county commission when no bids submitted. — If for any reason the banking corporations or associations in any county fail or refuse to submit proposals to act as county depositaries as provided in section 110.140 , the county commission may deposit the funds of the county with any one or more of the banking corporations, or associations in the county or adjoining counties, in the sums or amounts, and for the period of time, the commission deems advisable, at the rate of interest, not less than one and one-half percent, as is agreed upon by the commission and the banking concern receiving the deposit, the interest to be computed upon the daily balances due the county, as provided in section 110.150 . Any bank or banking concern agreeing to accept deposits under this section shall provide security as required by section 110.010 . (RSMo 1939 § 13852, A.L. 1959 S.B. 77) Prior revisions: 1929 § 12189; 1919 § 9587; 1909 § 3808

Mo. Rev. Stat. § 110.190 Duty of county commission when funds are deposited with two or more banks.

110.190. Duty of county commission when funds are deposited with two or more banks. — When the funds of any county are deposited with two or more banking corporations, or associations, as provided in section 110.180 , the county commission shall select and name, by order, one of the banking concerns to act as a clearing house for the others, at which all checks drawn by the county treasurer upon the county funds shall be finally paid; and the bank so selected and acting as a clearing house shall be allowed a rebate on the amount of interest due from it to the county for funds deposited with it; but the rebate shall not exceed one-half of one percent per annum on the whole amount of county funds deposited with the banking concern, to be computed as provided in section 110.150 and to be deducted from the amount of interest due and payable monthly as provided in section 110.150 . (RSMo 1939 § 13853, A.L. 1959 S.B. 77) Prior revisions: 1929 § 12190; 1919 § 9588; 1909 § 3809

Mo. Rev. Stat. § 110.200 County commission may readvertise and relet.

110.200. County commission may readvertise and relet. — If the bids submitted under the provisions of section 110.140 shall not, when taken together, include the whole of said funds, the county commission may let the part or parts not bid for in the manner provided in section 110.190 , or, if the rate of interest offered upon any part or parts into which said funds are divided shall, in the judgment of the commission, be too low, said county commission may accept one or more bids for one or more of said parts, and readvertise and relet the part or parts of said funds for which an adequate rate of interest has not been offered, or may let such part or parts in the manner provided in section 110.180 . (RSMo 1939 § 13854) Prior revisions: 1929 § 12191; 1919 § 9589; 1909 § 3810

Mo. Rev. Stat. § 110.210 Failure to select depositary.

110.210. Failure to select depositary. — If, for any reason, no selection of a depositary is made at the time fixed by sections 110.130 to 110.260 , the county commission may, at any subsequent term, after twenty days' notice, receive bids and select a depositary or depositaries in the manner provided in section 110.130 , and the bank or banks so selected shall remain the depositary or depositaries until the next regular term for the selection of a depositary as provided by section 110.130 , unless the order selecting it be revoked for the causes specified in sections 110.130 to 110.260 . (RSMo 1939 § 13859) Prior revisions: 1929 § 12196; 1919 § 9594; 1909 § 3815

Mo. Rev. Stat. § 110.230 Duplicate monthly statements by depositaries.

110.230. Duplicate monthly statements by depositaries. — It shall be the duty of each depositary selected under the provisions of sections 110.130 to 110.260 on the first of each month to make a statement in duplicate of the amount of interest accrued for the preceding month, and of the balance standing to the credit of said county with such depositary, one of which statements said depositary shall deliver to the county treasurer, and one to the county clerk of said county. (RSMo 1939 § 13857) Prior revisions: 1929 § 12194; 1919 § 9592; 1909 § 3813

Mo. Rev. Stat. § 110.240 Warrants - checks.

110.240. Warrants — checks. — It is the duty of the county treasurer to draw a check as county treasurer upon a county depositary in favor of the legal holder thereof, and to charge the same to the fund upon which it is drawn. No county treasurer shall draw any check upon the funds in any depositary unless there is sufficient money belonging to the fund upon which the check is drawn to pay the same, and no money belonging to the county shall be paid by any depositary except upon checks of the county treasurer. In case any bonds, coupons or other indebtedness of the county are payable by the terms of the bonds, coupons or other debts at any particular place other than the treasury of the county, nothing contained in this section shall prevent any county commission from causing the treasurer to place a sufficient sum at the place where such debts shall be payable, at the time of their maturity, to meet the same. (RSMo 1939 § 13858, A.L. 1992 S.B. 833) Prior revisions: 1929 § 12195; 1919 § 9593; 1909 § 3814 (1971) County treasurer's duty to pay school district's money on warrant of school board is purely ministerial and fact that state board of education had ordered dissolving of school district does not relieve him of that duty. State ex rel. Sch. Dist. No. 15, Pleasant Val. v. Baker (A.), 472 S.W.2d 865.

Mo. Rev. Stat. § 110.250 Depositary to provide additional security, when.

110.250. Depositary to provide additional security, when. — If the county commission, at any time, deems it necessary for the protection of the county, it may require any depositary to provide additional security, and upon failure to do so within five days after the service of a copy of the order upon the bank the county commission may proceed to select another depositary in lieu thereof, in the manner provided in section 110.130 . (RSMo 1939 § 13860, A.L. 1959 S.B. 77) Prior revisions: 1929 § 12197; 1919 § 9595; 1909 § 3816

Mo. Rev. Stat. § 110.260 County treasurer exempt from liability, when.

110.260. County treasurer exempt from liability, when. — The county treasurer shall not be responsible for any loss of the county funds through the negligence or failure of any depositary, but nothing in sections 110.130 to 110.260 shall release said treasurer from any loss resulting from any official misconduct on his part, or from responsibility for the funds of the county, until a depositary shall be selected and the funds deposited therein, or for any misappropriation of such funds in any manner by him. (RSMo 1939 § 13861) Prior revisions: 1929 § 12198; 1919 § 9596; 1909 § 3817

Mo. Rev. Stat. § 110.270 Counties may place money not needed for current operations outright or by ...

110.270. Counties may place money not needed for current operations outright or by repurchase agreement, requirement. — Any county may place money of the county which it has determined is not needed for current operations in obligations described in Section 15, Article IV, Constitution of Missouri, outright or by repurchase agreement. Such obligations and agreements shall be purchased through institutions in the county whose deposits may be insured by an agency of the United States government, hereafter referred to as federally insured institutions, provided the county determines such purchases to be in the best interest of the county as determined by the county treasurer. When such federally insured institutions are unwilling or unable to provide such obligations and agreements, the county may purchase them from federally insured institutions in any adjacent county in Missouri. The investment authority granted by this section shall be in addition to the investment authority otherwise granted a county by law. (L. 1994 H.B. 1312)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://revisor.mo.gov/main/OneChapter.aspx?chapter=110Fetched: 10/17/2026