Missouri Revised Statutes
Chapter 30
State Treasurer
←30.260
Section 30.270.1
30.280→
August 28, 2015
Security for safekeeping of state funds.
30.270. 1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and the
state treasurer shall require of the selected and approved banks or
financial institutions as security for the safekeeping and payment of
deposits, securities from the list provided for in this section, which list
shall include only securities of the following kind and character, unless
it is determined by the state treasurer that the use of such securities as
collateral may place state public funds at undue risk:
(1) Bonds or other obligations of the United States;
(2) Bonds or other obligations of the state of Missouri including
revenue bonds issued by state agencies or by state authorities created by
legislative enactment;
(3) Bonds or other obligations of any city in this state having a
population of not less than two thousand;
(4) Bonds or other obligations of any county in this state;
(5) Approved registered bonds or other obligations of any school
district, including certificates of participation and leasehold revenue
bonds, situated in this state;
(6) Approved registered bonds or other obligations of any special
road district in this state;
(7) State bonds or other obligations of any state;
(8) Notes, bonds, debentures or other similar obligations issued by
the farm credit banks or agricultural credit banks or any other obligations
issued pursuant to the provisions of an act of the Congress of the United
States known as the Farm Credit Act of 1971, and acts amendatory thereto;
(9) Bonds of the federal home loan banks;
(10) Any bonds or other obligations guaranteed as to payment of
principal and interest by the government of the United States or any agency
or instrumentality thereof;
(11) Bonds of any political subdivision established pursuant to the
provisions of Section 30, Article VI of the Constitution of Missouri;
(12) Tax anticipation notes issued by any county of the first
classification;
(13) A surety bond issued by an insurance company licensed pursuant
to the laws of the state of Missouri whose claims-paying ability is rated
in the highest category by at least one nationally recognized statistical
rating agency. The face amount of such surety bond shall be at least equal
to the portion of the deposit to be secured by the surety bond;
(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank;
(15) Out-of-state municipal bonds, including certificates of
participation and leasehold revenue bonds, provided such bonds are rated in
the highest category by at least one nationally recognized statistical
rating agency;
(16) (a) Mortgage securities that are individual loans that include
negotiable promissory notes and the first lien deeds of trust securing
payment of such notes on one to four family real estate, on commercial real
estate, or on farm real estate located in Missouri or states adjacent to
Missouri, provided such loans:
a. Are underwritten to conform to standards established by the state
treasurer, which are substantially similar to standards established by the
Federal Home Loan Bank of Des Moines, Iowa, and any of its successors in
interest that provide funding for financial institutions in Missouri;
b. Are offered by a financial institution in which a senior executive
officer certifies under penalty of perjury that such loans are compliant
with the requirements of the Federal Home Loan Bank of Des Moines, Iowa,
when such loans are pledged by such bank;
c. Are offered by a financial institution that is well capitalized;
and
d. Are not construction loans, are not more than ninety days
delinquent, have not been classified as substandard, doubtful, or subject
to loss, are one hundred percent owned by the financial institution, are
otherwise unencumbered and are not being temporarily warehoused in the
financial institution for sale to a third party. Any disqualified mortgage
securities shall be removed as collateral within ninety days of
disqualification or the state treasurer may disqualify such collateral as
collateral for state funds;
(b) The state treasurer may promulgate regulations and provide such
other forms or agreements to ensure the state maintains a first priority
position on the deeds of trust and otherwise protect and preserve state
funds. Any rule or portion of a rule, as that term is defined in section
536.010, that is created under the authority delegated in this section
shall become effective only if it complies with and is subject to all of
the provisions of chapter 536 and, if applicable, section 536.028. This
section and chapter 536 are nonseverable and if any of the powers vested
with the general assembly pursuant to chapter 536 to review, to delay the
effective date, or to disapprove and annul a rule are subsequently held
unconstitutional, then the grant of rulemaking authority and any rule
proposed or adopted after August 28, 2005, shall be invalid and void;
(c) A status report on all such mortgage securities shall be provided
to the state treasurer on a calendar monthly basis in the manner and format
prescribed by the state treasurer by the financial institutions pledging
such mortgage securities and also shall certify their compliance with
subsection 2 for such mortgage securities;
(d) In the alternative to paragraph (a) of this subdivision, a
financial institution may provide a blanket lien on all loans secured by
one to four family real estate, all loans secured by commercial real
estate, all loans secured by farm real estate, or any combination of these
categories, provided the financial institution secures such blanket liens
with real estate located in Missouri and states adjacent to Missouri and
otherwise complies with paragraphs (b) and (c) of this subdivision;
(e) The provisions of paragraphs (a) to (d) of this subdivision are
not authorized for any Missouri political subdivision, notwithstanding the
provisions of chapter 110 to the contrary;
(f) As used in this subdivision, the term "unencumbered" shall mean
mortgage securities pledged for state funds as provided in subsection 1 of
this section, and not subject to any other express claims by any third
parties, including but not limited to a blanket lien on the bank assets by
the Federal Home Loan Bank, a depositary arrangement when securities are
loaned and repurchased daily or otherwise, or the depositary has pledged
its stock and assets for a loan to purchase another depositary or
otherwise; and
(g) As used in this subdivision, the term "well capitalized" shall
mean a banking institution that according to its most recent report of
condition and income or thrift financial report, publicly available as
applicable, qualifies as well capitalized under the uniform capital
requirements established by the federal banking regulators or as determined
by state banking regulators under substantially similar requirements;
(17) Any investment that the state treasurer may invest in as
provided in Article IV, Section 15 of the Missouri Constitution, and
subject to the state treasurer's written investment policy in section
30.260, that is not otherwise provided for in this section, provided the
banking institution or eligible lending institution as defined in
subdivision (10) of section 30.750 is well capitalized, as defined in
subdivision (16) of this subsection. The provisions of this subdivision
are not authorized for political subdivisions, notwithstanding the
provisions of chapter 110 to the contrary.
2. Securities deposited shall be in an amount valued at market equal
at least to one hundred percent of the aggregate amount on time deposit as
well as on demand deposit with the particular financial institution less
the amount, if any, which is insured either by the Federal Deposit
Insurance Corporation or by the National Credit Unions Share Insurance
Fund. Furthermore, for a well-capitalized banking institution, securities
authorized in this section that are:
(1) Mortgage securities on loans secured on one to four family real
estate appraised to reflect the market value at the time of the loan and
deposited as collateral shall not exceed one hundred twenty-five percent of
the aggregate amount of time deposits and demand deposits;
(2) Mortgage securities on loans secured on commercial real estate or
on farm real estate appraised to reflect the market value at the time of
the loan and deposited as collateral shall not exceed the collateral
requirements of the Federal Home Loan Bank of Des Moines, Iowa;
(3) United States Treasury securities and United States Federal
Agency debentures issued by Fannie Mae, Freddie Mac, the Federal Home Loan
Bank, or the Federal Farm Credit Bank valued at market and deposited as
collateral shall not exceed one hundred five percent of the aggregate
amount of time deposits and demand deposits. All other securities, except
as noted elsewhere in this section, valued at market and deposited as
collateral shall not exceed one hundred fifteen percent of the aggregated
amount of the time deposits and demand deposits; and
(4) Securities that are surety bonds and letters of credit authorized
as collateral need only collateralize one hundred percent of the aggregate
amount of time deposits and demand deposits.
3. The securities or book entry receipts shall be delivered to the
state treasurer and receipted for by the state treasurer and retained by
the treasurer or by financial institutions that the governor, state auditor
and treasurer agree upon. The state treasurer shall from time to time
inspect the securities and book entry receipts and see that they are
actually held by the state treasury or by the financial institutions
selected as the state depositaries. The governor and the state auditor may
inspect or request an accounting of the securities or book entry receipts,
and if in any case, or at any time, the securities are not satisfactory
security for deposits made as provided by law, they may require additional
security to be given that is satisfactory to them.
4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for
in subsection 1 of this section may be substituted in lieu of the withdrawn
securities with the consent of the treasurer; but a sufficient amount of
securities to secure the deposits shall always be held by the treasury or
in the selected depositaries.
5. If a financial institution of deposit fails to pay a deposit, or
any part thereof, pursuant to the terms of its contract with the state
treasurer, the state treasurer shall forthwith convert the securities into
money and disburse the same according to law.
6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds to
be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the conditions
of this chapter or upon the release by the state treasurer.
(RSMo 1939 § 13086, A.L. 1945 p. 1977 § 37, A.L. 1945 p. 1990 § 37,
A.L. 1957 p. 484, A.L. 1959 H.B. 117, A.L. 1965 p. 137, A.L. 1969
p. 89, A.L. 1973 S.B. 89, A.L. 1975 S.B. 257, A.L. 1979 H.B. 588,
A.L. 1983 H.B. 389, A.L. 1987 H.B. 694, A.L. 1988 H.B. 1260, A.L.
1993 H.B. 105 & 480, A.L. 1998 H.B. 1707, A.L. 2003 S.B. 346,
A.L. 2005 S.B. 270, A.L. 2009 H.B. 883, A.L. 2012 H.B. 1308)
Prior revisions: 1929 § 11469; 1919 § 13379; 1909 § 11880
2009
2005
2003
1998
2009
30.270. 1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and the
state treasurer shall require of the selected and approved banks or financial
institutions as security for the safekeeping and payment of deposits,
securities from the list provided for in this section, which list shall
include only securities of the following kind and character, unless it is
determined by the state treasurer that the use of such securities as
collateral may place state public funds at undue risk:
(1) Bonds or other obligations of the United States;
(2) Bonds or other obligations of the state of Missouri including
revenue bonds issued by state agencies or by state authorities created by
legislative enactment;
(3) Bonds or other obligations of any city in this state having a
population of not less than two thousand;
(4) Bonds or other obligations of any county in this state;
(5) Approved registered bonds or other obligations of any school
district, including certificates of participation and leasehold revenue
bonds, situated in this state;
(6) Approved registered bonds or other obligations of any special road
district in this state;
(7) State bonds or other obligations of any state;
(8) Notes, bonds, debentures or other similar obligations issued by the
farm credit banks or agricultural credit banks or any other obligations
issued pursuant to the provisions of an act of the Congress of the United
States known as the Farm Credit Act of 1971, and acts amendatory thereto;
(9) Bonds of the federal home loan banks;
(10) Any bonds or other obligations guaranteed as to payment of principal
and interest by the government of the United States or any agency or
instrumentality thereof;
(11) Bonds of any political subdivision established pursuant to the
provisions of section 30, article VI of the Constitution of Missouri;
(12) Tax anticipation notes issued by any county of the first
classification;
(13) A surety bond issued by an insurance company licensed pursuant to
the laws of the state of Missouri whose claims-paying ability is rated in the
highest category by at least one nationally recognized statistical rating
agency. The face amount of such surety bond shall be at least equal to the
portion of the deposit to be secured by the surety bond;
(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank possessing the highest rating issued by at least one nationally
recognized statistical rating agency;
(15) Out-of-state municipal bonds, including certificates of
participation and leasehold revenue bonds, provided such bonds are rated in
the highest category by at least one nationally recognized statistical rating
agency;
(16) (a) Mortgage securities that are individual loans that include
negotiable promissory notes and the first lien deeds of trust securing
payment of such notes on one to four family real estate, on commercial real
estate, or on farm real estate located in Missouri or states adjacent to
Missouri, provided such loans:
a. Are underwritten to conform to standards established by the state
treasurer, which are substantially similar to standards established by the
Federal Home Loan Bank of Des Moines, Iowa, and any of its successors in
interest that provide funding for financial institutions in Missouri;
b. Are offered by a financial institution in which a senior executive
officer certifies under penalty of perjury that such loans are compliant with
the requirements of the Federal Home Loan Bank of Des Moines, Iowa, when such
loans are pledged by such bank;
c. Are offered by a financial institution that is well capitalized; and
d. Are not construction loans, are not more than ninety days delinquent,
have not been classified as substandard, doubtful, or subject to loss, are
one hundred percent owned by the financial institution, are otherwise
unencumbered and are not being temporarily warehoused in the financial
institution for sale to a third party.
Any disqualified mortgage securities shall be removed as collateral within
ninety days of disqualification or the state treasurer may disqualify such
collateral as collateral for state funds;
(b) The state treasurer may promulgate regulations and provide such
other forms or agreements to ensure the state maintains a first priority
position on the deeds of trust and otherwise protect and preserve state
funds. Any rule or portion of a rule, as that term is defined in section
536.010, that is created under the authority delegated in this section shall
become effective only if it complies with and is subject to all of the
provisions of chapter 536 and, if applicable, section 536.028. This section
and chapter 536 are nonseverable and if any of the powers vested with the
general assembly pursuant to chapter 536 to review, to delay the effective
date, or to disapprove and annul a rule are subsequently held
unconstitutional, then the grant of rulemaking authority and any rule
proposed or adopted after August 28, 2005, shall be invalid and void;
(c) A status report on all such mortgage securities shall be provided to
the state treasurer on a calendar monthly basis in the manner and format
prescribed by the state treasurer by the financial institutions pledging such
mortgage securities and also shall certify their compliance with subsection 2
for such mortgage securities;
(d) In the alternative to paragraph (a) of this subdivision, a financial
institution may provide a blanket lien on all loans secured by one to four
family real estate, all loans secured by commercial real estate, all loans
secured by farm real estate, or any combination of these categories, provided
the financial institution secures such blanket liens with real estate located
in Missouri and states adjacent to Missouri and otherwise complies with
paragraphs (b) and (c) of this subdivision;
(e) The provisions of paragraphs (a) to (d) of this subdivision are not
authorized for any Missouri political subdivision, notwithstanding the
provisions of chapter 110 to the contrary;
(f) As used in this subdivision, the term "unencumbered" shall mean
mortgage securities pledged for state funds as provided in subsection 1 of
this section, and not subject to any other express claims by any third
parties, including but not limited to a blanket lien on the bank assets by
the Federal Home Loan Bank, a depositary arrangement when securities are
loaned and repurchased daily or otherwise, or the depositary has pledged its
stock and assets for a loan to purchase another depositary or otherwise; and
(g) As used in this subdivision, the term "well capitalized" shall mean
a banking institution that according to its most recent report of condition
and income or thrift financial report, publicly available as applicable,
qualifies as well capitalized under the uniform capital requirements
established by the federal banking regulators or as determined by state
banking regulators under substantially similar requirements;
(17) Any investment that the state treasurer may invest in as provided in
article IV, section 15 of the Missouri Constitution, and subject to the state
treasurer's written investment policy in section 30.260, that is not otherwise
provided for in this section, provided the banking institution or eligible
lending institution as defined in subdivision (10) of section 30.750 is well
capitalized, as defined in subdivision (16) of this subsection. The
provisions of this subdivision are not authorized for political subdivisions,
notwithstanding the provisions of chapter 110 to the contrary.
2. Securities deposited shall be in an amount valued at market equal at
least to one hundred percent of the aggregate amount on time deposit as well
as on demand deposit with the particular financial institution less the
amount, if any, which is insured either by the Federal Deposit Insurance
Corporation or by the National Credit Unions Share Insurance Fund.
Furthermore, for a well-capitalized banking institution, securities
authorized in this section that are:
(1) Mortgage securities on loans secured on one to four family real
estate appraised to reflect the market value at the time of the loan and
deposited as collateral shall not exceed one hundred twenty-five percent of
the aggregate amount of time deposits and demand deposits;
(2) Mortgage securities on loans secured on commercial real estate or on
farm real estate appraised to reflect the market value at the time of the
loan and deposited as collateral shall not exceed the collateral requirements
of the Federal Home Loan Bank of Des Moines, Iowa;
(3) United States Treasury securities and United States Federal Agency
debentures issued by Fannie Mae, Freddie Mac, the Federal Home Loan Bank, or
the Federal Farm Credit Bank valued at market and deposited as collateral
shall not exceed one hundred five percent of the aggregate amount of time
deposits and demand deposits. All other securities, except as noted
elsewhere in this section valued at market and deposited as collateral shall
not exceed one hundred fifteen percent of the aggregated amount of the time
deposits and demand deposits; and
(4) Securities that are surety bonds and letters of credit authorized as
collateral need only collateralize one hundred percent of the aggregate
amount of time deposits and demand deposits.
3. The securities or book entry receipts shall be delivered to the state
treasurer and receipted for by the state treasurer and retained by the
treasurer or by financial institutions that the governor, state auditor and
treasurer agree upon. The state treasurer shall from time to time inspect the
securities and book entry receipts and see that they are actually held by the
state treasury or by the financial institutions selected as the state
depositaries. The governor and the state auditor may inspect or request an
accounting of the securities or book entry receipts, and if in any case, or
at any time, the securities are not satisfactory security for deposits made
as provided by law, they may require additional security to be given that is
satisfactory to them.
4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for in
subsection 1 of this section may be substituted in lieu of the withdrawn
securities with the consent of the treasurer; but a sufficient amount of
securities to secure the deposits shall always be held by the treasury or in
the selected depositaries.
5. If a financial institution of deposit fails to pay a deposit, or any
part thereof, pursuant to the terms of its contract with the state treasurer,
the state treasurer shall forthwith convert the securities into money and
disburse the same according to law.
6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds to
be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the conditions of
this chapter or upon the release by the state treasurer.
2005
30.270. 1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and the
state treasurer shall require of the selected and approved banks or
financial institutions as security for the safekeeping and payment of
deposits, securities from the list provided for in this section, which list
shall include only securities of the following kind and character, unless
it is determined by the state treasurer that the use of such securities as
collateral may place state public funds at undue risk:
(1) Bonds or other obligations of the United States;
(2) Bonds or other obligations of the state of Missouri including
revenue bonds issued by state agencies or by state authorities created by
legislative enactment;
(3) Bonds of any city in this state having a population of not less
than two thousand;
(4) Bonds of any county in this state;
(5) Approved registered bonds of any school district situated in this
state;
(6) Approved registered bonds of any special road district in this
state;
(7) State bonds of any state;
(8) Notes, bonds, debentures or other similar obligations issued by
the farm credit banks or agricultural credit banks or any other obligations
issued pursuant to the provisions of an act of the Congress of the United
States known as the Farm Credit Act of 1971, and acts amendatory thereto;
(9) Bonds of the federal home loan banks;
(10) Any bonds or other obligations guaranteed as to payment of
principal and interest by the government of the United States or any agency
or instrumentality thereof;
(11) Bonds of any political subdivision established pursuant to the
provisions of section 30, article VI of the Constitution of Missouri;
(12) Tax anticipation notes issued by any county of the first
classification;
(13) A surety bond issued by an insurance company licensed pursuant
to the laws of the state of Missouri whose claims-paying ability is rated
in the highest category by at least one nationally recognized statistical
rating agency. The face amount of such surety bond shall be at least equal
to the portion of the deposit to be secured by the surety bond;
(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank possessing the highest rating issued by at least one nationally
recognized statistical rating agency;
(15) Out-of-state municipal bonds, provided such bonds are rated in
the highest category by at least one nationally recognized statistical
rating agency;
(16) (a) Mortgage securities that are individual loans that include
negotiable promissory notes and the first lien deeds of trust securing
payment of such notes on one to four family real estate, on commercial real
estate, or on farm real estate located in Missouri or states adjacent to
Missouri, provided such loans:
a. Are underwritten to conform to standards established by the state
treasurer, which are substantially similar to standards established by the
Federal Home Loan Bank of Des Moines, Iowa, and any of its successors in
interest that provide funding for financial institutions in Missouri;
b. Are offered by a financial institution in which a senior executive
officer certifies under penalty of perjury that such loans are compliant
with the requirements of the Federal Home Loan Bank of Des Moines, Iowa,
when such loans are pledged by such bank;
c. Are offered by a financial institution that is well capitalized;
and
d. Are not construction loans, are not more than ninety days
delinquent, have not been classified as substandard, doubtful, or subject
to loss, are one hundred percent owned by the financial institution, are
otherwise unencumbered and are not being temporarily warehoused in the
financial institution for sale to a third party.
Any disqualified mortgage securities shall be removed as collateral within
ninety days of disqualification or the state treasurer may disqualify such
collateral as collateral for state funds;
(b) The state treasurer may promulgate regulations and provide such
other forms or agreements to ensure the state maintains a first priority
position on the deeds of trust and otherwise protect and preserve state
funds. Any rule or portion of a rule, as that term is defined in section
536.010, RSMo, that is created under the authority delegated in this
section shall become effective only if it complies with and is subject to
all of the provisions of chapter 536, RSMo, and, if applicable, section
536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if
any of the powers vested with the general assembly pursuant to chapter 536,
RSMo, to review, to delay the effective date, or to disapprove and annul a
rule are subsequently held unconstitutional, then the grant of rulemaking
authority and any rule proposed or adopted after August 28, 2005, shall be
invalid and void;
(c) A status report on all such mortgage securities shall be provided
to the state treasurer on a calendar monthly basis in the manner and format
prescribed by the state treasurer by the financial institutions pledging
such mortgage securities and also shall certify their compliance with
subsection 2 for such mortgage securities;
(d) In the alternative to paragraph (a) of this subdivision, a
financial institution may provide a blanket lien on all loans secured by
one to four family real estate, all loans secured by commercial real
estate, all loans secured by farm real estate, or any combination of these
categories, provided the financial institution secures such blanket liens
with real estate located in Missouri and states adjacent to Missouri and
otherwise complies with paragraphs (b) and (c) of this subdivision;
(e) The provisions of paragraphs (a) to (d) of this subdivision are
not authorized for any Missouri political subdivision, notwithstanding the
provisions of chapter 110, RSMo, to the contrary;
(f) As used in this subdivision, the term "unencumbered" shall mean
mortgage securities pledged for state funds as provided in subsection 1 of
this section, and not subject to any other express claims by any third
parties, including but not limited to a blanket lien on the bank assets by
the Federal Home Loan Bank, a depositary arrangement when securities are
loaned and repurchased daily or otherwise, or the depositary has pledged
its stock and assets for a loan to purchase another depositary or
otherwise; and
(g) As used in this subdivision, the term "well capitalized" shall
mean a banking institution that according to its most recent report of
condition and income or thrift financial report, publicly available as
applicable, qualifies as well capitalized under the uniform capital
requirements established by the federal banking regulators or as determined
by state banking regulators under substantially similar requirements;
(17) Any investment that the state treasurer may invest in as
provided in article IV, section 15 of the Missouri Constitution, and
subject to the state treasurer's written investment policy in section
30.260, that is not otherwise provided for in this section, provided the
banking institution or eligible lending institution as defined in
subdivision (7) of section 30.750 is well capitalized, as defined in
subdivision (16) of this subsection. The provisions of this subdivision
are not authorized for political subdivisions, notwithstanding the
provisions of chapter 110, RSMo, to the contrary.
2. Securities deposited shall be in an amount valued at market equal
at least to one hundred percent of the aggregate amount on time deposit as
well as on demand deposit with the particular financial institution less
the amount, if any, which is insured either by the Federal Deposit
Insurance Corporation or by the National Credit Unions Share Insurance
Fund. Furthermore, for a well-capitalized banking institution, securities
authorized in this section that are:
(1) Mortgage securities on loans secured on one to four family real
estate appraised to reflect the market value at the time of the loan and
deposited as collateral shall not exceed one hundred twenty-five percent of
the aggregate amount of time deposits and demand deposits;
(2) Mortgage securities on loans secured on commercial real estate or
on farm real estate appraised to reflect the market value at the time of
the loan and deposited as collateral shall not exceed the collateral
requirements of the Federal Home Loan Bank of Des Moines, Iowa;
(3) Other securities valued at market and deposited as collateral
shall not exceed one hundred five percent of the aggregate amount of time
deposits and demand deposits; and
(4) Securities that are surety bonds and letters of credit authorized
as collateral need only collateralize one hundred percent of the aggregate
amount of time deposits and demand deposits.
3. The securities or book entry receipts shall be delivered to the
state treasurer and receipted for by the state treasurer and retained by
the treasurer or by financial institutions that the governor, state auditor
and treasurer agree upon. The state treasurer shall from time to time
inspect the securities and book entry receipts and see that they are
actually held by the state treasury or by the financial institutions
selected as the state depositaries. The governor and the state auditor may
inspect or request an accounting of the securities or book entry receipts,
and if in any case, or at any time, the securities are not satisfactory
security for deposits made as provided by law, they may require additional
security to be given that is satisfactory to them.
4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for
in subsection 1 of this section may be substituted in lieu of the withdrawn
securities with the consent of the treasurer; but a sufficient amount of
securities to secure the deposits shall always be held by the treasury or
in the selected depositaries.
5. If a financial institution of deposit fails to pay a deposit, or
any part thereof, pursuant to the terms of its contract with the state
treasurer, the state treasurer shall forthwith convert the securities into
money and disburse the same according to law.
6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds to
be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the conditions
of this chapter or upon the release by the state treasurer.
2003
30.270. 1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and the
state treasurer shall require of the selected and approved banks or
financial institutions as security for the safekeeping and payment of
deposits, securities from the list provided for in this section, which list
may include only securities of the following kind and character:
(1) Bonds or other obligations of the United States;
(2) Bonds or other obligations of the state of Missouri including
revenue bonds issued by state agencies or by state authorities created by
legislative enactment;
(3) Bonds of any city in this state having a population of not less
than two thousand;
(4) Bonds of any county in this state;
(5) Approved registered bonds of any school district situated in this
state;
(6) Approved registered bonds of any special road district in this
state;
(7) State bonds of any state;
(8) Notes, bonds, debentures or other similar obligations issued by
the federal land banks, federal intermediate credit banks, or banks for
cooperatives or any other obligations issued pursuant to the provisions of
an act of the Congress of the United States known as the Farm Credit Act of
1971, and acts amendatory thereto;
(9) Bonds of the federal home loan banks;
(10) Any bonds or other obligations guaranteed as to payment of
principal and interest by the government of the United States or any agency
or instrumentality thereof;
(11) Bonds of any political subdivision established pursuant to the
provisions of section 30, article VI, of the Constitution of Missouri;
(12) Tax anticipation notes issued by any county of the first
classification;
(13) A surety bond issued by an insurance company licensed pursuant
to the laws of the state of Missouri whose claims-paying ability is rated
in the highest category by at least one nationally recognized statistical
rating agency. The face amount of such surety bond shall be at least equal
to the portion of the deposit to be secured by the surety bond;
(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank possessing the highest rating issued by at least one nationally
recognized statistical rating agency;
(15) Out-of-state municipal bonds, provided such bonds are rated in
the highest category by at least one nationally recognized statistical
rating agency.
2. Securities deposited shall be in an amount valued at market equal
at least to one hundred percent of the aggregate amount on time deposit as
well as on demand deposit with the particular financial institution less
the amount, if any, which is insured either by the Federal Deposit
Insurance Corporation or by the Federal Savings and Loan Insurance
Corporation or by the National Credit Unions Share Insurance Fund.
3. The securities or book entry receipts shall be delivered to the
state treasurer and receipted for by the state treasurer and retained by
the treasurer or by financial institutions that the governor, state auditor
and treasurer agree upon. The state treasurer shall from time to time
inspect the securities and book entry receipts and see that they are
actually held by the state treasury or by the financial institutions
selected as the state depositaries. The governor and the state auditor may
inspect or request an accounting of the securities or book entry receipts,
and if in any case, or at any time, the securities are not satisfactory
security for deposits made as provided by law, they may require additional
security to be given that is satisfactory to them.
4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for
in subsection 1 of this section may be substituted in lieu of the withdrawn
securities with the consent of the treasurer; but a sufficient amount of
securities to secure the deposits shall always be held by the treasury or
in the selected depositaries.
5. If a financial institution of deposit fails to pay a deposit, or
any part thereof, pursuant to the terms of its contract with the state
treasurer, the state treasurer shall forthwith convert the securities into
money and disburse the same according to law.
6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds to
be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the conditions
of this chapter or upon the release by the state treasurer.
1998
30.270. 1. For the security of the moneys deposited by the state
treasurer pursuant to the provisions of this chapter, the state treasurer
shall, from time to time, submit a list of acceptable securities to be
approved by the governor and state auditor if satisfactory to them, and the
state treasurer shall require of the selected and approved banks or
financial institutions as security for the safekeeping and payment of
deposits, securities from the list provided for in this section, which list
may include only securities of the following kind and character:
(1) Bonds or other obligations of the United States;
(2) Bonds or other obligations of the state of Missouri including
revenue bonds issued by state agencies or by state authorities created by
legislative enactment;
(3) Bonds of any city in this state having a population of not less
than two thousand;
(4) Bonds of any county in this state;
(5) Approved registered bonds of any school district situated in this
state;
(6) Approved registered bonds of any special road district in this
state;
(7) State bonds of any state;
(8) Notes, bonds, debentures or other similar obligations issued by
the federal land banks, federal intermediate credit banks, or banks for
cooperatives or any other obligations issued pursuant to the provisions of
an act of the Congress of the United States known as the Farm Credit Act of
1971, and acts amendatory thereto;
(9) Bonds of the federal home loan banks;
(10) Any bonds or other obligations guaranteed as to payment of
principal and interest by the government of the United States or any agency
or instrumentality thereof;
(11) Bonds of any political subdivision established pursuant to the
provisions of section 30, article VI, of the Constitution of Missouri;
(12) Tax anticipation notes issued by any county of the first
classification;
(13) A surety bond issued by an insurance company licensed pursuant
to the laws of the state of Missouri whose claims-paying ability is rated
in the highest category by at least one nationally recognized statistical
rating agency. The face amount of such surety bond shall be at least equal
to the portion of the deposit to be secured by the surety bond;
(14) An irrevocable standby letter of credit issued by a Federal Home
Loan Bank possessing the highest rating issued by at least one nationally
recognized statistical rating agency.
2. Securities deposited shall be in an amount valued at market equal
at least to one hundred percent of the aggregate amount on time deposit as
well as on demand deposit with the particular financial institution less
the amount, if any, which is insured either by the Federal Deposit
Insurance Corporation or by the Federal Savings and Loan Insurance
Corporation or by the National Credit Unions Share Insurance Fund.
3. The securities or book entry receipts shall be delivered to the
state treasurer and receipted for by the state treasurer and retained by
the treasurer or by financial institutions that the governor, state auditor
and treasurer agree upon. The state treasurer shall from time to time
inspect the securities and book entry receipts and see that they are
actually held by the state treasury or by the financial institutions
selected as the state depositaries. The governor and the state auditor may
inspect or request an accounting of the securities or book entry receipts,
and if in any case, or at any time, the securities are not satisfactory
security for deposits made as provided by law, they may require additional
security to be given that is satisfactory to them.
4. Any securities deposited pursuant to this section may from time to
time be withdrawn and other securities described in the list provided for
in subsection 1 of this section may be substituted in lieu of the withdrawn
securities with the consent of the treasurer; but a sufficient amount of
securities to secure the deposits shall always be held by the treasury or
in the selected depositaries.
5. If a financial institution of deposit fails to pay a deposit, or
any part thereof, pursuant to the terms of its contract with the state
treasurer, the state treasurer shall forthwith convert the securities into
money and disburse the same according to law.
6. Any financial institution making deposits of bonds with the state
treasurer pursuant to the provisions of this chapter may cause the bonds to
be endorsed or stamped as it deems proper, so as to show that they are
deposited as collateral and are not transferable except upon the conditions
of this chapter or upon the release by the state treasurer.
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