30.250. Contract with depositary, terms and conditions.
Contract with depositary, terms and conditions.
30.250. 1. The state treasurer shall enter into a written contractwith each depositary setting forth the conditions and terms upon which themoneys of the state are deposited therewith and containing among itsprovisions and conditions the following:
(1) The amount of the moneys of the state to be entrusted to eachdepositary;
(2) With respect to demand deposits, the time such contract shallcontinue with the right reserved to each the state treasurer and thedepositary to terminate the contract at any time upon giving ninety days'notice to the other party of his or her or its intention to do so;
(3) With respect to time deposits, the conditions as to time andnotice which need be given in regard to withdrawals and the rate ofinterest which the depositary shall be obligated to pay;
(4) Provisions requiring that the depositary shall:
(a) Safely keep such deposits;
(b) Pay demand deposits on the state treasurer's demand therefor; and
(c) Pay time deposits only in accordance with the contract with thedepositary;
(5) That such depositary shall secure the state moneys with theamount and character of securities provided for in section 30.270, suchsecurities to be held at the expense of the depositary;
(6) That no item of security deposited by a depositary under theterms of the contract shall be withdrawn without the written consent of thestate treasurer; and that otherwise the representatives of the state ofMissouri shall have the rights prescribed by sections 30.270 and 30.280;
(7) That the depositary shall, at times specified by the statetreasurer, render a statement showing the daily activity in the account;
(8) That in the event the depositary shall default in any manner inperforming any of the terms and conditions of the contract, or shall failto keep safely the moneys of the state deposited with it, the statetreasurer shall be authorized forthwith without notice, advertisement ordemand, and at public or private sale, to convert into money the securitiesdeposited, or as many of them as may be necessary to pay the whole amountof the state deposits in such depositary; and
(9) The contract for state funds may be for a period of up to fiveyears.
2. Upon the execution of such contracts the state treasurer shalldeliver a copy thereof to the governor, a copy thereof to the stateauditor, a copy thereof to the depositary, shall file another copy with thesecretary of state, and shall retain the contract in his own office.
(RSMo 1939 § 13087, A.L. 1945 p. 1977 § 35, A. 1949 S.B. 1013, A.L. 1957 p. 484, A.L. 1973 S.B. 89, A.L. 1983 H.B. 389, A.L. 1988 H.B. 1260, A.L. 2005 S.B. 270)Prior revisions: 1929 § 11470; 1919 § 13380; 1909 § 11881
Effective 5-13-05