105.390. State treasurer as trustee of contributions--receipt, deposit and disposition of funds.
State treasurer as trustee of contributions--receipt, depositand disposition of funds.
105.390. 1. The state treasurer is appointed trustee of theold age and survivors insurance contributions. The trustee shalldeposit in one or more banks or trust companies to the credit ofthe trust the following:
(1) All contributions, interest and penalties collectedunder sections 105.340 to 105.385;
(2) All moneys appropriated thereto;
(3) All moneys paid to the state pursuant to any agreemententered into under section 105.350;
(4) Any property or securities and earnings thereof acquiredthrough the use of the moneys in the account; and
(5) All sums recovered upon the bond of the trustee orotherwise for losses sustained by the account and all othermoneys received for the account from any other source.
2. No money shall be deposited in or be retained by any bankor trust company which does not have on deposit with and for thetrustee at the time the kind and value of collateral required bysection 30.270, RSMo, for depositaries of the state treasurer.
3. All moneys in the trustee's account shall be mingled andundivided. Subject to the provisions of sections 105.300 to105.440, the trustee is vested with full power, authority andjurisdiction over the account, including all moneys and propertyor securities belonging thereto, and may perform any and all actswhich are necessary to the administration thereof consistent withthe provisions of sections 105.300 to 105.440, except that allwithdrawals from the trustee's account shall be accompanied by acertification of the director of the division of accounting thatthe withdrawal is in the correct amount and for a proper andlegal purpose.
4. The trustee's account shall be held separate and apartfrom any other funds or moneys of the state and shall be used andadministered exclusively for the purpose of sections 105.300 to105.440. Withdrawals from such account shall be made solely for:
(1) Payment of amounts required to be paid to the federalagency pursuant to an agreement entered into under section105.310;
(2) Payments of refunds provided for in section 105.340;
(3) Refunds of overpayments, not otherwise adjustable, madeby a political subdivision or instrumentality; or
(4) Investing part or all of the account in United Statesobligations or for placing part or all of the account in openaccount time deposits in banking institutions in this stateselected by the state treasurer and approved by the governor andstate auditor.
5. All interest received from the investment or deposit offunds from this account and all interest and penalties collectedbut not remitted to the federal agency shall be credited by thestate treasurer to general revenue.
6. From his account the trustee shall pay to the federalagency such amounts and at such times as may be directed by thestate agency in accordance with any agreement entered into undersection 105.310.
(L. 1951 p. 788 § 6, A.L. 1959 S.B. 186, A.L. 1973 H.B. 615, A.L. 1980 H.B. 1153, A.L. 1985 H.B. 640)Effective 6-25-85
CROSS REFERENCE:
Multinational banks, securities and obligations of, investment in, when, RSMo 409.950