HomeMy Public PortalAboutR0242 R E S O L U T I O N NO. 242
WHEREAS, under the provisions of Section 7.080 of the
Plan of The Metropolitan St. Louis Sewer District, the Board of
Trustees of the District is directed to select annually one or
more banks or trust companies, situated in the District, for the
deposit of all funds of the District and any subdistrict, and
WHEREAS, the Board of Trustees is directed to require
each such bank or trust company to furnish certain security for
the amount of deposits with said bank or trust company,
NOW, THEREFORE, BE IT RESOLVED that the following banks
and trust companies be, and the same are hereby, selected as
depositaries for the funds of the District and all subdistricts
for the Fiscal Year 1959-1960 for the general and special funds
and accounts of the District and all subdistricts:
The First National Bank in St. Louis, St. Louis, Mo.
The St. Louis County National Bank, Clayton, Mo.
The Bank of St. Louis, St. Louis, Mo.
The Boatmen's National Bank, St. Louis, Mo.
The First National Bank of Clayton, Clayton, Mo.
The Manchester Bank of St. Louis, St. Louis, Mo.
The Mercantile Trust Company, St. Louis, Mo.
and
BE IT FURTHER RESOLVED that Principal and Interest
Funds for all bond issues sold during the Fiscal Year 1959-1960
shall be deposited in the bank selected by the purchasers of the
bonds and approved by the Board of Trustees of the District, and,
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BE IT FURTHER RESOLVED that the approval of the Board
of Trustees shall be secured by the Secretary-Treasurer prior to
the transfer of funds from one depositary to another depositary,
except such transfers as may be required from time to time for
current payment of bond interest and principal, or such transfers
as may be required for the equalization of funds in the various
depositaries.
BE IT FURTHER RESOLVED that as a condition precedent to
the deposit of funds of the District, or of funds held by the
District, each of said banks and trust companies shall deposit
with the Federal Reserve Bank of St. Louis, or with a National
Bank in St. Louis, securities of the kind and character as
provided in Section 30.270, Revised Statutes of Missouri, 1949,
equal in market value to the amount of the deposits of the
District and subdistricts in each of said banks or trust
companies, for the security of the funds deposited by the
District. PROVIDED: That, upon increase of deposits in each of
said banks and trust companies, such banks and trust companies
will make additional deposits of securities of like kind and
character with the Federal Reserve Bank of St. Louis, or with a
National Bank in St. Louis, equal in market value to the amount by
which deposits are increased. PROVIDED FURTHER: That each of said
banks and trust companies may, at any time, withdraw any of the
securities so deposited upon depositing in lieu thereof other
securities of like kind and character and at least equal in market
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value to the securities withdrawn. PROVIDED FURTHER: That
securities so deposited shall be pledged to secure payment by the
pledging bank or trust company of District funds on the check or
checks of the District, and that such securities shall be released
and delivered to the District on its sole demand made to the
Federal Reserve Bank of St. Louis, or a National Bank in St.
Louis, as the case may be, in the event that such pledging bank or
trust company should fail to pay such secured funds, or any part
thereof, on the check or checks of the District, and that
securities so released and delivered to the District shall be
converted into money and the District shall use the same in lieu
of such secured funds.
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The foregoing Resolution was adopted on June 25, 1959.