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HomeMy Public PortalAboutR0652 R E S O L U T I O N NO. 652 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 1963-1964 for the general and special funds and accounts of the District and all subdistricts: American National Bank in St. Louis Baden Bank of St. Louis Bank of Ferguson Bank of St. Louis Boatmen's National Bank The Brentwood Bank Cass Bank & Trust Company Citizens National Bank of Maplewood The City Bank Clayton Bank Crestwood Bank Easton Taylor Trust Company 2 First National Bank of Clayton First National Bank in St. Louis First Security Bank in Kirkwood Florissant Bank Gravois Bank Hampton Bank of St. Louis Jefferson Bank & Trust Company Jefferson Gravois Bank of St. Louis The Kirkwood Bank Lemay Bank & Trust Company Lindell Trust Company The Manchester Bank of St. Louis Manufacturers Bank & Trust Company Mercantile Commerce National Bank in St. Louis The Mercantile Trust Company Mound City Trust Company Normandy Bank Pine Lawn Bank & Trust Company St. Louis County National Bank Security Trust Company Southwest Bank Tower Grove Bank & Trust Company The Webster Groves Trust Company 3 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 value to the 4 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. 5 The foregoing Resolution was adopted June 20, 1963.