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
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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
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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 value to the
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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 June 20, 1963.