HomeMy Public PortalAboutR0726 R E S O L U T I O N NO. 726
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 1964-1965, 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 Concord Village
Bank of Crestwood
Bank of Ferguson
Bank of North County
Bank of Overland
Bank of St. Ann
Bank of St. Louis
Big Bend Bank
Boatmen's National Bank
Bremen Bank & Trust Co.
The Brentwood Bank
Cass Bank & Trust Co.
Chippewa Trust Co.
Citizens National Bank of Maplewood
City Bank
The Clayton Bank
Commercial Bank of St. Louis County
Delmar Bank of University City
Easton Taylor Trust Co.
First National Bank in St. Louis
First National Bank of Clayton
First National Bank of Wellston
First Security Bank in Kirkwood
Florissant Bank
Gravois Bank
Hampton Bank of St. Louis
Jefferson Bank & Trust Co.
Jefferson-Gravois Bank of St. Louis
Jennings North Side Bank
The Kirkwood Bank
Lemay Bank & Trust Co.
Lindbergh Bank
Lindell Trust Co.
Manchester Bank of St. Louis
Manufacturers Bank & Trust Co.
Maplewood Bank & Trust Co.
Mercantile Commerce National Bank
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Mercantile Trust Co.
Mound City Trust Co.
Normandy Bank
North St. Louis Trust Co.
Northland Bank
Northwestern Bank & Trust Co.
Peoples State Bank of Maplewood
Pine Lawn Bank & Trust Co.
St. Johns Community Bank
St. Louis County National Bank
Security Trust Co.
South County Bank
South Side National Bank in St. Louis
Southern Commercial & Savings Bank
Southwest Bank
State Bank & Trust Co. of Wellston
Tower Grove Bank & Trust Co.
Webster Groves Trust Co.
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
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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 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
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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.
The foregoing Resolution was adopted June 10, 1964.