HomeMy Public PortalAboutR0942 R E S O L U T I O N NO. 942
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 1967-68 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 Creve Coeur
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.
Cass Bank & Trust Co.
Central West End Bank
Chippewa Trust Co.
Citizens Bank of University City
Citizens National Bank of Greater St. Louis
City Bank
The Clayton Bank
The Colonial Bank
Commercial Bank of St. Louis County
Delmar Bank of University City
First National Bank in St. Louis
First National Bank of Clayton
First National Bank of Wellston
First Northwest Bank
First Security Bank in Kirkwood
Florissant Bank
Gateway National Bank of St. Louis
Gravois Bank
Hampton Bank of St. Louis
Jefferson Bank & Trust Co.
Jefferson-Gravois Bank of St. Louis
Jennings North Side Bank
The Kirkwood Bank
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Lemay Bank & Trust Co.
Lindbergh Bank
Lindell Trust Co.
Manchester Bank of St. Louis
Manufacturers Bank & Trust Co.
Maplewood Bank & Trust Co.
Mercantile Commerce Trust Co.
Mercantile Trust Co. National Assn.
Missouri State Bank and Trust Co.
Mound City Trust Co.
Normandy Bank
North St. Louis Trust Co.
Northland Bank
Northwestern Bank & Trust Co.
Peoples State Bank of Richmond Heights
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.
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Valley Bank of Florissant
Webster Groves Trust Co.
West Side National Bank
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 deliver to
the Secretary-Treasurer or to a disinterested banking institution
or safe depositary, as escrow agent or trustee, securities of the
kind and character as provided in Section 30.270, Revised Statutes
of Missouri, 1949, as amended, 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 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 aforesaid disinterested banking institution or
safe depositary, or escrow agent or trustee, 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,
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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 such disinterested banking institution, or safe depositary, or
escrow agent or trustee, 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 2, 1967.