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R1388”REPEALED BY RESOLUTION NO. 1557 © 11/14/79•œ ƝÆϝÏÁÁÝ*Ã”R E S O L U T I O N NO. 1388•ƒ WHEREAS, the Plan of The Metropolitan St. Louis Sewer District provides that the Secretary©Treasurer shall "deposit daily all moneys coming into his hands in such depositaries as are designated by the Board". (Sec. 7.020 (2). It further provides that he shall "invest, with the approval of the Board, funds not immediately needed for the purpose to which said funds are applicable, in any bonds, certificates, or other interestªbearing obligations guaranteed as to both principal and interest by the government of the United States and maturing not later than one year from the date of issue". (Sec. 7.020 (3), and WHEREAS, Section 7.080 provides for the selection of depositaries and covers the requirements of collateral, NOW, THEREFORE, BE IT RESOLVED, that, in order to guide the Secretary©Treasurer, the Board directs him as follows: (1) The usual investment in depositaries shall be in Certificates of Deposit. The Secretary©Treasurer may in his discretion invest in Treasury Bills if he deems it to be in the best interest of the District. (2) The Secretary©Treasurer is to present to the Board for approval annually, at its last regular meeting of each fiscal year, a recommended list of depositaries for the coming fiscal year, all of which shall be within the District, and all of which shall be insured by the Federal Deposit Insurance Corporation. (3) The recommended list of depositaries shall includeÜjÜ those banks within the District's boundaries that express an interest in becoming District depositaries and agree to deliver to the Secretary©Treasurer, or to a disinterested banking institution, collateral at least equal in market value to not less than 100% of the amount of deposit within said bank or trust company, less $20,000.00 insured by the Federal Deposit Insurance Corporation, all as further set out in such resolution selecting depositaries. (4) No bank will be made a depositary if a member of the District's Board of Trustees is on the Board of Directors, or is an officer in the bank, except that from and after the time when such person is appointed to the District's Board, then the funds on deposit with that bank shall not exceed the highest amount on deposit at any time during the 5 year period which precedes the appointment of the person. (5) It shall be the responsibility of the SecretaryªTreasurer to maximize the interest earnings of these funds in the depositaries, and a) Depositaries willing to pay the highest rates of interest for given periods of time shall be selected for these deposits; b) Need for the funds involved to pay construction costs or principal and interest, or other obligations of the District shall be carefully planned with the Director of Finance, again with the purpose of committing these funds in such a way as to maximize their earnings;ÜdÜŒ c) Maximize to the extent possible the investment of funds in increments of $100,000 or more, if higher rates of interest can thereby be obtained; d) The Secretary©Treasurer is instructed to keep nonªinterest bearing deposits at the lowest practical minimum. e) Funds derived from a certain specific area, such as a subdistrict shall, as far as practicable, be kept in those depositaries which may be within that area; f) When Certificates of Deposit mature, the bank involved will be given preference in retaining the money if the interest rate it is willing to pay is as great as that available elsewhere; g) The Board recognizes that its funds come from the entire community irrespective of race, creed or national origin; The District will, therefore, make a special effort to use as depositaries those banks which serve the entire community, assuming the maximum interest available will be paid, and the collateral offered meets the District's requirements; h) From time to time as interest rates change, the Secretary©Treasurer shall confer with the Board for general guidance with respect to the most desirable lengths of time for the maturities of Certificates of Deposit; i) The Secretary©Treasurer shall report to the Board of Trustees each month, the names of the banks in which monies shall have been deposited as Certificates of Deposit, the date of deposit, the amount of deposit, the maturity date of eachÜdÜ Certificate of Deposit and the interest rates to be received. j) The Secretary©Treasurer shall each month give the Board a bank by bank summary as of the last of the previous month of all cash in each bank, showing the amount of the Certificates of Deposit, cash, savings account, total cash in bank, face value of collateral and market value of collateral. k) An annual report to the board shall be made as to the average amount of money in depositaries and the total amount of interest earned. (6) All suggestions, requests or instructions from Board members regarding deposits shall be cleared in advance through the Board as a whole. The foregoing Resolution was adopted April 24, 1974.