HomeMy Public PortalAboutR1550 R E S O L U T I O N NO. 1550
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 1979-80 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 Crestwood
Bank of Ellisville
The Bank of Ladue
Bank of St. Ann
Bank of St. Louis
Big Bend Bank
Boatmen's Bank of Concord Village
Boatmen's Bank of West County
Boatmen's National Bank of St. Louis
Boatmen's National Bank of North St. Louis County
Bremen Bank & Trust Co.
Brentwood Bank
Cass Bank & Trust Co.
Central Bank - Clayton
Charter Bank of Jennings
Charter Bank of Overland
Charter Bank of Webster Groves
Chesterfield Bank
Chippewa Trust Co.
Citizens Bank Of University City
Citizens National Bank of Greater St. Louis
City Bank
The Clayton Bank
The Colonial Bank
Commerce Bank of Fenton
Commerce Bank of Florissant
Commerce Bank of Kirkwood
Commerce - Manchester Bank
Commerce Bank of Mound City
Commerce Bank of St. Louis
Commerce Bank - South
Commerce Bank of University City
Commercial Bank
Continental Bank & Trust Co.
County Bank of Chesterfield
First Missouri Bank & Trust Company of Creve Coeur
First Missouri Bank of West County
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First National Bank in St. Louis
First National Bank of Clayton
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
Ladue-Innerbelt Bank
Landmark Bank of Creve Coeur
Landmark Central Bank & Trust Co.
Landmark North County Bank
Landmark Northwest Plaza Bank
Lemay Bank & Trust Co.
Lewis & Clark Mercantile Bank
Lindbergh Bank
Lindell Trust Co.
Manufacturers Bank & Trust Co.
Mark Twain National Bank
Mark Twain Northland Bank
Mark Twain Parkway Bank
Mark Twain South County Bank
Mark Twain State Bank
Mehlville National Bank
Meramec Valley Bank
Mercantile Commerce Trust Co.
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Mercantile Trust Co.
Mercantile National Bank of St. Louis County
Missouri State Bank and Trust Co.
Normandy Bank
North St. Louis Trust Co.
Northwestern Bank & Trust Co.
Oakville Bank & Trust Co.
Pioneer Bank & Trust Co.
Plaza Bank
Progress Bank
St. Johns Bank & Trust Co.
St. Louis County Bank
Security Bank of Manchester
South Side National Bank in St. Louis
Southern Commercial Bank
Southwest Bank
Spanish Lake Bank & Trust Co.
Tower Grove Bank & Trust Co.
United Missouri Bank of Ferguson
United Missouri Bank of Kirkwood
United Missouri Bank of St. Louis
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
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current payment of bond interest and principal, or such transfers
as may be required for the equalization of funds in the various
depositaries.
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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 disinterested
National Bank located within the boundaries of The Metropolitan
St. Louis Sewer District, 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 Federal Reserve Bank of St.
Louis, or with a disinterested National Bank located within this
District, as 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, 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 of 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 disinterested National
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Bank located within this District, as 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 13, 1979.