HomeMy Public PortalAboutR1680 R E S O L U T I O N NO. 1680
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 all banks and trust
companies situated in the District, and meeting the requirements
of the Plan of The Metropolitan St. Louis Sewer District and the
Statutes of the State of Missouri, be, and the same are hereby,
selected as depositaries for the funds of the District and all
subdistricts for the Fiscal Year 1983-84 for the general and
special funds and accounts of the District and all subdistricts.
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 a Federal Reserve Bank located within the State of Missouri,
or with a disinterested National Bank located within the State of
Missouri, 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 a Federal Reserve Bank located within the State of
Missouri, or with a disinterested National Bank located within the
State of Missouri, 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 a Federal Reserve Bank located within the State of
Missouri, or a disinterested National Bank located within the
State of Missouri, 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. The foregoing Resolution was adopted August 10, 1983.