HomeMy Public PortalAboutR1772 R E S O L U T I O N NO. 1772
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 1986-87 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 the rate of interest paid to
the District for Certificates of Deposit by any bank or trust
company selected as a depositary shall be no lower than the average
rate paid for United States Treasury Bills for the prior week less
one-half percent (1/2%) for the same period of time, that the
interest rate shall be calculated on the basis of three hundred
sixty (360) days per year, and that interest will be remitted
monthly by the depositary to the District.
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 June 25, 1986.