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R1891 à *ÔR E S O L U T I O N NO. 1891•ƒ ÁÁ 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, qualified to be selected as depositaries for the funds of the District and all subdistricts for the Fiscal Year 1989©90 for the general and special funds and accounts of the District and all subdistricts. All depositaries shall be selected through a competitive bidding process to be approved by the Board of Trustees and the selection shall be confirmed with a written contract approved by the Board of Trustees. 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,Üh Ü 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 or with a disinterested banking institution located within the 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 a Federal Reserve Bank or with a disinterested banking institution located within the District, as escrow agent or trustee, securities of the kind and character as provided in Section 30.270, Revised Statutes of Missouri, 1949, at least equal in market value to not less than one hundred per cent (100%) of the amount of deposits with said bank or trust company, less ten thousand dollars ($10,000.00) where such depositary is insured by the Federal Deposit Insurance Corporation. The Board may, in its discretion, provide additional requirements or limitations as to the kind and character of securities which will be accepted as security for such deposits. PROVIDED FURTHER: Üh Ü 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. 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 or a disinterested banking institution located within the 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.