HB0955P-Perfected Bill Text
SECOND REGULAR SESSION
HOUSE BILL NO. 955
89TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES LOGRASSO AND ROSS (Co-sponsors).
Pre-filed December 3, 1997, and 1000 copies ordered printed.
Read 1st time January 7, 1998.
Read 2nd time January 8, 1998, and referred to the Committee on Education - Elementary &
Secondary, January 12, 1998.
Reported from the Committee on Education - Elementary & Secondary, March 5, 1998, with
recommendation that the bill Do Pass By Consent.
Perfected by Consent, March 23, 1998.
ANNE C. WALKER, Chief Clerk
To repeal sections 165.211, 165.221 and 165.231, RSMo 1994, relating to school finances, and
to enact in lieu thereof three new sections relating to the same subject.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Sections 165.211, 165.221 and 165.231, RSMo 1994, are repealed and three new
sections enacted in lieu thereof, to be known as sections 165.211, 165.221 and 165.231, to read
165.211. [In six-director districts depositaries shall be selected in each odd-numbered year,
except that in six-director districts other than urban districts depositaries may be selected each
year.] In all seven-director districts, the school board shall select depositaries of the moneys
and funds of the school district. Depositaries may be selected annually or the school
district and depositary may enter into a one to five-year contract or agreement for the
deposit of the district's moneys or funds at the discretion of the local board of education.
Such contract or agreement may be terminated by the mutual consent of both parties at
any time. The school board, in each year in which depositaries are to be selected, shall receive
sealed proposals from banking institutions in the county or in adjoining counties which desire to
be selected as depositaries of the moneys and funds of the school district. Notice that bids will
be received shall be published by the secretary of the board at least twenty days before the date
selected by the school board for the acceptance of bids in some newspaper published in the
county at least five days in each week, or if there is none, then in a newspaper of general
circulation within the county.
165.221. For the purpose of letting the funds the board shall divide the funds into not less than
two nor more than ten equal parts. Each bidder may bid for any number of the parts, but the bid
for each part shall be separate. Any banking institution in the county or in an adjoining county
desiring to bid shall deliver to the secretary of the board, on or before the date selected for the
acceptance of bids, a sealed bid, stating the rate of interest, or method by which the interest
will be determined, that the banking institution offers to pay on one part of the funds and
moneys of the school district for the term of one [year or two] to five years, as the case may be,
next ensuing the date of the bid; or if the selection is made for a less term as provided in sections
165.201 to 165.291, then for the time between the date of the bid and the next regular time for
the selection of depositaries, as fixed by section 165.211. Each bid shall be accompanied by a
check in favor of the school district, on some solvent banking institution in the county or an
adjoining county, duly certified, for not less than two thousand five hundred dollars, as a
guaranty of good faith on the part of the bidder that if any of its bids are accepted by the board it
will deposit the security required by law. It is a misdemeanor for the secretary of the board to
directly or indirectly disclose the amount of any bid before [the selection of depositaries] all bids
are opened at a public depositary bid opening.
165.231. The school board or their designee in [six-director] seven-director districts, on the
date selected for the acceptance of bids, shall publicly open the bids and cause each bid to be
verbally read and documented. Following discussion and clarification of bids with the
financial institutions, the board of education shall cause each bid to be entered upon the
records of the board and shall select from among the bidders, as depositaries of the funds and
moneys of the school district, those whose bids are accepted, and shall notify each of the bidders
so selected. The board may reject any and all bids. The interest upon the funds and moneys shall
be computed upon the daily balances to the credit of the school district with each depositary and
shall be payable by each depositary on the first day of each month to the treasurer of the school
district, who shall place the same to the credit of the district. Each depositary, [on the first day of
each] by at least the fifth day of the current month, shall render to the secretary of the board a
statement, in writing, showing the amount of interest paid by the depositary. The secretary of the
board shall return the certified checks accompanying the bids to the banking institutions whose
bids which they accompanied were rejected and, upon the approval of the security provided for in
sections 110.010 and 110.020, RSMo, return the certified checks accompanying the accepted
bids to the banking institutions respectively, from which they were received.
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Missouri House of Representatives