MO SB771

Repeals and reenacts sections 110.140, 110.150, and 110.170 of Missouri Revised Statutes relating to the selection and use of banking depositaries for county public funds.

Banking institutions must submit sealed bids by the first Monday of July stating the interest rate offered on county funds for a two or four year term, accompanied by a certified check equal to at least 1.5% of the prior year's county general revenue as a good faith guarantee.

County commission publicly opens bids at noon and selects depositaries whose aggregate bids constitute the largest interest payment offer; certified checks from rejected bidders are returned and successful bidders' checks are retained until security is approved.

Makes it a misdemeanor for the clerk of the commission or deputies to directly or indirectly disclose bid amounts before the selection of depositaries.

County treasurer must transfer all funds to selected depositaries and maintain proportionate shares with each; failure to deposit funds results in liability of 10% per month to the depositaries recoverable by civil action.