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MO SB1021
Bill
AI Summary
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Amends Section 110.010, RSMo to explicitly add "ambulance district" to the list of political subdivisions whose public funds must be secured when deposited in banking institutions
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Requires ambulance district funds deposited in legal depositories to be secured by securities of the type prescribed by Section 30.270 (same standard used for state treasurer deposits)
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Securities may be delivered to the fiscal officer, governing body, or held by a third-party trustee banking institution agreed upon by both parties
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If a depositary bank breaches the contract, the trustee must surrender sufficient securities to fully protect the depositor from loss upon written notice and demand
Legislative Description
Adds ambulance districts to the types of political subdivisions whose funds must be secured by the deposit of a certain type of security
Last Action
Second Read and Referred S Jobs, Economic Development and Local Government Committee
2/4/2016