20 CSR 1140-22.060 - Investment of Public Funds
PURPOSE: This regulation provides for acceptance by insured associations of deposits of all political subdivisions or instrumentalities of the state of Missouri and the government of the United States and authorizes the pledging of assets of associations as security for the deposits.
(1) Savings and
deposit accounts in insured associations that are legal and proper investments
or depositories for the state of Missouri and all political subdivisions or
instrumentalities of the state of Missouri and the government of the United
States and all agencies thereof may be opened in accordance with the provisions
of this regulation.
(A) An insured
association may accept for deposit public funds of the state of Missouri (and
political subdivisions or instrumentalities of the state of Missouri) and of
the United States government and all agencies thereof as provided by
law.
(B) An insured association may
pledge funds or assets, as required by law, as additional security for invested
public funds so that the value of pledged funds or assets shall at all times be
not less than one hundred percent (100%) of the actual amount of the funds on
deposit, less the amount insured by the Federal Deposit Insurance Corporation,
provided that the director of the division may, at any time or on any
conditions, prohibit or limit the making of additional pledges of assets of a
designated association .
(C) No
public funds shall be accepted in return for any commitment to purchase the
general or revenue obligations of any political subdivision of the state of
Missouri.
Notes
*Original authority 1971, amended 1994.
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