165.051. Investment of surplus funds.
Investment of surplus funds.
165.051. If any school district has money in the teachers',incidental, capital projects or debt service fund not needed within areasonable period of time for the purpose for which the money was received,the school board in the district, if it deems it advisable, may invest thefunds in either open time deposits or certificates of deposit secured underthe provisions of sections 110.010 and 110.020, RSMo; or in bonds,redeemable at maturity at par, of the state of Missouri, of the UnitedStates, or of any wholly owned corporation of the United States; or inother short term obligations of the United States, or in any instrumentpermitted by law for the investment of state moneys. No open time depositsshall be made or bonds purchased to mature beyond the date that the fundsare needed for the purpose for which they were received by the schooldistrict. Interest accruing from the investment of the surplus funds insuch deposits or bonds shall be credited to the fund from which the moneywas invested.
(L. 1963 p. 200 § 6-5, A.L. 1977 H.B. 130, A.L. 1992 S.B. 581, A.L. 1993 S.B. 380, A.L. 1996 S.B. 795, et al., A.L. 1999 S.B. 386)(Source: RSMo 1959 §§ 165.110, 165.243, 165.247)
CROSS REFERENCES:
Bi-state development agency, bonds of, investment in authorized, RSMo 70.377
Multinational banks, securities and obligations of, investment in, when, RSMo 409.950
Savings accounts in insured savings and loan associations, investment in authorized, RSMo 369.194