537.735. Fund account, how maintained.
Fund account, how maintained.
537.735. 1. The board shall set up and maintain a Missouripublic entity risk management fund account in which shall beplaced all contributions, premiums, and income from all sources.All property, money, funds, investments, and rights which shallbelong to, or be available for expenditure or use by, the fundshall be dedicated to and held in trust for the purposes set outin sections 537.700 to 537.755 and no other. The board shallhave power, in the name of and on behalf of the fund, topurchase, acquire, hold, invest, lend, lease, sell, assign,transfer, and dispose of all property, rights, and securities,and enter into written contracts, all as may be necessary orproper to carry out the purposes of section 537.700 or 537.755.
2. All moneys received by or belonging to the fund shall bepaid to the secretary and deposited by him to the credit of thefund in one or more banks or trust companies. No such moneyshall be deposited in or be retained by any bank and trustcompany which does not have on deposit with the board at the timethe kind and value of collateral required by section 30.270,RSMo, for depositories of the state treasurer. The secretaryshall be responsible for all funds, securities, and propertybelonging to the fund, and shall give such corporate surety bondfor the faithful handling of the same as the board shall require.
3. So far as practicable, the funds and property of the fundshall be kept safely invested so as to earn a reasonable return.The board may invest the funds of the fund as permitted by thelaws of Missouri relating to the investment of the capital,reserve, and surplus funds of casualty insurance companiesorganized under the laws of Missouri.
(L. 1986 H.B. 1435 & 1461)Effective 6-20-86