Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 22 - Association's Savings Accounts
Section 20 CSR 1140-22.060 - Investment of Public Funds

Universal Citation: 20 MO Code of State Regs 1140-22.060

Current through Register Vol. 49, No. 18, September 16, 2024

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.

*Original authority 1971, amended 1994.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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