Section 537.735

Title XXXVI STATUTORY ACTIONS AND TORTS

Chapter 537

Effective - 20 Jun 1986, see footnote   

  537.735.  Fund account, how maintained. — 1.  The board shall set up and maintain a Missouri public entity risk management fund account in which shall be placed all contributions, premiums, and income from all sources.  All property, money, funds, investments, and rights which shall belong to, or be available for expenditure or use by, the fund shall be dedicated to and held in trust for the purposes set out in sections 537.700 to 537.755 and no other.  The board shall have power, in the name of and on behalf of the fund, to purchase, 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 or proper to carry out the purposes of section 537.700 or 537.755.

  2.  All moneys received by or belonging to the fund shall be paid to the secretary and deposited by him to the credit of the fund in one or more banks or trust companies.  No such money shall be deposited in or be retained by any bank and trust company which does not have on deposit with the board at the time the kind and value of collateral required by section 30.270 for depositories of the state treasurer.  The secretary shall be responsible for all funds, securities, and property belonging to the fund, and shall give such corporate surety bond for the faithful handling of the same as the board shall require.

  3.  So far as practicable, the funds and property of the fund shall be kept safely invested so as to earn a reasonable return.  The board may invest the funds of the fund as permitted by the laws of Missouri relating to the investment of the capital, reserve, and surplus funds of casualty insurance companies organized under the laws of Missouri.

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(L. 1986 H.B. 1435 & 1461)

Effective 6-20-86