Section 253.360

Title XVI CONSERVATION, RESOURCES AND DEVELOPMENT

Chapter 253

Effective - 28 Aug 1965   

  253.360.  Fund created, use of income and corpus, investments. — 1.  There is hereby created the "Doctor Edmund A.  Babler Memorial State Park Fund".  All money, funds, and securities acquired as provided in section 253.350 shall be deposited with the state treasurer to the credit of the fund.  All income, interest, rights or rent earned through the operation of the fund shall also be credited to the fund.

  2.  The state treasurer shall be the custodian of all money, bonds, securities or interests and rights therein deposited in the state treasury to the credit of the Doctor Edmund A.  Babler Memorial State Park fund and he and his sureties are responsible on his official bond for the faithful performance of his duties in the safekeeping of all money or property of the fund as provided in this section and section 253.350 and for the disbursement of such money or property upon warrants drawn by the Missouri department of natural resources.

  3.  The Missouri department of natural resources is authorized to use the income of the fund created by this section for the purposes for which the fund is dedicated and, in addition, may expend annually an amount equal to seven and one-half percent of the corpus of the fund for the same purposes.  Such amounts shall be subject to appropriation by the general assembly.

  4.  So far as practicable, the money, bonds, and other securities of the fund shall be kept safely invested so as to earn a reasonable return.  The Missouri department of natural resources shall select such investments as are permitted by the laws of Missouri relating to the investment of the capital, reserve and surplus funds of life insurance companies or casualty insurance companies organized under the laws of Missouri, and the state treasurer shall make such investments or reinvestments as directed by the department.  The department may retain the services of and pay a reasonable fee to a professional investment counselor or a trust company to advise it in the selection of such investments.

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(L. 1965 p. 387 §§ 2 to 6)