Effective 28 Aug 1971

246.165. Investment of surplus funds, when — approved investments. — 1. Any drainage or levee district organized under any law of this state may invest any funds not immediately needed for the purpose for which the money was received in the following:

(1) Bonds, notes or certificates of indebtedness which are direct obligations of the United States or bonds or other indebtedness, the principal and interest of which are unconditionally guaranteed by the United States;

(2) Accounts of any savings and loan association organized under the laws of this state or another state, or the United States, which holds a certificate of insurance from the Federal Savings and Loan Insurance Corporation;

(3) Savings accounts and time deposits, including time certificates of deposit in any banking institution which holds a certificate of insurance from the Federal Deposit Insurance Corporation.

2. If a deposit in a savings and loan association or a banking institution is greater than the amount covered by the insurance provided for the account by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation, as the case may be, that portion of the deposit in excess of the amount covered by insurance shall be secured as provided by the provisions of sections 110.010 and 110.020.

­­--------

(L. 1971 H.B. 139 § 1)

CROSS REFERENCES:

Bi-state development agency, bonds of, investment in authorized, 70.377

Multinational banks, securities and obligations of, investment in, when, 409.950

Savings accounts in insured savings and loan associations, investment in authorized, 369.194