FIRSTREGULARSESSION
HOUSEBILLNO.1172
103RDGENERALASSEMBLY
INTRODUCEDBYREPRESENTATIVEHALEY.
2500H.01I JOSEPHENGLER,ChiefClerk
ANACT
Torepealsections172.610,172.640,172.650,172.651,172.660,172.661,172.680,and
172.720,RSMo,andtoenactinlieuthereofthreenewsectionsrelatingtothe
seminaryfundofthestateuniversity.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Sections172.610,172.640,172.650,172.651,172.660,172.661,172.680,
2and172.720,RSMo,arerepealedandthreenewsectionsenactedinlieuthereof,tobeknown
3assections172.610,172.640,and172.650,toreadasfollows:
172.610.Thereisherebycreatedandestablishedapermanentfundforthesupportof
2thestateuniversity,withitsseveraldivisions,tobedenominated"TheSeminaryFund",
3whichshallconsistofallcertificatesofindebtednessofthestateofMissouri,issuedunder
4sections172.610to[172.720] 172.650, andtheproceedsthereof;thenetproceedsofallsales
5oflandsgrantedtothestateforthebenefitofthestateuniversitywithitsseveraldivisions,as
6providedbylaw;andallgifts,grants,bequests,ordevisestosaidseminaryfundorthestate
7forthebenefitoftheuniversity,andnototherwiseappropriatedbythetermsofanysuchgift,
8grant,bequestordevise,whichfundshallbepaidintothestatetreasury,andbesecurely
9investedbytheboardofcuratorsofthestateuniversityandsacredlypreservedasaseminary
10fund,theannualincomeofwhichshallbefaithfullyappropriatedforthemaintenanceofthe
11stateuniversity,andfornootherusesorpurposeswhatsoever,saidincometobeappliedas
12directedbytheboardofcuratorsofthestateuniversity,unlessotherwisedirectedbytheterms
13oftheactofCongressorofthegeneralassemblyrelatingthereto,orbythetermsofthe
14certificate,instrumentofgift,grant,bequestordevisebywhichanysuchcertificate,property,
15securities,ormoneywerereceived.
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 172.640.[Wheneversaidboardshallcontractwiththesellerofanysuchbondsor
2securities,theboardshallrequisitionandthecommissionerofadministrationshallapprove,
3andthestateauditorshallforthwithissue,awarrantuponthestatetreasurerforthepurchase
4priceagreedupon,payableoutoftheseminaryfund,infavorofsuchseller.Allbondsor
5securitiessopurchasedshallbemadepayableto,orberegisteredinthenameof,thestate
6treasurerastrusteeoftheseminaryfundandshallbedepositedaspartoftheseminaryfund
7withthestatetreasurerwhoshallgivehisreceipttherefortosaidboardofcurators] 1.The
8stateuniversityshallestablishaseparatecustodialaccountatafinancialinstitutionin
9whichtheamountsintheseminaryfundshallbedepositedandheld.Thestate
10universityshallinvesttheamountsinthecustodialaccountingovernmentbondsunder
11section172.630.Theearningsonsuchbondsinthecustodialaccountmaybewithdrawn
12bytheuniversityandanywithdrawalsshallbeusedbytheuniversityforthe
13maintenanceofthestateuniversity,itsCollegeofAgriculture,andtheUniversityof
14Missouri-Rollacampus.
15 2.Thestateuniversityshallprovideareportfromthefinancialinstitutionasto
16thereceiptsandexpendituresfromthecustodialaccounttothestatetreasurernoless
17oftenthanannually.
172.650.1.Allofthestatecertificatesofindebtednessissuedto,andpartof,the
2seminaryfund,whetheroriginalcertificatesorrenewalsthereof,areherebyconfirmedas
3sacredobligationsofthestatetosaidfund,andtheyshallbeandremainnonnegotiable,
4unconvertibleanduntransferablefromthepurposesoftheirissue,andtheyshallremainso
5muchofthepermanentseminaryfundasisrepresentedbytheiramounts,respectively,until
6theyshallbeliquidatedbythegeneralassemblybyappropriationandpaymentoftheface
7amountsthereoftotheseminaryfund.
8 2.Thegeneralassemblymayprovideforthepartialliquidationofanyandallofsaid
9certificatesbyappropriationandpaymenttotheseminaryfundofaportionorportionsofthe
10faceamountsthereofand,inanysuchevent,anewcertificateofindebtednessshallissuefor
11thebalanceofthefaceamountofsuchpartiallyliquidatedcertificatewhichremainsunpaid
12aftersuchpartialliquidation.
13 [3.Whenthecertificatesofindebtednessofthestatetotheseminaryfundshall
14mature,renewalcertificatesinformsubstantiallysimilartothematuringcertificatesandfor
15likeamounts,payabletothestatetreasurerastrusteeoftheseminaryfund,withlike
16maturities,andbearingthesameratesofinterest,payableinlikemanner,asprovidedinthe
17maturingcertificates,shallbeexecuted,countersigned,andsealedinlikemannerasspecified
18insection172.611.
19 4.Upontheexecutionofsuchrenewalcertificates,theyshallbedepositedwiththe
20statetreasureraspartoftheseminaryfundandthematuredcertificatesofindebtednessshall
HB1172 2 21beforthwithcancelledbythestatetreasurer.Receiptsforalloriginalandrenewalcertificates
22ofindebtednessdepositedinthestatetreasury,andnoticesofallcancellationsthereof,shall
23begivenbythestatetreasurertotheboardofcuratorsofthestateuniversity.]
[172.651.Wheneveranybondorsecuritieswhichareheldinthe
2 seminaryfundshallmature,thestatetreasurer,uponorderoftheboardof
3 curatorsofthestateuniversity,shallpresentthesameforpayment,andshall
4 holdtheproceedsthereofaspartoftheseminaryfund,andsuchproceedsshall
5 beimmediatelyreinvestedasinsections172.610to172.720provided.]
[172.660.1.Thestatetreasurershallbethecustodianofalloriginal
2 andrenewalcertificatesofindebtednessofthestatetotheseminaryfundand
3 ofallbondsandsecuritiesinwhichtheseminaryfundshallbeinvested,and
4 alsoofallmoneysbelongingtosaidseminaryfund,andheandhissureties
5 shallberesponsibleonhisofficialbondfortheperformanceofhisdutiesin
6 thesafekeeping,disbursementandinvestmentofallmoneyorpropertyofthe
7 seminaryfundinaccordancewiththeprovisionsofsections172.610to
8 172.720.
9 2.Thestatetreasurershallkeepanaccurateaccountofallcertificates
10 ofindebtedness,money,bondsandsecuritiesintheseminaryfund,the
11 maturitiesthereof,theratesofinterestthereon,andthedateswhensaidinterest
12 ispayable,andshallcertifytotheboardofcuratorsquarter-yearlysuch
13 accountsandreportsrelatingtheretoasmayberequiredbysaidboard.
14 3.Thestatetreasurershallincludeineachofhisreportstothegeneral
15 assemblyafullaccountofallreceiptsandexpendituresonaccountofthe
16 seminaryfundandtheincometherefromandareportofallinformationinhis
17 possessionwhichrelatestosuchfundandpropertydedicatedtotheuseofthe
18 university.]
[172.661.1.Theboardofcuratorsshallkeeparegularaccountwith
2 thestatetreasurerandallotherpersonsinrelationtotheseminaryfund.
3 2.Theboardofcuratorsofthestateuniversityshallrequireallpersons
4 whoshallhavereceivedanymoneybelongingtosaidfundorincometosettle
5 theiraccounts,and,inthatname,maysueforandrecoverallmoneysduefrom
6 anypersononaccountofsuchfundorincome.]
[172.680.Thestatetreasurer,wheneveranybondsorsecuritiesshall
2 havebeenpurchasedbytheboardofcuratorsfortheseminaryfundand
3 paymentthereforanddeliverythereofhavebeenmade,shallplainlystampon
4 thefaceofeachofsaidbondsorsecuritiesthesewords:"Thisbondisthe
5 propertyoftheseminaryfund",andshallsignsuchstatement,andthereafter
6 nobondorsecuritiessostampedshallbenegotiable,butitortheyshallonly
7 bepayabletothestatetreasurerastrusteeoftheseminaryfund.Theinterest
8 onallsuchbondsorsecurities,whendue,shallbecollectedbythestate
9 treasurerandcreditedtothe"StateSeminaryMoneysFund",whichishereby
10 created,andthepaymentofsuchinterestcertifiedbyhimtotheboardof
11 curators.]
HB1172 3 [172.720.Theincomereceivedfromtheseminaryfundshallbepaid
2 forthemaintenanceofthestateuniversity,itsCollegeofAgricultureand
3 UniversityofMissouri-Rolla,uponrequisitionbytheboardofcuratorsupon
4 thecommissionerofadministrationandshallbeappliedasinsections172.610
5 to172.720.]
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HB1172 4