EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
FIRST REGULAR SESSION
SENATE BILL NO. 627
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR WEBBER.
2427S.01I KRISTINA MARTIN, Secretary
AN ACT
To repeal sections 172.640, 172.650, 172.651, 172.660, 172.661, 172.680, and 172.720, RSMo,
and to enact in lieu thereof two new sections relating to the state university's seminary
fund.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Sections 172.640, 172.650, 172.651, 172.660, 1
172.661, 172.680, and 172.720, RSMo, are repealed a nd two new 2
sections enacted in lieu thereof, to be known as sections 3
172.640 and 172.650, to read as follows:4
172.640. [Whenever said board shall contract with the 1
seller of any such bonds or securities, the board shall 2
requisition and the commiss ioner of administration shall 3
approve, and the state auditor shall forthwith issue, a 4
warrant upon the state treasurer for the purchase price 5
agreed upon, payable out of the seminary fund, in favor of 6
such seller. All bonds or securities so purchased shall be 7
made payable to, or be registered in the name of, the state 8
treasurer as trustee of the seminary fund and shall be 9
deposited as part of the seminary fund with the state 10
treasurer who shall give his receipt therefor to said board 11
of curators.] 1. The state university shall enter into an 12
agreement with the state treasurer pursuant to section 13
30.286 to establish a separate custodial account at a 14
financial institution in which the moneys in the seminary 15
fund shall be deposited and held. 16 SB 627 2
2. The state university shall invest the moneys in the 17
custodial account in government bonds pursuant to section 18
172.630. 19
3. The earnings on such bonds in the custodial account 20
may be withdrawn by the state university, and any 21
withdrawals shall be used by the state university for the 22
maintenance of the state university, its college of 23
agriculture, and its campus in Rolla. 24
4. The state university shall provide a report from 25
the financial institution as to the receipts and 26
expenditures from the custodial account to the state 27
treasurer no less often than annually. 28
172.650. 1. All of the state certificates of 1
indebtedness issued to, and part of, the seminary fund, 2
whether original certificates or renewals thereof, are 3
hereby confirmed as sacred obligations of the state to said 4
fund, and they shall be and remain nonnegotiable, 5
unconvertible and untransferable from the purposes of their 6
issue, and they shall remain so much of the permanent 7
seminary fund as is repres ented by their amounts, 8
respectively, until they shall be liquidated by the general 9
assembly by appropriation and payment of the face amounts 10
thereof to the seminary fund. 11
2. The general assembly may provide for the partial 12
liquidation of any and all of said certificates by 13
appropriation and payment to the seminary fund of a portion 14
or portions of the face amounts thereof and, in any such 15
event, a new certificate of indebtedness shall issue for the 16
balance of the face amount of such partially liquidated 17
certificate which remains unpaid after such partial 18
liquidation. 19 SB 627 3
[3. When the certificates of indebtedness of the state 20
to the seminary fund shall mature, renewal certificates in 21
form substantially similar to the maturing certificates and 22
for like amounts, payable to the state treasurer as trustee 23
of the seminary fund, with like maturities, and bearing the 24
same rates of interest, payable in like manner, as provided 25
in the maturing certificates, shall be executed, 26
countersigned, and sealed in like manner as specified in 27
section 172.611. 28
4. Upon the execution of such renewal certificates, 29
they shall be deposited with the state treasurer as part of 30
the seminary fund and the matured certificates of 31
indebtedness shall be forthw ith cancelled by the state 32
treasurer. Receipts for all original and renewal 33
certificates of indebtedness deposited in the state 34
treasury, and notices of all cancellations thereof, shall be 35
given by the state treasurer to the board of curators of the 36
state university.] 37
[172.651. Whenever any bond or securities 1
which are held in the seminary fund shall 2
mature, the state treasurer, upon order of the 3
board of curators of the state university, shall 4
present the same for payment, and shall hold the 5
proceeds thereof as part of the seminary fund, 6
and such proceeds shall be immediately 7
reinvested as in sections 172.610 to 172.720 8
provided.] 9
[172.660. 1. The state treasurer shall be 1
the custodian of all original and renewal 2
certificates of indebtedness of the state to the 3
seminary fund and of all bonds and securities in 4
which the seminary fund shall be invested, and 5
also of all moneys belonging to said seminary 6
fund, and he and his sureties shall be 7
responsible on his official bond for the 8
performance of his duties in the safekeeping, 9 SB 627 4
disbursement and investment of all money or 10
property of the seminary fund in accordance with 11
the provisions of sections 172.610 to 172.720. 12
2. The state treasurer shal l keep an 13
accurate account of all certificates of 14
indebtedness, money, bonds and securities in the 15
seminary fund, the maturities thereof, the rates 16
of interest thereon, and the dates when said 17
interest is payable, and shall certify to the 18
board of curators quarter-yearly such accounts 19
and reports relating thereto as may be required 20
by said board. 21
3. The state treasurer shall include in 22
each of his reports to the general assembly a 23
full account of all receipts and expenditures on 24
account of the seminary fund and the income 25
therefrom and a report of all information in his 26
possession which relates to such fund and 27
property dedicated to the use of the university. ] 28
[172.661. 1. The board of curators shall 1
keep a regular account with the state treasurer 2
and all other persons in relation to the 3
seminary fund. 4
2. The board of curators of the state 5
university shall require all persons who shall 6
have received any money belonging to said fund 7
or income to settle their accounts, and, in that 8
name, may sue for and recover all moneys due 9
from any person on account of such fund or 10
income.] 11
[172.680. The state treasurer, whenever 1
any bonds or securities shall have been 2
purchased by the board of cura tors for the 3
seminary fund and payment therefor and delivery 4
thereof have been made, shall plainly stamp on 5
the face of each of said bonds or securities 6
these words: "This bond is the property of the 7
seminary fund", and shall sign such statement, 8
and thereafter no bond or securities so stamped 9
shall be negotiable, but it or they shall only 10
be payable to the state treasurer as trustee of 11
the seminary fund. The interest on all such 12
bonds or securities, when due, shall be 13 SB 627 5
collected by the state tr easurer and credited to 14
the "State Seminary Moneys Fund", which is 15
hereby created, and the payment of such interest 16
certified by him to the board of curators. ] 17
[172.720. The income received from the 1
seminary fund shall be paid for t he maintenance 2
of the state university, its College of 3
Agriculture and University of Missouri -Rolla, 4
upon requisition by the board of curators upon 5
the commissioner of administration and shall be 6
applied as in sections 172.610 to 172.720. ] 7