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EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
SECOND REGULAR SESSION
SENATE JOINT RESOLUTION NO. 104
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR CRAWFORD.
5559S.02I KRISTINA MARTIN, Secretary
JOINT RESOLUTION
Submitting to the qualified voters of Missouri, an amendment repealing section 15 of article IV of
the Constitution of Missouri, and adopting one new section in lieu thereof relating to
the state treasurer's ability to invest.
Be it resolved by the Senate, the House of Representatives concurring therein:
That at the next general election to be held in the 1
state of Missouri, on Tuesday next following the first Monday 2
in November, 2026, or at a special election to be called by 3
the governor for that purpose, there is hereby submitted to 4
the qualified voters of this state, for adoption or 5
rejection, the following amendment to article IV of the 6
Constitution of the state of Missouri:7
Section A. Section 15, article IV, Constitution of 1
Missouri, is repealed and one new section adopted in lieu 2
thereof, to be known as section 15, to read as follows:3
Section 15. The state treasurer shall be custodian of 1
all state funds and funds received from the United States 2
government. The department of revenue shall take custody of 3
and invest nonstate funds as defined herein, and other 4
moneys authorized to be held by the department of revenue. 5
All revenue collected and moneys received by the state which 6
are state funds or funds received from the United States 7
government shall go promptly into the state treasury. All 8
revenue collected and moneys received by the department of 9
revenue which are nonstate funds as defined herein shall be 10
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promptly credited to the fund provided by law for that type 11
of money. Immediately upon receipt of state or United 12
States funds the state treasurer shall deposit all moneys in 13
the state treasury in banking institutions selected by him 14
and approved by the governor and state auditor, and he shall 15
hold them for the benefit of the respective funds to which 16
they belong and disburse them as provided by law. Unless 17
otherwise provided by law, all interest received on nonstate 18
funds shall be credited to such funds. The state treasurer 19
shall determine by the exercise of his best judgment the 20
amount of moneys in his custody that are not needed for 21
current expenses and shall place all such moneys on time 22
deposit, bearing interest, in banking institutions in this 23
state selected by the state treasurer and approved by the 24
governor and state auditor or in obligations of the United 25
States government or any agency or instrumentality thereof 26
maturing and becoming payable not more than [five] seven 27
years from the date of purchase. In addition the treasurer 28
may enter into repurchase agreements maturing and becoming 29
payable within ninety days secured by United States Treasury 30
obligations or obligations of United States government 31
agencies or instrumentalities of any maturity, as provided 32
by law. The treasurer may also invest in banker's 33
acceptances issued by domestic commercial banks possessing 34
the highest rating issued by a nationally recognized rating 35
agency and in commercial paper issued by domestic 36
corporations which has received the highest rating issued by 37
a nationally recognized rating agency. The treasurer may 38
also invest in municipal securities possessing one of the 39
five highest long term ratings or the highest short term 40
rating issued by a nationally recognized rating agency and 41
maturing and becoming payable not more than five years from 42
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the date of purchase. The treasurer may also invest in 43
other reasonable and prudent financial instruments and 44
securities as otherwise provided by law. Investments in 45
banker's acceptances and commercial paper shall mature and 46
become payable not more than one hundred eighty days from 47
the date of purchase, maintain the highest rating throughout 48
the duration of the investment and meet any other 49
requirements provided by law. The state treasurer shall 50
prepare, maintain and adhere to a written investment policy 51
which shall include an asset allocation plan limiting the 52
total amount of state money which may be invested in each 53
investment category authorized by this section. The 54
investment and deposit of state, United States and nonstate 55
funds shall be subject to such restrictions and requirements 56
as may be prescribed by law. Banking institutions in which 57
state and United States funds are deposited by the state 58
treasurer shall give security satisfactory to the governor, 59
state auditor and state treasurer for the safekeeping and 60
payment of the deposits and interest thereon pursuant to 61
deposit agreements made with the state treasurer pursuant to 62
law. No duty shall be imposed on the state treasurer by law 63
which is not related to the receipt, investment, custody and 64
disbursement of state funds and funds received from the 65
United States government. As used in the section, the term 66
"banking institutions" shall include banks, trust companies, 67
savings and loan associations, credit unions, production 68
credit associations authorized by act of the United States 69
Congress, and other financial institutions which are 70
authorized by law to accept funds for deposit or which in 71
the case of production credit associations, issues 72
securities. As used in this section, the term "nonstate 73
funds" shall include all taxes and fees imposed by political 74
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subdivisions and collected by the department of revenue; all 75
taxes which are imposed by the state, collected by the 76
department of revenue and distributed by the department of 77
revenue to political subdivisions; and all other moneys 78
which are hereafter designated as "nonstate funds" to be 79
administered by the department of revenue. 80
Section B. Pursuant to chapter 116, and other 1
applicable constitutional provisions and laws of this state 2
allowing the general assembly to adopt ballot language for 3
the submission of this joint resolution to the voters of 4
this state, the official summary statement of this 5
resolution shall be as follows: 6
"Shall the Missouri Constitution be amended to: 7
● Allow the state treasurer to invest in 8
municipal securities possessing high credit 9
ratings; and 10
● Allow the state treasurer to invest in other 11
reasonable and prudent financial instructions 12
and securities as otherwise provided by law?". 13
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