Bill > SB627

This bill requires the University of Missouri to establish a separate custodial account with the State Treasurer for the Seminary Fund, which is a long-standing financial resource for the university. Under the new provisions, the university must open this account at a financial institution and invest the fund's moneys in government bonds. The earnings from these bonds can be withdrawn by the university and used for maintaining the university, its College of Agriculture, and its campus in Rolla. The state university is required to provide reports to the State Treasurer at least annually detailing the receipts and expenditures from this custodial account. The bill also confirms existing state certificates of indebtedness as sacred obligations to the Seminary Fund and allows for potential partial liquidation of these certificates by the General Assembly. By creating this new custodial account arrangement, the bill updates the financial management processes for the Seminary Fund, ensuring more transparent and structured oversight of these university funds.

Education

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=3171478