Modifies provisions relating to financial institutions

SB 1359 updates Missouri laws governing financial institutions by replacing numerous existing sections with eighty-four new ones. The bill primarily affects municipalities and public hospitals by mandating that cities select their banking partners through a competitive bidding process based on criteria like financial stability, interest rates, and service quality. It also clarifies investment rules for hospital funds, allowing specific allocations in stocks, bonds, and mutual funds under certain conditions, while maintaining requirements for trustee oversight and record-keeping.