HF 2155

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to local government; clarifying liability of 
  1.3             certain investment officials; amending Minnesota 
  1.4             Statutes 2000, section 118A.02, subdivision 2. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 118A.02, 
  1.7   subdivision 2, is amended to read: 
  1.8      Subd. 2.  [SALE; PROCEEDS; NO PERSONAL LIABILITY.] The 
  1.9   treasurer or chief financial officer of a government entity may 
  1.10  at any time sell obligations purchased pursuant to this section 
  1.11  and the money received from such sale, and the interest and 
  1.12  profits or loss on such investment shall be credited or charged, 
  1.13  as the case may be, to the fund from which the investment was 
  1.14  made.  Neither such official nor government entity, nor any 
  1.15  other official responsible for the custody of such funds, shall 
  1.16  be personally liable for any loss sustained from the deposit or 
  1.17  investment of funds in accordance with the provisions of 
  1.18  sections 118A.04 and 118A.05 this chapter, except in the case of 
  1.19  fraud by such treasurer, chief financial officer, or other 
  1.20  official responsible for the custody of such funds.