CHAPTER 209--H.F.No. 2174
relating to local government finance; authorizing certain investments; providing for designated depositories;
amending Minnesota Statutes 2010, sections 123B.14, subdivision 3; 366.01, subdivision 4; 385.07; 427.06.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
The treasurer shall deposit the funds of the district in the official depository.
Depository; terms; liability; interest.
They may designate a bank as the depository of town money for a time not extending beyond their official term, after the execution by the bank of a sufficient bond to the town to be approved by the board and filed in the office of the town clerk. They may then require the treasurer to deposit all or part of the town money in that bank. The designation shall be in writing, and set forth all the terms upon which the deposits are made. It shall be signed by the chair and clerk and filed with the clerk. The town treasurer shall not be liable for the loss of money while deposited in the bank. All interest on the money shall belong to the town.
385.07 FUNDS, WHERE DEPOSITED OR INVESTED.
All county funds shall be deposited promptly and intact by the county treasurer in the name of the county or invested as provided in section 118A.04. Interest and profits which accrue from such investment shall, when collected, be credited to the general revenue fund of the county.
427.06 MONEY, HOW DEPOSITED; CHECKS, HOW DRAWN.
All money of any city kept in accordance with sections 427.02 to 427.07 in any depository designated by the council of the city shall be kept and deposited in the name of the city and the depository shall have no authority to pay out this money except upon checks drawn upon the depository signed by the city treasurer and countersigned by the city comptroller or recording officer of the city.
Presented to the governor April 19, 2012
Signed by the governor April 23, 2012, 11:09 a.m.