1997 Minnesota Statutes

CHAPTER 7. State treasurer

  7.01 Repealed, 1Sp1985 c 13 s 376 

  7.013 Repealed, 1Sp1985 c 13 s 376 

  7.02 Repealed, 1Sp1985 c 13 s 376 

  7.03 Repealed, 1Sp1985 c 13 s 376 

  7.04 Repealed, 1Sp1985 c 13 s 376 

  7.05 Repealed, 1Sp1985 c 13 s 376 

     7.06 Warrants; discounts.  

    The state treasurer shall in no case purchase, redeem, or 
 receive any warrant at less than its face value, nor receive any 
 fee or reward for transacting any official duty, other than the 
 salary provided by law.  If the public revenue shall suffer loss 
 by reason of the treasurer's failure to call delinquents to 
 account when required to do so by law, the treasurer shall be 
 accountable for all sums due from such delinquents as if the 
 same had been paid.  

    HIST: (86) RL s 46; 1986 c 444 

  7.07 Repealed, 1981 c 356 s 377 

  7.08 Repealed, 3Sp1981 c 2 art 7 s 7 

     7.09 Gifts; acceptance. 

    Subdivision 1.    Procedure.  The state treasurer is 
 authorized to receive and accept, on behalf of the state, any 
 gift, bequest, devise, or endowment which may be made by any 
 person, by will, deed, gift, or otherwise, to or for the benefit 
 of the state, or any of its departments or agencies, or to or in 
 aid, or for the benefit, support, or maintenance of any 
 educational, charitable, or other institution maintained in 
 whole or in part by the state, or for the benefit of students, 
 employees, or inmates thereof, or for any proper state purpose 
 or function, and the money, property, or funds constituting such 
 gift, bequest, devise, or endowment.  No such gift, bequest, 
 devise, or endowment whose value is equal to or exceeds $10,000 
 shall be so accepted unless the commissioner of finance and the 
 state treasurer determine that it is for the interest of the 
 state to accept it, and approve of and direct the acceptance.  
 If the value is less than $10,000, only the state treasurer need 
 determine that it is for the interest of the state to accept it, 
 and approve of and direct the acceptance.  When, in order to 
 effect the purpose for which any gift, bequest, devise, or 
 endowment has been accepted, it is necessary to sell property so 
 received, the state treasurer, upon request of the authority in 
 charge of the agency, department, or institution concerned, may 
 sell it at a price which shall be fixed by the state board of 
 investment. 

    Subd. 2.    Charitable trusts; administration.  When a 
 charitable trust is created by will or otherwise for the benefit 
 of the state or any of its departments or agencies or to or in 
 aid, or for the benefit, support or maintenance of any 
 educational, charitable, or other institution maintained in 
 whole or in part by the state, or for the benefit of students, 
 employees, or inmates thereof and any officer or employee of the 
 state or any of its departments or agencies is named in the 
 trust instrument as trustee, it shall be presumed that such 
 trust is a gift to be administered under this section and the 
 courts shall construe the instrument creating the trust 
 accordingly.  

    Subd. 3.    Gift subject to contract.  Whenever the 
 gift, bequest, devise, or endowment referred to in subdivisions 
 1 and 2 consists of real property, or an interest therein, which 
 is subject to a contract for the conveyance thereof made by the 
 donor or a predecessor in interest with another, or of the 
 vendor's interest, or some portion thereof, in such a contract 
 for conveyance, the state treasurer is authorized, on behalf of 
 and in the name of the State of Minnesota, upon receipt from the 
 vendee under such contract for conveyance, or the vendee's 
 personal representatives or assigns, of such amounts as are due 
 the state or the department, agency, or institution involved, to 
 execute a deed conveying to such vendee, or the vendee's 
 personal representatives or assigns, all the right, title, and 
 interest of the state of Minnesota in and to the real property 
 involved.  

    Subd. 4.    Termination of contract.  In case of 
 default by the purchaser, or the purchaser's personal 
 representatives or assigns, in the conditions of any such 
 contract for the conveyance of real estate, the state treasurer 
 is authorized, in the name of the state of Minnesota, to 
 terminate such contract under and pursuant to the provisions of 
 Minnesota Statutes 1941, section 559.21.  

    Subd. 5.    Previous gifts.  The provisions of 
 subdivisions 3 and 4 apply to gifts, bequests, devises, or 
 endowments heretofore made.  

    HIST: (89) 1907 c 170 s 1; 1941 c 353 s 1; 1945 c 359 s 1; 
 1973 c 492 s 14; 1983 c 301 s 63; 1986 c 444; 1995 c 254 art 1 s 
 39 

     7.10 Administration of gifts.  

    In case any such gift, bequest, devise, or endowment is so 
 accepted, the same and the proceeds thereof shall be 
 administered and applied according to the terms of the will, 
 deed of gift, or other instrument defining, providing for, 
 creating, or establishing the same; but all such property and 
 funds shall be held by the state treasurer in an official 
 capacity and paid out and disbursed the same as other state 
 funds.  

    HIST: (90) 1907 c 170 s 2; 1986 c 444 

     7.11 Investment of gifts.  

    In case it is provided by the terms of such will, deed of 
 gift, or other instrument that the capital of the money, 
 property, or fund constituting such gift, bequest, devise, or 
 endowment, or any part of such capital, shall be kept invested, 
 the same shall be invested and kept invested in the same manner 
 and by the same officers or body as the school funds of the 
 state are by law required to be invested.  

    HIST: (91) 1907 c 170 s 3 

     7.12 Payment; appropriation.  

    Subdivision 1.    Payment; expenditure.  In the event 
 such gift, bequest, devise, or endowment is made or designated 
 by the donor for a certain institution, department, or agency, 
 the state treasurer shall, from time to time, pay out in the 
 usual manner, upon the order of the board, commission, or other 
 body charged with the direct and immediate supervision, control, 
 or management of the designated institution, department, or 
 agency, all money which may become available for such purpose 
 under the terms of such will, deed or gift, or other instrument; 
 and the same shall be expended and applied by this board, 
 commission, or other body as nearly as may be in accordance with 
 the terms and conditions of such gift, bequest, devise, or 
 endowment.  

    Subd. 2.    Appropriation.  There is hereby appropriated 
 from the fund in the state treasury created under sections 7.09 
 to 7.11, to which such money was credited to such person, 
 department, agency, or institution as is entitled to such 
 payment an amount sufficient to carry out the terms and 
 conditions of such gift, bequest, devise, or endowment.  

    HIST: (92) 1907 c 170 s 4; 1941 c 353 s 2; 1959 c 158 s 1 

  7.13 Repealed, 1Sp1985 c 13 s 376 

  7.14 Repealed, 1Sp1985 c 13 s 376 

  7.15 Repealed, 1Sp1985 c 13 s 376 

  7.16 Repealed, 1Sp1985 c 13 s 376 

  7.17 Repealed, 1Sp1985 c 13 s 376 

  7.18 Repealed, 1Sp1985 c 13 s 376 

     7.19 Depositories, designation.  

    Where any statute of this state requires or permits a bank 
 or trust company to deposit securities with the state treasurer, 
 the latter, on the request of such depositor, may designate some 
 other bank or trust company as the depository of such securities 
 under such depository agreement as may be prescribed and 
 approved by the depositor, and which will not deprive the state 
 treasurer of the control thereof and the charges of such 
 depository shall be paid by the depositing bank or trust 
 company.  If such depositing bank or trust company is a member 
 of the federal reserve system, the federal reserve bank in this 
 state may be the depository designated by the state treasurer.  

    HIST: (107-1) 1933 c 287 s 1; 1986 c 444 

     7.193 Deposits of certain funds of public corporations, 
  security.  

    Subdivision 1.    Depository to give bond.  If 
 designated treasurer of any public corporation by any statute of 
 this state, the state treasurer may deposit any public 
 corporation funds in any bank or trust company in this state 
 designated by the state treasurer unless otherwise provided in 
 the statutes relating to such public corporation.  Such deposits 
 shall be deemed deposits of public funds, and said treasurer may 
 require any bank or trust company in which such funds are 
 deposited to give a corporate surety bond for the repayment of 
 such funds or to deposit collateral securities to secure such 
 deposits.  Collateral securities so pledged shall consist of 
 bonds and similar securities which are eligible as collateral 
 security for deposits of state funds deposited in depositories 
 designated by the executive council of this state.  Such bond or 
 collateral shall be in such amount as shall be fixed by the 
 treasurer.  

    Subd. 2.    State treasurer relieved from liability.  
 The state treasurer shall not be liable for the safekeeping of 
 money deposited by the treasurer which are secured by a 
 corporate surety bond or a pledge of collateral securities as 
 herein provided.  

    Subd. 3.    Section 7.19 to apply.  The provisions of 
 Minnesota Statutes 1941, section 7.19, shall apply to deposits 
 of securities made pursuant to this section.  

    HIST: 1945 c 298 s 1-3; 1986 c 444 

     7.20 Inducements to make deposits.  

    Every person who shall give or promise to the state 
 treasurer, or to any other person having the custody or control 
 of state funds, any credit, service, or benefit, except as 
 expressly authorized by law, as an inducement or consideration 
 to or for the deposit, loan, or forbearance of state funds, 
 shall be guilty of bribery or attempted bribery, as the case may 
 be.  

    HIST: (108) RL s 55 

     7.21 Pay for deposit services. 

    The state treasurer may pay a depository for performing 
 services related to the deposit of state funds in accord with 
 agreements entered into by the commissioner of finance under 
 section 16A.27, subdivision 5.  

    HIST: 1991 c 345 art 1 s 40 

     7.22 May issue commemorative medallions. 

    The state treasurer may issue medallions to commemorate 
 popular contemporaneous events of statewide interest. 

    The treasurer may make reasonable arrangements with public 
 or private entities for the production, distribution, marketing, 
 and sale of the medallions.  The treasurer or other entity may 
 solicit and receive nonstate funds or in-kind contributions in 
 connection with any part of the medallion program.  Proceeds 
 from sales, nonstate funds, and in-kind contributions must be 
 deposited in a dedicated account.  

    Money in the account is appropriated to the treasurer for 
 purposes of the program.  Any profit earned on the sale of the 
 medallions must be used for grants to support the event for 
 which the medallions were issued.  The state grant must be 
 matched by an equal amount from private sources. 

    HIST: 1991 c 345 art 1 s 41 

     7.24 Duplicate bonds issued.  

    When any bond, certificate of indebtedness, or other 
 written obligation of the state, issued by the state or by any 
 department, bureau, board, or other agency of the state 
 government according to law, has been lost, destroyed, or 
 stolen, a duplicate of such obligation, with unpaid interest 
 coupons, if any, which were attached at the time of the loss, 
 destruction, or theft, shall be issued to the owner, the owner's 
 guardian, or the representative of the owner's estate, as 
 hereinafter provided, upon the furnishing of satisfactory proof 
 of ownership and of such loss, destruction, or theft to the 
 authority empowered to approve indemnity bonds, as hereinafter 
 provided, and upon the certification of the approval of such 
 proof by such authority to the state treasurer. 

    HIST: (125-7) 1929 c 192 s 1; 1986 c 444 

     7.25 Execution of duplicates.  

    Such duplicate obligation shall be prepared by the state 
 treasurer and shall be an exact and complete copy of the 
 original, including the signatures, but need not be a 
 facsimile.  Each duplicate obligation shall have written or 
 printed thereon a certificate, the form of which shall be 
 approved by the attorney general, stating, in substance, that 
 the obligation is a duplicate issued pursuant to sections 7.24 
 to 7.27 with like force and effect as the original.  The 
 certificate shall be signed by the state treasurer, attested by 
 the secretary of state, and sealed with the great seal of the 
 state, and bear the approval of the attorney general as to the 
 issuance of the duplicate and the form of the certificate.  Each 
 duplicate shall have plainly written or printed thereon across 
 the face or upon the margin the word "duplicate."  Each coupon 
 attached to the duplicate obligation shall have plainly written 
 or printed thereon in like manner the word "duplicate," followed 
 by the date of issue and the signature or facsimile signature of 
 the state treasurer.  

    HIST: (125-8) 1929 c 192 s 2 

     7.26 Delivery of duplicates; bond.  

    Such duplicate obligation when executed shall be delivered 
 by the state treasurer to the owner of the original obligation, 
 the owner's guardian, or the representative of the owner's 
 estate; provided, such owner, guardian, or representative shall 
 first file with the state treasurer a bond in the full amount of 
 such obligation and unpaid interest to maturity, with sufficient 
 sureties, approved by the same authority as state depository 
 bonds, indemnifying the state against any loss thereon by reason 
 of the existence of the original obligation or any coupon 
 thereto attached, unless such bond is waived as hereinafter 
 provided; and, provided, such owner, guardian, or representative 
 shall furnish satisfactory proof to the state treasurer that 
 such original obligation and coupons have not been found or 
 presented for payment up to the time of such delivery; and, if 
 any thereof have been found or presented, duplicates shall be 
 delivered only of such as have not been found or presented.  A 
 record of the issuance and delivery of each duplicate obligation 
 and attached coupons shall be made by the state treasurer and 
 forthwith reported by the treasurer to the commissioner of 
 finance, who shall also make a record of the same.  Such 
 duplicate obligations and coupons, when issued and delivered as 
 hereinbefore provided shall have the same force and effect as 
 the originals.  

    HIST: (125-9) 1929 c 192 s 3; 1973 c 492 s 14; 1986 c 444 

     7.27 Bond, when canceled.  

    The authority empowered to approve the indemnity bond 
 required by section 7.26 may waive such bond, in its discretion, 
 at any time six years after the date of the maturity of such 
 lost, destroyed, or stolen bond, certificate of indebtedness, or 
 other written obligation of the state, in any special case where 
 it deems that the person entitled to a duplicate is unable to 
 furnish such indemnity bond without hardship and that it is 
 improbable that the original obligation will ever be found or 
 presented for payment.  Such waiver shall be certified to the 
 state treasurer.  

    HIST: (125-10) 1929 c 192 s 4