1998 Minnesota Statutes

     16A.27 State funds; deposit; control by commissioner. 

    Subdivision 1.    Treasurer to comply.  The commissioner 
 shall, in the public interest, control the amount and manner of 
 deposit of state funds in depositories by the treasurer.  The 
 treasurer shall comply with the controls.  

    Subd. 2.    Daily report.  By 9:00 a.m. every business 
 day, a depository holding a total of over $100,000 in 
 non-interest-bearing state deposits shall report the balances as 
 of the close of the last business day to the treasurer and the 
 commissioner.  The commissioner shall record the balances, send 
 a copy of them to the legislative reference library, and report 
 them monthly to the legislative audit commission.  

    Subd. 3.    Competitive bids.  The depository for a 
 state account must be selected by competitive bid.  The 
 commissioner shall invite bids by written notice to designated 
 depositories.  The notice must specify the considerations, 
 financial activities, and conditions the commissioner requires 
 for the bid. The account must be awarded to the lowest bidding 
 depository that can, in the opinion of the commissioner, meet 
 the requirements.  

    Subd. 4.    Exceptions.  In exceptional cases, the 
 commissioner may dispense with bidding.  The commissioner shall 
 report the circumstances and reasons to the legislative audit 
 commission within five days after opening the account.  

    Subd. 5.    Charges, compensating balances.  The 
 commissioner may, after consulting with the state treasurer, 
 agree that the treasurer may pay a depository a reasonable 
 charge from appropriated money, maintain appropriate 
 compensating balances with the depository, or purchase 
 non-interest-bearing certificates of deposit from the depository 
 for performing depository related services. 

    HIST: 1973 c 492 s 8; 1977 c 403 s 2; 1984 c 628 art 2 s 1; 
 1989 c 271 s 2; 1991 c 345 art 1 s 52