2004 Minnesota Statutes

     403.28 Depositories. 

    The Metropolitan Council shall, from time to time, 
 designate one or more national or state banks, or trust 
 companies authorized to do banking business, as official 
 depositories for money of the board and shall require the 
 board's treasurer to deposit all or a part of such money in 
 those institutions.  The designation shall be in writing and 
 shall set forth all the terms and conditions upon which the 
 deposits are made and shall be signed by the chair and treasurer 
 and made a part of the minutes of the board.  Any bank or trust 
 company designated shall qualify as a depository by furnishing a 
 corporate surety bond or collateral in the amounts required by 
 section 118A.03.  No bond or collateral shall be required to 
 secure any deposit insofar as it is insured under federal law. 

    HIST: 1995 c 195 art 1 s 9; 1996 c 399 art 2 s 12; 1Sp2003 c 1 
 art 2 s 135