16A.272 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 commissioner of finance may deposit any public corporation funds
in any bank or trust company in this state designated by the commissioner of finance 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 commissioner of finance.
Subd. 2. Commissioner of finance relieved from liability.
The commissioner of finance
shall not be liable for the safekeeping of money deposited by the commissioner of finance 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
shall apply to deposits of securities made pursuant to this section.
History: 1945 c 298 s 1-3; 1986 c 444; 2003 c 112 art 2 s 50