423A.22 REPORTS; FINANCIAL TRANSACTIONS.
Subdivision 1. Reports.
The board shall report to the municipality at least annually regarding
each of the following:
(1) the required municipal support for the relief association required pursuant to section
(2) the financial condition of the relief association according to the audited financial
statements required pursuant to section
(3) investment objectives and performance;
(4) surety bond amounts for its secretary and treasurer required pursuant to section
(5) the annual administrative budget for relief associations.
Subd. 2. Relief association receipts and disbursements.
An official designated by the
municipality shall receive and deposit all money received for the special fund of the relief
association and may countersign all disbursements from the accounts of the special fund of the
relief association, but must countersign all disbursements of at least $5,000. If an institution with
trustee powers is hired to administer the financial affairs of the relief association, an official
designated by the municipality must approve the trustee agreement and shall countersign
authorizations for disbursements of at least $5,000.
History: 1986 c 359 s 16