118A.02 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY.
Subdivision 1. Designation; delegation.
(a) The governing body of each government entity
shall designate, as a depository of its funds, one or more financial institutions.
(b) The governing body may authorize the treasurer or chief financial officer to:
(1) designate depositories of the funds;
(2) make investments of funds under sections
or other applicable law; or
(3) both designate depositories and make investments as provided in this subdivision.
Subd. 2. Sale; proceeds; immunity, if loss.
(a) The treasurer or chief financial officer of a
government entity may at any time sell obligations purchased pursuant to this section and the
money received from such sale, and the interest and profits or loss on such investment shall be
credited or charged, as the case may be, to the fund from which the investment was made.
(b) Neither such official nor government entity, nor any other official responsible for the
custody of such funds, shall be personally liable for any loss sustained from the deposit or
investment of funds in accordance with the provisions of sections
History: 1996 c 399 art 1 s 3