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Minnesota Legislature

Office of the Revisor of Statutes

256.90 SOCIAL WELFARE FUND; USE; DISPOSITION; DEPOSITORIES.
The commissioner of human services at least 30 days before the first day of January and
the first day of July in each year shall file with the commissioner of finance an estimate of the
amount of the social welfare fund to be held in the treasury during the succeeding six-month
period, subject to current disbursement. Such portion of the remainder thereof as may be at any
time designated by the request of the commissioner of human services may be invested by the
commissioner of finance in bonds in which the permanent trust funds of the state of Minnesota
may be invested, upon approval by the State Board of Investment. The portion of such remainder
not so invested shall be placed by the commissioner of finance at interest for the period of six
months, or when directed by the commissioner of human services, for the period of 12 months
thereafter at the highest rate of interest obtainable in a bank, or banks, designated by the board
of deposit as a suitable depository therefor. All the provisions of law relative to the designation
and qualification of depositories of other state funds shall be applicable to sections 256.88 to
256.92, except as herein otherwise provided. Any bond given, or collateral assigned or both, to
secure a deposit hereunder may be continuous in character to provide for the repayment of any
moneys belonging to the fund theretofore or thereafter at any time deposited in such bank until its
designation as such depository is revoked and the security thereof shall be not impaired by any
subsequent agreement or understanding as to the rate of interest to be paid upon such deposit,
or as to time for its repayment. The amount of money belonging to the fund deposited in any
bank, including other state deposits, shall not at any time exceed the amount of the capital stock
thereof. In the event of the closing of the bank any sum deposited therein shall immediately
become due and payable.
History: (4464) 1923 c 106 s 3; 1925 c 253; 1943 c 236 s 1; 1984 c 654 art 5 s 58; 2003 c
112 art 2 s 50