446A.16 MONEY OF THE AUTHORITY.
Subdivision 1. Functions of commissioner of finance.
Except as otherwise provided in this
section, money of the authority must be paid to the commissioner of finance as agent of the
authority and the commissioner shall not commingle the money with other money. The money
in the accounts of the authority must be paid out only on warrants drawn by the commissioner
of finance on requisition of the chair of the authority or of another officer or employee as the
authority authorizes. Deposits of the authority's money must, if required by the commissioner
or the authority, be secured by obligations of the United States or of the state of a market value
equal at all times to the amount of the deposit and all banks and trust companies are authorized to
give security for the deposits.
Subd. 2. Contracts and security.
Notwithstanding the provisions of this section, the
authority may, with the approval of the commissioner of finance, contract with the holders of
any of its bonds as to the custody, collection, securing, investment, and payment of money of
the authority or money held in trust or otherwise for the payment of bonds, and to carry out the
contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds
and deposits of the money may be secured in the same manner as money of the authority, and all
banks and trust companies are authorized to give security for the deposits. All money paid to the
commissioner as agent of the authority is appropriated to the authority.
Subd. 3. System of accounts.
Subject to agreements with bondholders, the commissioner of
finance shall prescribe a system of accounts.
History: 1988 c 546 s 9; 2003 c 112 art 2 s 50