Skip to main content Skip to office menu Skip to footer
Minnesota Legislature

Office of the Revisor of Statutes

353.05 CUSTODIAN OF FUNDS.

The commissioner of management and budget shall be ex officio treasurer of the retirement funds of the association and the general bond of the commissioner of management and budget to the state shall be so conditioned as to cover all liability for acts as treasurer of these funds. All moneys of the association received by the commissioner of management and budget shall be set aside in the state treasury to the credit of the proper fund. The commissioner of management and budget shall transmit monthly to the executive director a detailed statement of all amounts so received and credited to the fund. Payments out the fund shall be made only on warrants issued by the commissioner of management and budget, upon abstracts signed by the executive director; provided that abstracts for investment may be signed by the secretary of the State Board of Investment.