2004 Minnesota Statutes

     16A.272 Deposits of certain funds of public 
  corporations, security. 

    Subdivision 1.    Depository to give bond.  If 
 designated treasurer of any public corporation by any statute of 
 this state, the commissioner of finance may deposit any public 
 corporation funds in any bank or trust company in this state 
 designated by the commissioner of finance unless otherwise 
 provided in the statutes relating to such public corporation.  
 Such deposits shall be deemed deposits of public funds, and said 
 treasurer may require any bank or trust company in which such 
 funds are deposited to give a corporate surety bond for the 
 repayment of such funds or to deposit collateral securities to 
 secure such deposits.  Collateral securities so pledged shall 
 consist of bonds and similar securities which are eligible as 
 collateral security for deposits of state funds deposited in 
 depositories designated by the Executive Council of this state.  
 Such bond or collateral shall be in such amount as shall be 
 fixed by the commissioner of finance.  

    Subd. 2.    Commissioner of finance relieved from 
 liability.  The commissioner of finance shall not be liable 
 for the safekeeping of money deposited by the commissioner of 
 finance which are secured by a corporate surety bond or a pledge 
 of collateral securities as herein provided.  

    Subd. 3.    Section 7.19 to apply.  The provisions of 
 Minnesota Statutes 1941, section 7.19, shall apply to deposits 
 of securities made pursuant to this section.  

    HIST: 1945 c 298 s 1-3; 1986 c 444; 2003 c 112 art 2 s 50