Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
427.05 DUTY OF COUNCIL; INTEREST.
The council of any city authorized under sections 427.02 to 427.07 to designate depositories
shall exercise all possible care to secure safe depositories for the funds of the city and to obtain
the highest rate of interest possible consistent with safety for such moneys. All interest received in
any way for the use or keeping of moneys or on account of the same shall be the property of the
city and credited to the current expense fund of the city.
History: (1330) 1907 c 17 s 4
The council of any city authorized under sections 427.02 to 427.07 to designate depositories
shall exercise all possible care to secure safe depositories for the funds of the city and to obtain
the highest rate of interest possible consistent with safety for such moneys. All interest received in
any way for the use or keeping of moneys or on account of the same shall be the property of the
city and credited to the current expense fund of the city.
History: (1330) 1907 c 17 s 4
Official Publication of the State of Minnesota
Revisor of Statutes