2003 Minnesota Statutes

     403.29 Money; accounts; investments. 

    Subdivision 1.    Treasurer's duties.  All money 
 received by the Metropolitan Council under section 403.23, 
 subdivision 19, shall be deposited or invested by the board's 
 treasurer and disposed of as the board may direct in accordance 
 with its budget, provided that any money that has been pledged 
 or dedicated by the Metropolitan Council to the payment of 
 obligations or interest on them or expenses incident to them, or 
 for any other specific purpose authorized by law, shall be paid 
 by the board's treasurer into the fund to which they have been 
 pledged.  

    Subd. 2.    Funds and accounts established.  The 
 Metropolitan Council shall establish funds and accounts as may 
 be necessary or convenient to handle the receipts and 
 disbursements of the board in an orderly fashion. 

    Subd. 3.    Depositories; investments.  The money on 
 hand in the funds and accounts may be deposited in the official 
 depositories of the Metropolitan Council or invested as provided 
 in this subdivision.  The amount not currently needed or 
 required by law to be kept in cash on deposit, may be invested 
 in obligations authorized for the investment of public funds by 
 section 118A.04.  The money may also be held under certificates 
 of deposit issued by any official depository of the Metropolitan 
 Council.  

    Subd. 4.    Use of bond proceeds.  The use of proceeds 
 of all bonds issued by the Metropolitan Council for the purposes 
 enumerated in section 403.27, subdivision 1, other than 
 investment of all money on hand in any sinking fund or funds of 
 the council, shall be governed by the provisions of chapter 475, 
 the provisions of resolutions authorizing the issuance of the 
 bonds, and by the trust indenture.  

    HIST: 1995 c 195 art 1 s 10; 1996 c 399 art 2 s 10; 1Sp2003 c 
 1 art 2 s 135