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Subd. 7.Temporarygeneralobligationbonds.Fundsmaybeinvestedingeneralobligationtemporary <br />bonds of the same government entity issued under section 429.091, subdivision 7, 469.178, subdivision 5, <br />or 475.61, subdivision 6. <br />Subd. 8.Debt service funds.Funds held in a debt service fund may be used to purchase any obligation, <br />whether general or special, of an issue which is payable from the fund, at such price, which may include a <br />premium, as shall be agreed to by the holder, or may be used to redeem any obligation of such an issue prior <br />to maturity in accordance with its terms. The securities representing any such investment may be sold by <br />the government entity at any time, but the money so received remains part of the fund until used for the <br />purpose for which the fund was created. Any obligation held in a debt service fund from which it is payable <br />maybecanceledatanytimeunlessotherwiseprovidedinaresolutionorotherinstrumentsecuringobligations <br />payable from the fund. <br />Subd. 9.Broker; statement and receipt.(a) For the purpose of this section and section 118A.05, the <br />term "broker" means a broker-dealer, broker, or agent of a government entity, who transfers, purchases, <br />sells, or obtains securities for, or on behalf of, a government entity. <br />(b) Prior to completing an initial transaction with a broker, a government entity shall provide annually <br />to the broker a written statement of investment restrictions which shall include a provision that all future <br />investmentsaretobemadeinaccordancewithMinnesotaStatutesgoverningtheinvestmentofpublicfunds. <br />(c) A broker must acknowledge annually receipt of the statement of investment restrictions in writing <br />and agree to handle the government entity's account in accordance with these restrictions. A government <br />entity may not enter into a transaction with a broker until the broker has provided this written agreement to <br />the government entity. <br />(d) The state auditor shall prepare uniform notification forms which shall be used by the government <br />entities and the brokers to meet the requirements of this subdivision. <br />History:1996 c 399 art 1 s 5; 2013 c 143 art 12 s 1; 2014 c 292 s 2,3 <br />Copyright © 2017 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />2MINNESOTA STATUTES 2017118A.04