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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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• <br /> Deposit and Investment of Local Government Funds <br /> Section 118A.01 Definitions. <br /> Subdivision 1-Application.The definitions in this section apply to sections 1 18A.01 <br /> to 118A.06. <br /> Subd. 2. Government entity. "Government entity"means a county, city, town, school <br /> district,hospital district,public authority,public corporation,public commission,special <br /> district, any other political subdivision, except an entity whose investment authority is <br /> specified under chapter 11 A or 356A.For the purposes of sections 1 18A.02 and 118A.03 <br /> only, the term includes an American Indian tribal government entity located within a <br /> federally recognized American Indian reservation. <br /> Subd. 3. Financial institution. "Financial institution" means a savings association, <br /> commercial bank,trust company,credit union,or industrial loan and thrift company. <br /> Subd.4. Public funds."Public funds"means all general, special, permanent, trust, and <br /> other funds,regardless of source or purpose,held or administered by a government entity, <br /> unless otherwise restricted. <br /> HIST: 1996 c 399 art 1 s 2; <br /> • Section 118A.02 Depository named;investment <br /> requirements;liability. <br /> Subdivision 1.Designation;delegation.The governing body of each government entity <br /> shall designate, as a depository of its funds, one or more financial institutions. The <br /> governing body may authorize the treasurer or chief financial officer to: <br /> (1)designate depositories of the funds; <br /> (2)make investments of funds under sections 1 18A.01 to 118A.06 or other applicable <br /> law;or <br /> (3) both designate depositories and make investments as provided in <br /> this subdivision. <br /> Subd.2. Sale;proceeds;no personal liability.The treasurer or chief financial officer of a <br /> government entity may at any time sell obligations purchased pursuant to this section and <br /> the money received from such sale,and the interest and profits or loss on such investment <br /> shall be credited or charged,as the case may be,to the fund from which the investment <br /> was made.Neither such official nor government entity,nor any other official responsible <br /> for the custody of such funds, shall be personally liable for any loss sustained from the <br /> deposit or investment of funds in accordance with the provisions of sections 118A.04 and <br /> 1 18A.05.HIST: 1996 c 399 art 1 s 3 <br /> • <br />
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