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I MINNESOTA STATUTES 2017 469.099 <br /> 469.099 DEPOSITORIES; DEFAULT; COLLATERAL. <br /> Subdivision 1. Named; bond. Every two years an authority shall name national or state banks within <br /> the state as depositories.Before acting as a depository,a named bank shall give the authority a bond approved <br /> as to form and surety by the authority. The bond must be conditioned for the safekeeping and prompt <br /> repayment of deposits. The amount of bond must be at least equal to the maximum sums expected to be <br /> deposited at any one time. <br /> Subd. 2. One bank account.An authority may deposit all its money from any source in one bank <br /> account. <br /> Subd. 3. Default; collateral.When authority funds are deposited by the treasurer in a bonded depository, <br /> the treasurer and the surety on the treasurer's official bond are exempt from liability for the loss of the <br /> deposits because of the failure,bankruptcy, or other act or default of the depository. However, an authority <br /> may accept assignments of collateral from its depository to secure deposits just as assignments of collateral <br /> are permitted by law to secure deposits of the authority's city. <br /> History: 1987 c 291 s 100 <br /> Copyright U 2017 by the Revisor of Statutes,State of Minnesota.All Rights Reserved. <br />