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<br />Minnesota Statutes 2001, 427.01 <br /> <br />Page 1 of 1 <br /> <br />Miml~~Q!;LSJi!tRtes-ZQQL.I;!12kQf ChapteJ1i <br /> <br />JabkQLQoIltel1,t~ fOLChaptedn <br /> <br />427.01 Deposit of public funds. <br /> <br />The council of any statutory city or of any city of the <br />fourth class shall designate as a depository of city funds such <br />national, state, or private banks as it may deem proper. Except <br />as to deposits insured by the federal deposit insurance <br />corporation or protected by collateral or a corporate surety <br />bond furnished under section ~18A.~, each shall give bond to <br />the municipality in at least double the amount authorized to be <br />deposited therein, to be approved by the council, conditioned to <br />repay all sums deposited therein upon proper demand therefor or <br />at such time, not exceeding one year, as fixed by the terms of <br />the deposit, and for the performance of such other duties as the <br />council may require. The council shall require the city <br />treasurer to deposit all or any part of the public funds in hand <br />in such banks and to withdraw the same when so directed. All <br />the terms and conditions of deposit shall be set forth in the <br />resolution designating the several depositories, which <br />resolution shall be filed with the clerk or recorder. The <br />treasurer shall not be liable on the treasurer1s bond for any <br />money so deposited by direction of the council and lost through <br />the failure, bankruptcy, or other default of the bank. All <br />interest accruing upon these deposits shall belong to the city. <br /> <br />HIST: RL s 774; 1957 c 367 s 5; 1957 c 518 s 1; 1973 c 123 art <br />5 s 7; 1986 c 444; 1996 c 399 art 2 s 12 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />. <br /> <br />http://www.revisor.leg.state.mn.us/stats/427 /Ol.htull 9/13/2002 <br />