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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />Minnesota Statutes 2001,427.02 <br /> <br />Minnesot?~tatutes_2QO LTabl\<QfCI11lPters. <br /> <br />Table~f cQ1l1ents.1QL~ha-p-1t;I42Z <br /> <br />427.02 Depositories. <br /> <br />The council of any city in this state) but not including <br />cities when governed under a charter adopted under and pursuant <br />to the Constitution of the state of Minnesota, article IV, <br />section 36, article XI, section 4, or article XII, section 5, <br />and sections !:LQ,O} to 4XOL21., and all acts supplemental <br />thereto, in which charter the matter of designating depositories <br />for city funds and the protection thereof is provided for, or in <br />which charter it shall hereafter be provided for, shall have the <br />power and authority to designate or redesignate at the beginning <br />of each calendar year, or from time to~time, the banks or other <br />legal depositories of any city in which the treasurer of the <br />city shall deposit and keep the moneys of the city, designating <br />in each instance the maximum amount which may at any time be <br />kept in anyone of these depositories, which maximum amount <br />shall in no case exceed 25 percent of the paid-up capital and <br />surplus of the depository, unless the depository shall deposit <br />with the treasurer of the city United States government bonds to <br />secure the deposit of the funds of the citYi and, in that event, <br />the amount so deposited shall not exceed the amount of the <br />United States government bonds so deposited. No depository <br />shall deposit United States government bonds which mature within <br />one year from the date such bonds were first considered as a <br />part of the bankrs reserve and which reserves are required by <br />section 4?__: ~,~_~. The council of each city shall, at all times, <br />designate depositories in the city, or elsewhere in the United <br />States, sufficient for the depository of all funds which are <br />likely to be in the hands of the treasurer of the city at any <br />one time and shall, so far as consistent with the best interest <br />of the city, designate these depositories in the city and <br />require from these depositories good and sufficient bonds <br />payable to the city in a penal sum not to exceed the amount <br />designated as the limit of deposit therein, and conditioned for <br />the safekeeping and payment of funds so deposited, or, in lieu <br />thereof, good and sufficient collateral as provided for by <br />section !~~~~O}.. <br /> <br />RIST: (1327) 1907 c 17 s 1; 1933 c 179; 1935 c 124 s 1; 1969 c <br />78 s 2; 1971 c 24 s 50; 1987 c 384 art 2 s 1; 1996 c 399 art 2 s <br />12; 1997 c 7 art 1 s 139; art 4 s 2 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />. <br /> <br />http://www.revisoL!eg.state.mn.us/stats/ 4 2 7 /02 .html <br /> <br />Page 1 of 1 <br /> <br />9/13/2002 <br />
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