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<br />Mimlesota Statutes 2001, 118A.02 <br /> <br />Minllesot<LSll\tuJeslDO l~IilJ:>l~QfDlliwj~m <br /> <br />IflPJe91 c()lltents fOl:1:'ll<!j:lteIJJBL\ <br /> <br />118A.02 Depository n~8d; investment requirements; <br />liability. <br /> <br />subdivision 1. Designation; delegation. <br />governing body of each government entity shall <br />depository of its funds, one or more financial <br />The governing body may authorize the treasurer <br />financial officer to: <br /> <br />The <br />designate, as a <br />institutions. <br />or chief <br /> <br />(1) designate depositories of the funds; <br /> <br />(2) make investments of funds under sections 1l8A.01 to <br />l.1iJ.J:',..ClE: or other applicable law; or <br /> <br />(3) both designate depositories and make investments as <br />provided in this subdivision. <br /> <br />Subd. 2. Sale; proceeds; no personal liability. The <br />treasurer or chief financial officer of a government entity may <br />at any time sell obligations purchased pursuant to this section <br />and the money received from such sale, and the interest and <br />profits or loss on such investment shall be credited or charged, <br />as the case may be, to the fund from which the investment was <br />made. Neither such official nor government entity, nor any <br />other official responsible for the custody of such funds, shall <br />be personally liable for any loss sustained from the deposit or <br />investment of funds in accordance with the provisions of <br />sections .1}?lLQ..4 and 1}8.J:',.9;;. <br /> <br />HIST: 1996 c 399 art 1 s 3 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />http://www.revisorJeg.state.mn.us/statsIl18AJ02.html <br /> <br />Page 1 of1 <br /> <br />. <br /> <br />9/13/2002 <br />