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52 MINNESOTA STATUTES 2010 469.0521 • (5) shall file the authority's detailed financial statement with its secretary at least once a year at times set by the authority. Subd. 5. Assistant treasurer. The assistant treasurer has the powers and duties of the treasurer if the treasurer is absent or disabled. Subd. 6. Treasurer's bond. The treasurer shall give bond to the state conditioned for the faithful discharge of official duties. The bond must be approved as to form and surety by the authority and filed with its secretary. The bond must be for twice the amount of money likely to be on hand at any one time, as determined at least annually by the authority except that the bond must not exceed $300,000. Subd. 7. Public money. Port authority money is public money. Subd. 8. Checks.A port authority check must be signed by the treasurer and by one other officer named by the authority in a resolution. The check must state the name of the payee and the nature of the claim that the check is issued for. Subd. 9. Financial statement. The port authority's detailed financial statement must show all receipts and disbursements,their nature,the money on hand,the purposes to which the money on hand is to be applied, the authority's credits and assets, and its outstanding liabilities. The authority shall examine the statement together with the treasurer's vouchers. If the authority finds the statement and vouchers correct, it shall approve them by resolution and enter the resolution in its records. • History: 1987 c 291 s 52; 1990 c 367 s 1; 2000 c 272 s 1 469.052 DEPOSITORIES; DEFAULT; COLLATERAL. Subdivision 1. Named; bond.Every two years a port authority shall name national or state banks within the state as depositories. Before acting as a depository, a named bank shall give the authority a bond approved as to form and surety by the authority. The bond must be conditioned for the safekeeping and prompt repayment of deposits. The amount of the bond must be at least equal to the maximum sum expected to be on deposit at any one time. Subd. 2. Default; collateral. When port authority funds are deposited by the treasurer in a bonded depository,the treasurer and the surety on the treasurer's official bond are exempt from liability for the loss of the deposits because of the failure, bankruptcy, or any other act or default of the depository. A port authority may accept assignments of collateral from its depository to secure deposits in the same manner as assignments of collateral are permitted by law to secure deposits of the port authority's city. History: 1987 c 291 s 53 469.0521 LIABLE IN CONTRACT OR TORT. Subject to the provisions of chapter 466,a port authority shall be liable in contract or in tort in the same manner as a private corporation. The commissioners of a port authority shall not be personally liable as such on its contracts, or for torts, not committed or directly authorized by them. The property or funds of a port authority shall not be subject to attachment, or to levy and sale on execution,but, if a port authority refuses to pay a judgment entered against it in any court of competent jurisdiction,the district court for the county in which the port authority is situated Copyright©2010 by the Office of the Revisor of Statutes,State of Minnesota.All Rights Reserved.