118A.01 DEFINITIONS. Subdivision 1. Application. The definitions in this section apply to sections 118A.01 to 118A.06. Subd. 2. Government entity. (a) “Government entity” means a county, city, town, school district, hospital district, public authority, public corporation, public commission, special district, any other political subdivision, except an entity whose investment authority is specified under chapter 11A […]
118A.02 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY. Subdivision 1. Designation; delegation. (a) The governing body of each government entity shall designate, as a depository of its funds, one or more financial institutions. (b) The governing body may authorize the treasurer or chief financial officer to: (1) designate depositories of the funds; (2) make investments of funds […]
118A.03 WHEN AND WHAT COLLATERAL REQUIRED. Subdivision 1. For deposits beyond insurance. To the extent that funds on deposit at the close of the financial institution’s banking day exceed available federal deposit insurance, the government entity shall require the financial institution to furnish collateral security or a corporate surety bond executed by a company authorized […]
118A.04 INVESTMENTS. Subdivision 1. What may be invested. Any public funds, not presently needed for other purposes or restricted for other purposes, may be invested in the manner and subject to the conditions provided for in this section. Subd. 2. United States securities. Public funds may be invested in governmental bonds, notes, bills, mortgages (excluding […]
118A.05 CONTRACTS AND AGREEMENTS. Subdivision 1. May enter into. In addition to other authority granted in sections 118A.01 to 118A.06, government entities may enter into contracts and agreements as follows. Subd. 2. Repurchase agreements. Repurchase agreements consisting of collateral allowable in section 118A.04, and reverse repurchase agreements may be entered into with any of the […]
118A.06 SAFEKEEPING; ACKNOWLEDGEMENTS. (a) Investments, contracts, and agreements may be held in safekeeping with: (1) any Federal Reserve bank; (2) any bank authorized under the laws of the United States or any state to exercise corporate trust powers, including, but not limited to, the bank from which the investment is purchased; (3) a primary reporting […]
118A.07 ADDITIONAL INVESTMENT AUTHORITY. Subdivision 1. Authority provided. As used in this section, “governmental entity” means a city with a population in excess of 200,000, a county that contains a city of that size, or the Metropolitan Council. If a governmental entity meets the requirements of subdivisions 2 and 3, it may exercise additional investment […]
118A.08 NO SUPERSEDING EFFECT. Except as provided in Laws 1996, chapter 399, article 1, section 11, sections 118A.01 to 118A.06 shall not supersede any general or special law relating to the deposit and investment of public funds. History: 1996 c 399 art 1 s 9
118A.09 ADDITIONAL LONG-TERM EQUITY INVESTMENT AUTHORITY. Subdivision 1. Definition; qualifying government. “Qualifying government” means: (1) a county or statutory or home rule charter city with a population of more than 100,000; (2) a county or statutory or home rule charter city which had its most recently issued general obligation bonds rated in the highest category […]
