427.01 DEPOSIT OF PUBLIC FUNDS. The council of any statutory city or of any city of the fourth class shall designate as a depository of city funds such national, state, or private banks as it may deem proper. Except as to deposits insured by the federal deposit insurance corporation or protected by collateral or a […]
427.02 DEPOSITORIES. The council of any city in this state, but not including cities when governed under a charter adopted under and pursuant to the Constitution of the state of Minnesota, article IV, section 36, article XI, section 4, or article XII, section 5, and sections 410.03 to 410.24, and all acts supplemental thereto, in […]
427.03 DUTY OF TREASURER; EXEMPTION FROM LIABILITY. The treasurer of each city where depositories have been designated in accordance with sections 427.02 to 427.07 shall keep the funds of the city as far as possible in the depositories so designated and when so deposited the treasurer and the sureties on the official bond of such […]
427.04 FAILURE TO DESIGNATE. The failure of the council of any city to designate depositories, as provided in sections 427.02 to 427.07, shall not exempt or relieve the treasurer of the city or the sureties on the treasurer’s official bond from any liability. History: (1329) 1907 c 17 s 3; 1986 c 444
427.05 DUTY OF COUNCIL; INTEREST. The council of any city authorized under sections 427.02 to 427.07 to designate depositories shall exercise all possible care to secure safe depositories for the funds of the city and to obtain the highest rate of interest possible consistent with safety for such moneys. All interest received in any way […]
427.06 MONEY, HOW DEPOSITED; CHECKS, HOW DRAWN. (a) All money of any city kept in accordance with sections 427.02 to 427.07 in any depository designated by the council of the city shall be kept and deposited in the name of the city and the depository shall have no authority to pay out this money except […]
427.07 WITHDRAWAL OF FUNDS. The treasurer of any city, who has city funds deposited in accordance with sections 427.02 to 427.07, shall, when notified so to do by the sureties on the treasurer’s official bond or by the council of the city, withdraw all funds from any designated depository and it shall be the duty […]
427.09 FAILURE TO DESIGNATE DEPOSITORY. If the council of any home rule charter city of the fourth class or any statutory city shall refuse or fail to act, as provided in section 427.01, within 30 days after the beginning of the fiscal year the treasurer shall select one or more depositories, not exceeding four in […]
427.10 TREASURER, LIABILITY. The city treasurer, in the absence of negligence, shall not be liable for the loss of money while so deposited within the limits above specified occasioned by the closing or insolvency of a designated depository. History: (1049-3) 1931 c 216 s 3; 1933 c 62 s 3; 1973 c 123 art 5 […]
427.11 INTEREST ON FUNDS. All interest received on funds deposited under the provisions of sections 427.09 and 427.10 shall be credited to the respective city funds. History: (1049-4) 1931 c 216 s 4; 1933 c 62 s 4; 1971 c 24 s 51; 1973 c 123 art 5 s 7; 1976 c 44 s 37
427.12 WARRANT AS CHECK ON CITY DEPOSITORY. When a disbursement is made by order or warrant in any home rule charter city of the second, third, or fourth class, the order or warrant for the disbursement shall be so drawn that when signed in an appropriate place by the treasurer or other officer to whom […]
