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CHAPTER 118A DEPOSIT AND INVESTMENT OF LOCAL PUBLIC FUNDS DEFINITIONS.118A.01 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY. 118A.02 WHEN AND WHAT COLLATERAL REQUIRED.118A.03 INVESTMENTS.118A.04 CONTRACTS AND AGREEMENTS.118A.05 SAFEKEEPING; ACKNOWLEDGEMENTS.118A.06 ADDITIONAL INVESTMENT AUTHORITY.118A.07 NO SUPERSEDING EFFECT.118A.08 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 or 356A. (b) For the purposes of sections 118A.02 and 118A.03 only, the term includes an American Indian tribal government entity located within a federally recognized American Indian reservation. Subd. 3. Financial institution. "Financial institution" means a savings association, commercial bank, trust company, credit union, or industrial loan and thrift company. Subd. 4. Public funds. "Public funds" means all general, special, permanent, trust, and other funds, regardless of source or purpose, held or administered by a government entity, unless otherwise restricted. History: 1996 c 399 art 1 s 2; 1999 c 151 s 39 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 under sections 118A.01 to 118A.06 or other applicable law; or (3) both designate depositories and make investments as provided in this subdivision. Subd. 2. Sale; proceeds; immunity, if loss. (a) The treasurer or chief financial officer of a government entity may at any time sell obligations purchased pursuant to this section and the money received from such sale, and the interest and profits or loss on such investment shall be credited or charged, as the case may be, to the fund from which the investment was made. (b) Neither such official nor government entity, nor any other official responsible for the custody of such funds, shall be personally liable for any loss sustained from the deposit or investment of funds in accordance with the provisions of sections 118A.04 and 118A.05. History: 1996 c 399 art 1 s 3 Copyright © 2016 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. 118A.02MINNESOTA STATUTES 20161