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1 <br />MINNESOTA STATUTES 2013 118A.02 <br />CHAPTER 118A <br />DEPOSIT AND INVESTMENT OF LOCAL PUBLIC FUNDS <br />118A.01 DEFINITIONS. 118A.05 CONTRACTS AND AGREEMENTS. <br />118A.02 DEPOSITORIES; INVESTING: SALES, 118A.06 SAFEKEEPING; ACKNOWLEDGEMENTS. <br />PROCEEDS, IMMUNITY. <br />118A.07 ADDITIONAL INVESTMENT AUTHORITY. <br />118A.03 WHEN AND WHAT COLLATERAL REQUIRED. <br />118A.08 NO SUPERSEDING EFFECT. <br />118A.04 INVESTMENTS. <br />118A.01 DEFINITIONS. <br />Subdivision 1. Application. The definitions in this section apply to sections 118A.01 to <br />118A.06. <br />Subd. 2. Government entity. (a) "Government entity" means a county, city, town, school <br />district, hospital district, public authority, public corporation, public commission, special district, <br />any other political subdivision, except an entity whose investment authority is specified under <br />chapter 11A or 356A. <br />(b) For the purposes of sections 118A.02 and 118A.03 only, the term includes an American <br />Indian tribal government entity located within a federally recognized American Indian reservation. <br />Subd. 3. Financial institution. "Financial institution" means a savings association, <br />commercial bank, trust company, credit union, or industrial loan and thrift company. <br />Subd. 4. Public funds. "Public funds" means all general, special, permanent, trust, and <br />other funds, regardless of source or purpose, held or administered by a government entity, unless <br />otherwise restricted. <br />History: 1996 c 399 art 1 s 2; 1999 c 151 s 39 <br />118A.02 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY. <br />Subdivision 1. Designation; delegation. (a) The governing body of each government entity <br />shall designate, as a depository of its funds, one or more financial institutions. <br />(b) The governing body may authorize the treasurer or chief financial officer to: <br />(1) designate depositories of the funds; <br />(2) make investments of funds under sections 118A.01 to 118A.06 or other applicable <br />law; or <br />(3) both designate depositories and make investments as provided in this subdivision. <br />Subd. 2. Sale; proceeds; immunity, if loss. (a) The treasurer or chief financial officer of a <br />government entity may at any time sell obligations purchased pursuant to this section and the <br />money received from such sale, and the interest and profits or loss on such investment shall be <br />credited or charged, as the case may be, to the fund from which the investment was made. <br />(b) Neither such official nor government entity, nor any other official responsible for the <br />custody of such funds, shall be personally liable for any loss sustained from the deposit or <br />investment of funds in accordance with the provisions of sections 118A.04 and 118A.05. <br />History: 1996 c 399 art 1 s 3 <br />Copyright © 2013 by the Office of the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />