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<br />Briggs and Morgan Memo <br />Page 2 <br /> <br />Minnesota Statutes, Section 469.096 Subd. 6 provides: <br />Treasurer's bond. The treasurer shall give bond to the state conditioned for <br />the faithful discharge of official duties. The bond must be approved as to form <br />and surety by the authority and filed with the secretary. The bond must be for <br />twice the amount of money likely to be on hand at any one time, as determined <br />at least annually by the authority provided that the bond must not exceed <br />$300,000. <br /> <br />If the EDA authorizes the City’s treasurer to act for the EDA, Tom Carlson recommended <br />that the bond obtained for the City’s treasurer be sufficient to meet the requirement for <br />“twice the amount of money likely to be on hand at any one time” for the EDA together with <br />the amount required for City purposes <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />