Minnesota § 427.05 DUTY OF COUNCIL; INTEREST

Minnesota Statutes

§ 427.05 — DUTY OF COUNCIL; INTEREST

Minnesota § 427.05

PartMUNICIPAL FINANCE, TAXATION, SPECIAL ASSESSMENTS

Ch. 427DEPOSITORIES, CITY AND STATUTORY CITY FUNDS

This text of Minnesota § 427.05 (DUTY OF COUNCIL; INTEREST) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 427.05 (2026).

Text

The council of any city authorized under sections427.02to427.07to 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 for the use or keeping of moneys or on account of the same shall be the property of the city and credited to the current expense fund of the city.

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The council of any city authorized under sections427.02to427.07to 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 for the use or keeping of moneys or on account of the same shall be the property of the city and credited to the current expense fund of the city.