Minnesota § 427.06 MONEY, HOW DEPOSITED; CHECKS, HOW DRAWN

Minnesota Statutes

§ 427.06 — MONEY, HOW DEPOSITED; CHECKS, HOW DRAWN

Minnesota § 427.06

PartMUNICIPAL FINANCE, TAXATION, SPECIAL ASSESSMENTS

Ch. 427DEPOSITORIES, CITY AND STATUTORY CITY FUNDS

This text of Minnesota § 427.06 (MONEY, HOW DEPOSITED; CHECKS, HOW DRAWN) 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. § 427.06 (2026).

Text

(a)All money of any city kept in accordance with sections427.02to427.07in 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 upon checks drawn upon the depository signed by the city treasurer and countersigned by the city comptroller or recording officer of the city.

(b)In addition to the authority for deposit of city money pursuant to paragraph (a) or other provisions of this chapter, the city treasurer may deposit city money in a designated depository in accordance with the following conditions:

(1)The designated depository is authorized by the city treasurer to (i) arrange for the redeposit of the money into deposit accounts in one or more banks, savings and l

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(a) All money of any city kept in accordance with sections427.02to427.07in 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 upon checks drawn upon the depository signed by the city treasurer and countersigned by the city comptroller or recording officer of the city.
(b) In addition to the authority for deposit of city money pursuant to paragraph (a) or other provisions of this chapter, the city treasurer may deposit city money in a designated depository in accordance with the following conditions:
(1) The designated depository is authorized by the city treasurer to (i) arrange for the redeposit of the money into deposit accounts in one or more banks, savings and loan associations, or credit unions that are located in the United States, and (ii) serve as custodian for the city with respect to the money redeposited into such accounts.
(2) The full amount of the redeposited city funds, plus accrued interest, if any, must be insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Any entity serving as subcustodian for the designated depository shall have had at least five years' experience serving in that capacity.