Minnesota § 473.542 DEPOSITORIES

Minnesota Statutes

§ 473.542 — DEPOSITORIES

Minnesota § 473.542

PartMETROPOLITAN AREA

Ch. 473METROPOLITAN GOVERNMENT

This text of Minnesota § 473.542 (DEPOSITORIES) 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. § 473.542 (2026).

Text

The council shall from time to time designate one or more national or state banks, or trust companies authorized to do a banking business, as official depositories for moneys of the council, and thereupon shall require the treasurer to deposit all or a part of such moneys in such institutions. Such designation shall be in writing and shall set forth all the terms and conditions upon which the deposits are made, and shall be signed by the chair and treasurer, and made a part of the minutes of the council. Any bank or trust company so designated shall qualify as a depository by furnishing a corporate surety bond or collateral in the amounts required by section118A.03. However, no bond or collateral shall be required to secure any deposit insofar as it is insured under federal law.

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The council shall from time to time designate one or more national or state banks, or trust companies authorized to do a banking business, as official depositories for moneys of the council, and thereupon shall require the treasurer to deposit all or a part of such moneys in such institutions. Such designation shall be in writing and shall set forth all the terms and conditions upon which the deposits are made, and shall be signed by the chair and treasurer, and made a part of the minutes of the council. Any bank or trust company so designated shall qualify as a depository by furnishing a corporate surety bond or collateral in the amounts required by section118A.03. However, no bond or collateral shall be required to secure any deposit insofar as it is insured under federal law.