2005 Minnesota Statutes - 118A.02 — Depositories; investing: sales, proceeds, immunity.

     118A.02 Depositories; investing:  sales, proceeds, immunity.


    Subdivision 1.    Designation; delegation.  (a) The 
 governing body of each government entity shall designate, as a 
 depository of its funds, one or more financial institutions.  


    (b) The governing body may authorize the treasurer or chief 
 financial officer to: 


    (1) designate depositories of the funds; 


    (2) make investments of funds under sections 118A.01 to 
 118A.06 or other applicable law; or 


    (3) both designate depositories and make investments as 
 provided in this subdivision. 


    Subd. 2.    Sale; proceeds; immunity, if loss.  (a) The 
 treasurer or chief financial officer of a government entity may 
 at any time sell obligations purchased pursuant to this section 
 and the money received from such sale, and the interest and 
 profits or loss on such investment shall be credited or charged, 
 as the case may be, to the fund from which the investment was 
 made.  


    (b) Neither such official nor government entity, nor any 
 other official responsible for the custody of such funds, shall 
 be personally liable for any loss sustained from the deposit or 
 investment of funds in accordance with the provisions of 
 sections 118A.04 and 118A.05. 


    HIST: 1996 c 399 art 1 s 3