(a) All county funds shall be deposited promptly and intact by the county treasurer in the name of the county or invested as provided in section 118A.04. Interest and profits which accrue from such investment shall, when collected, be credited to the general revenue fund of the county.
(b) In addition to the authority for deposit of county funds pursuant to paragraph (a), the county treasurer may deposit county funds in a designated depository in accordance with the following conditions:
(1) The designated depository is authorized by the county treasurer to (i) arrange for the redeposit of the funds 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 county with respect to the funds redeposited into such accounts.
(2) The full amount of the redeposited county 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 of general custodial experience.
(846) RL s 500; 1907 c 352 s 1; 1945 c 559 s 1; 1947 c 29 s 1; 1959 c 531 s 1; 1965 c 278 s 1; 1965 c 300 s 2; 1967 c 409 s 3; 1969 c 527 s 1; 1978 c 678 s 2; 1980 c 486 s 2; 1985 c 204 s 1; 1996 c 399 art 2 s 4; 2012 c 209 s 3
Structure Minnesota Statutes
Chapters 370 - 403 — Counties, County Officers, Regional Authorities
Chapter 385 — County Treasurer
Section 385.01 — Election; Eligibility.
Section 385.02 — Deputies; Bonds, Except For Ramsey County.
Section 385.03 — Failure To Qualify.
Section 385.04 — Accurate Account Kept.
Section 385.05 — Receipt And Payment Of Money.
Section 385.06 — Accounts Audited.
Section 385.07 — Funds, Where Deposited Or Invested.
Section 385.071 — Electronic Funds Transfer.
Section 385.09 — Bonds Of Depositories.
Section 385.10 — Proposals By Banks.
Section 385.12 — Deposit In Official Capacity; Failure.
Section 385.13 — Public Funds Kept Separate.
Section 385.14 — Insurance, Loss By Robbery Or Burglary.
Section 385.18 — Exemption From Liability.
Section 385.19 — Accounts Exhibited.
Section 385.20 — Failure To Settle.
Section 385.21 — Action Against.
Section 385.23 — Money Collected.
Section 385.24 — Refusal To Execute Process.
Section 385.25 — Proceedings Against Deputy.
Section 385.26 — New Bond; Insolvency Of Surety.
Section 385.27 — Failure To Give Bond.
Section 385.28 — Purchase Of Orders Or Warrants At Discount Prohibited.
Section 385.29 — Lending Of County Funds Prohibited; Penalty.
Section 385.30 — To Prosecute Bonds.
Section 385.31 — Payment Of County Orders Or Warrants.
Section 385.32 — Temporary Fund Transfer To Save Interest On Warrants.
Section 385.33 — Laws Not Repealed.
Section 385.34 — To Deposit Orders; Auditor's Duty.
Section 385.373 — Salaries, Fees, Budget; Counties Under 75,000; Appeals.
Section 385.38 — Employees, Pay In Certain Counties; Fees.
Section 385.39 — Money And Books Delivered To Successor.