The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03
CHAPTER 323-H. F. NO. $40.

AN ACT to amend section one % of
chapter 124, general laws 1881, as
amended by section one % of chapter
81, general laws of 1888, being section
729 general statutes 1894, relating to
the deposit of public funds.
Be it enacted by the Legislature Of the
State of Minnesota:
Section 1. All the funds Of any of the
counties in this state shall be deposited
by the county treasurer in one or more
national banks or state or private bank
or banks as soon as received, in the
name of the proper county of which the
board of auditors are officers. Such
bank or banks or bankers shall be
designated by said board Of auditors,
in their discretion after advertising in
one or more newspapers published in
their respective counties, or, if the public
interests require, in one or more newspa-
pers in other counties of the state, for
at least two (2) weeks, for proposals and
receiving proposals, stating the security
(WHICH would be given to said county for
such funds so deposited, and what interest
on monthly balances of the amount depos-
tied, on condition that said funds, with
accrued interest, shall be held subject to
draft and payment at all times, on de-
mand, and also what interest would be
paid on such funds or any parts thereof
if deposited for any certain length of
time. If the board of auditors at any time
after having made such designation, for
good and sufficient cause, deem the surety
given insufficient, it may require a new
January, and oftener if deemed neces-
interests require, it may vacate, revoke,
or modify it's designation of a depository
in any way, and may advertise and again
designate depository or repositories as
above.
Provided, that the amount deposited
in any bank or banking house shall not
exceed the assessed capital stock of said
bank or banking house as shall appear
on the tax lists of the counties. Capital
stock, for the purposes of this act, shall
be defined as follows
AS irn 1116i c1 nI nf 90 nj a cfn Of
national or state banks, whether assessed
in the name of the bank or of the stock
holders thereof; and as including the
personal and real estate property Of pri-
vate banks or bankers, or the individual
members of said banking firms, which
property is liable for the debts of said
banks or bankers, and is assessed upon
the tax lists of any county in this state.
In case such property is assessed in
counties other than those in which the
depository is situated, the assessment
shall be certified to by the auditor of
the county in which the same is assessed
on application of the board of auditors of
any county; and such application shall
be renewed annually on the first day of
January, and ,oftener.. if deemed .neces
tached to the bond of such depository
The treasurer is required from time to
time to take notice of any changes in
the assessment and to limit the amount
of the deposits by such changes in &C
cordance with the provisions of this act
Provided, that when a bank has been
duly organized after an annual assess
sessment for the following, the paid up
capital and assets of said bank less its
liabilities, as may appear from the sworn
statement of the president or cashier
thereof may be treated as assessed cap
ital
Sec 2. This act shall take effect and be
in force from and after its passage.
Approved April %, 1897.