St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10
CHAPTER 17-H. F. NO. Sc.

49,. oAA@14 LIN 1l~I1s T. 1NOs 90
AN ACT to authorize cities of this state,
n not including cities now or here
after governed under a charter adopted
under and pursuant to section SO, article
4 Of the Constitution Of this state, and
sections ~ to 75S, inclusive, of Revised
Laws of Minnesota, 1905, to designate
repositories of city funds.
Be 1t enacted by the Legislature of the
State of Minnesota:
Section /. The city council or common
council of any city in this state, not
including cities now or hereafter govern
pursuant to section IS, article 4 of the
constitution. Of this. state, and sections
q! to 75S inclusive of Revised Laws of
Minnesota Mir 1908, shall have the power
calendar year., to designate and from
time, to time re%designate the banks, bank
ing houses and other repositories Of any
such city shall deposit and keep the mo-
neys of such city. designating in each in
stance the maximum amount which may
at any time be kept in n one of such
h in no case exceed rs per centum of
the paid-up capital and surplus of such
depository.
The city council or, common council Of
each city shall at all times designate de-
positories in their respective cities or
elsewhere In the United States sufficient
for the depository of all funds which are
likely to be in the hands Of the city
treasurer of such city at any one time,
and shall. so far as consistent with the
best interest of such city, designate such
repositories in their respective cities and
n require from such repositories good
and sufficient bonds payable to such city
for double the amount of money likely
to be received. and conditioned for the
safe-keeping n payment Of funds so de-
Sec. 2. The city treasurer of each city
where repositories have been designated
In accordance with this act, shall keep
the tih,o funds N Of such city as far as pos
and when so deposited the treasurer and
the sureties IN the official bond of such
treasurer shall be exempt from all la
deposited as in this act provided. If such
loss Is caused by the failure, bankruptcy
or anv other act of default of such de-
pository.
or common council Of any city to desig-
nate repositories, as in this act provided.
shall not exempt or relieve the city
treasurer Of such city or the sureties on
Sec. 4. The city council or common
council of any city authorized under this
act to designate repositories shall exer-
positories for the city funds Of such city
and to obtain the highest rate of interest
possible consistent with safety for such
account Of the same shall be the property
of such city and shall be credited to the
current expense fund Of such city.
Sec. 8. All moneys Of any such city
kept in accordance with this act in any
depository designated by the city coun-
eli or common council Of any city shall be
city and such depository or repositories
shall have no authority to pay out any
such money except upon checks drawn
upon such depository or repositories
signed by the city treasurer and counter
signed by the city comptroller or record
ing officer Of such city.
Sec. 6. The city treasurer Of any city
who has city funds deposited in accord
ance with this act shall, whenever noti-
fed so to do by the sureties on his official
pond or by the city council or common
from any designated depository, and it
shall be the duty of the city comptroller
or other recording officer Of such city to
countersign all checks for such with
drawal. Said city treasurer shall there
upon, upon such withdrawal, notify the
city council or common council Of such
city thereof and thenceforth such city
treasurer hall deposit no more funds in
such depository until authorized so to do
by the city council or common council of
such city. And upon such withdrawal, it
shall be the duty of the city council or
common council of such city to proceed
with the provisions Of this act.
Sec. Z. This act shall take effect and be
in force from and after its passage.
Approved Feb. 81, 1907.
CHAPTER 1875. F. NO 6s.
AN ACT to amend section. 3148 Revised
Laws 1905 relating to the time and man