Agenda - Charter Commission - 07/13/2016

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Page 7 of 15 469 - 2015 Minnesota Statutes Subd.6. Injunction. The county attorney may seek an iniunction in the district court to enforce the provisions of this section. Subd.7. Exceptions. The exceptions in section 471.88 apply to this section. History: 1987 c 291 s 99, 2008 c197 s 1 r 469.099 DEPOSITORIES;DEFAULT; COLLATERAL. Subdivision 1. Named; bond. Every two years an authority shall name national or state banks within the state as depositories.Before acting as a depository,a named bank shall give the authority a bond approved as to form and surety by the authority. The bond must be conditioned for the o t e mp�imum sums exand prompt pected to be deposited atpayment of deposits. haizyt one of bond must be at least equal t time. Subd.2. One bank account. An authority may deposit all its money from any source in one bank account. uthority funds are deposited by the treasurer in Subd.3. Default; collateral. When a a bonded depository,the treasurer and the surety on the treasurer's official bond are exempt from liability for the loss of the deposits because of the failure,bankruptcy,or other act or default of the depository. However, an authority may accept assignments of collateral from its depository to secure deposits just as assignments of collateral are permitted by law to secure deposits of the authority's city. History: 1987 c 291 s 100 469.100 OBLIGATIONS. ts prohibited. An authority must not levyletae Subdivision 1. Taxes and assessmen or special assessment,except as otherwise provided in sections 469.090 to 469.108, pledge the credit of the state or the state's municipal corporations or other subdivisions,or incur an obligation enforceable on property not owned by the authority. Subd.2. Budget to city. Annually,at a time fixed by charter,resolution,or ordinance of the city,an authority shall send its budget to its city's council.The budget must include a detailed written estimate of the amount of money that the authority expects to need from the city to do authority business during the next fiscal year. The needed amount is what is needed in excess of any expected receipts from other sources. Subd.3. Fiscal year. The fiscal year of the authority must be the same as the fiscal year of its city. Subd.4. Report to city. Annually,at a time and in a form fixed by the city council, the authority shall make a written report to the council giving a detailed account of its activities and of its receipts and expenditures during the preceding calendar year,together with additional matters and recommendations it deems advisable for the economic development of the city. ements of the authority must be prepared,audited, Subd. 5. Audits. The financial stat filed,and published or posted in the manner required for the financial statements of the city that established the authority.The financial statements must permit comparison and reconciliation with the city's accounts and financial reports.The report must.be filed with the state auditor by June 30 of each year.The auditor shall review the report and may accept it or,in the public interest, audit the books of the authority. Subd.6. Compliance examinations. At the request of the city or upon the auditor's initiative,the state auditor may make a legal compliance examination of the authority for that city.Each authority examined must pay the total cost of the examination,including the salaries paid to the examiners while actually engaged in making the examination.The state auditor may bill monthly or at the completion of the audit.All collections received must be deposited in the general fund. History: 1987 c 291 s 101; 1989 c 335 art 4 s 88 https://www.revisor.mn.gov/statutes/?id=469&view--chapter 7/7/2016