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118A.02 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY.​ <br />Subdivision 1.Designation; delegation.(a) The governing body of each government entity shall​ <br />designate, as a depository of its funds, one or more financial institutions.​ <br />(b) The governing body may authorize the treasurer or chief financial officer to:​ <br />(1) designate depositories of the funds;​ <br />(2) make investments of funds under sections 118A.01 to 118A.06 or other applicable law; or​ <br />(3) both designate depositories and make investments as provided in this subdivision.​ <br />Subd. 2.Sale; proceeds; immunity, if loss.(a) The treasurer or chief financial officer of a government​ <br />entity may at any time sell obligations purchased pursuant to this section and the money received from such​ <br />sale, and the interest and profits or loss on such investment shall be credited or charged, as the case may be,​ <br />to the fund from which the investment was made.​ <br />(b) Neither such official nor government entity, nor any other official responsible for the custody of​ <br />such funds, shall be personally liable for any loss sustained from the deposit or investment of funds in​ <br />accordance with the provisions of sections 118A.04 and 118A.05.​ <br />History: 1996 c 399 art 1 s 3​ <br />Official Publication of the State of Minnesota​ <br />Revisor of Statutes​ <br />118A.02​MINNESOTA STATUTES 2024​1​ <br />Page 61 of 94