Section 116W.20 Money of the Authority
116W.20 MONEY OF THE AUTHORITY.
Subdivision 1.Functions of commissioner of management and budget.
Except as otherwise provided in this section, money of the authority must be paid to the commissioner of management and budget as agent of the authority and the commissioner shall not commingle the money with other money. The money in the accounts of the authority must be paid out only on warrants drawn by the commissioner of management and budget on requisition of the executive director of the authority or of another officer or employee as the authority authorizes. Deposits of the authority's money must, if required by the commissioner or the authority, be secured by obligations of the United States or of the state of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give security for the deposits. All money paid to the commissioner as agent of the authority is appropriated to the authority. The commissioner must annually report to the committees of the legislature with responsibility for economic development and management and budget on the use of appropriations under this section.
Subd. 2.System of accounts.
The commissioner of management and budget shall prescribe a system of accounts.
History:
2010 c 347 art 1 s 17