MN SF2964

Commissioner of management and budget shall give preference to community financial institutions as fiscal agents for the state's general revenue account when bids are within 10 percent (0.9 factor) of the lowest nonresident financial institution bid

All new state depository accounts must be opened with community financial institutions, and existing accounts must transfer to community financial institutions at the first rebidding on or after August 1, 2010

Community financial institution is defined as a federally insured bank or credit union chartered in Minnesota or the United States and headquartered in Minnesota

Commissioner shall maintain a daily web record of all depositories holding noninterest bearing state deposits exceeding $100,000

Commissioner of management and budget must study feasibility of dividing the general fund revenue account among community financial institutions and report findings to legislature by December 1, 2010