MN SF1737

Amends statutes governing school district, town, county, and city fund deposits to allow treasurers to deposit public money in designated depositories that arrange redeposits into multiple financial institutions.

Requires all redeposited public funds plus accrued interest to be fully insured by the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund.

Mandates that any entity serving as subcustodian for a designated depository must have at least five years of general custodial experience.

Applies to school districts (section 123B.14), towns (section 366.01), counties (section 385.07), and cities (section 427.06).

All amendments are effective the day following final enactment.