Minnesota § 427.05 - DUTY OF COUNCIL; INTEREST

Full text of Minnesota Minnesota Statutes § 427.05 — DUTY OF COUNCIL; INTEREST, with citation guidance and answers to common questions.

§ 427.05. DUTY OF COUNCIL; INTEREST

The council of any city authorized under sections 427.02 to 427.07 to designate depositories shall exercise all possible care to secure safe depositories for the funds of the city and to obtain the highest rate of interest possible consistent with safety for such moneys. All interest received in any way for the use or keeping of moneys or on account of the same shall be the property of the city and credited to the current expense fund of the city.

History:

(1330) 1907 c 17 s 4

Official Publication of the State of Minnesota
Revisor of Statutes

Source: official Minnesota text · Last verified 2026-08-27

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Frequently Asked Questions About Minnesota § 427.05

What does Minnesota Statutes § 427.05 cover?

Section 427.05 ("DUTY OF COUNCIL; INTEREST") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Minnesota § 427.05?

A common citation format is "Minnesota Statutes § 427.05" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Minnesota law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.

How does Minnesota § 427.05 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.