Res 2016- 05 Accept Pledged SecuritiesCITY OF IVIENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2016- 05
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2016
VI/HEREAS, every designated depository of city funds must provide collateral or
other security to the city to protect against financial loss, pursuant to Minnesota Statutes
Chapter 118A.03 and 427.01; and
WHEREAS, all financial institutions designated as depositories for 2016 are
members of the Federal Deposit Insurance Corporation (FDIC) which provides suitable
security up to established limits; and
WHEREAS, the city's depositories in financial institutions routinely exceed these
established limits necessitating the provision of additional security.
NOW THEREFORE BE lT RESOLVED that the following pledged securities be
accepted by the city as additional collateral for calendar year 2016.
American Bank
$1,200,000 FH�B 1.25% due 6/8/2018
Adopted by the City Council of the City of Mendota Heights this 5th day of January, 2016.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
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andra Krebsba , Mayor
ATTEST:
R
Lorri Smith, City Clerk