Res 2017- 04 Accepting Pledged SecuritiesCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2017- 04
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2017
WHEREAS, 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 2017 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 IT RESOLVED that the following pledged securities be
accepted by the city as additional collateral for calendar year 2017.
American Bank
$450,000 FHLB 1.00% due 6/15/2018
$290,000 FHLB 1.00% due 6/15/2018
$200,000 US Treasury Note 0.875% due 4/30/2017
Adopted by the City Council of the City of Mendota Heights this 3rd day of January, 2017.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
Neil Garlock, Mayor
ATTEST:
Lorri Smith, City Clerk