Res 1999 - 02 Accepting Pledged Securities for 1999CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 99- 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1999
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 1 18.01 and 427.01; and
WHEREAS, all financial institutions designated as depositories for 1999 are
member 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 /T RESOLVED that the following pledged securities be
accepted by the City as additional collateral for calendar year 1999.
Dakota Bank
5500,000 FNMA REMIC due 06-25-23
S 150,000 U.S. Treasury Note due 08-31-99
Adopted by the City Council of the City of Mendota Heights this 5th day of
January, 1999.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By ��."�. '�• �
. Charles E. Mertensotto
Mayor
ATTEST:
�,GLc1,.� s �.
K thleen M. Swanson
City Clerk