Res 1997 - 02 Accepting Pledged Securities for 1997��
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CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTp►/�
RESOLUTION NO. 97- 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1997
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 118.01 and 427.01; and
WHEREAS, all financial institutions designated as depositories for 1997 are
member of the Federal Deposit Insurance Corporation (FDIC) which provides
suitable security up to established limits; and
WHEREAS, the City's deposits 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 1997:
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S500,000 Fed. Farm Loan Bank
S 150,000 U.S. Treas. Note
6.91 % due 08-04-98
6 7/8°/a due 08-31-99
Adopted by the City Council of the City of Mendota Heights this 7th day of
January, 1997.
ATfEST
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Kathleen M. Swanson
City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
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Charles E. Mertensotto
Mayor