Res 1998 - 02 Accepting Pledged Securities for 1998CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 98- 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1998
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 1998 are
member of the Federal Deposit Insurance Corporation (FDIC) which provides
suitable security up to established limits; and
WHEREAS, the City's deposites 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 1998.
• Dakota County State Bank
$500,000 Fed. Farm Loan Bank
$150,000 U.S. Treas. Note
6.91%
6 7/8%
due 09-01-98
due 08-31-99
Adopted by the City Council of the City of Mendota Heights this 6th day of
January, 1998.
By
ATTEST:
1
Kathleen M. Swanson
City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
Charles E. Mertensotto
Mayor