Res 1996 - 02 Accepting Pledged Securities for 1996CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 96- 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1996
WHEREAS, every designated depository of City funds must provide collateral or other
security to the City to protect against fmancial loss, pursuant to Minnesota Statutes Chapter
118.01 and 427.01; and
WFIEREAS, all financial institutions designated as depositories for 1994 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 IT RESOLVED that the following pledged securities be
accepted by the City as additional collateral for calendar year 1995:
I.,i i � C.i,
$500,000 Fed. Farm Loan Bank 6.91 % due 08-04-98
$100,000 U.S. Treas. Note 4.375 � due 11-15-96
Adopted by the City Council of the City of Mendota Heights this 2nd day of January, 1996.
CITY COUNCII,
CITY OF MENDOTA HIIGHTS
By �..� �- �•M.�-..t�'
Charles E. Mertensotto
Mayor
ATTEST
/h ��
K hleen M. Swanson
City Clerk