Res 1995 - 02 Accepting Pledged Securities for 1995CITY OF MENDOTA BEIGSTS
DAROTA COIINTY, MINNESOTA
RESOLUTION NO. 95-02
RESOLIITION ACCEPTING PLFsDGED SECIIRITIES FOR 1995
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
�PHEREAS ,
for 1994 are
(FDIC) whiCh
and
all financial institutions designated as depositories
member of the Federal Deposit Insurance Corporation
provides suitable security up to established limits;
DaHEREAS, 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:
Dakota County State Bank
$500,000 Fed. Farm Cr. Bank 4.23� due 08-04-95
$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, 1995.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By ��rG` � l��i.v�C�.-•,,.�
Charles E. Mertensotto
Mayor
ATTEST
Ka leen M.�Swanson
City Clerk