Res 1994 - 02 Accepting Pledged Securities for 1994ca�x o� �noTA Hga���s
DAKOTA COtTN7�'Yo �IINNESOTA
RESOLII'PION NO. 94 -�Q2
RF�SOLIITIOI� ACCEPTIIQG PLi3DGEaD SECIIRITILS FOR ].994
4�SER�AS, 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 118001 and
427.01;' and
WHEREAS, all financial institutions designated as depositories
for 1994 are members of the Federal Deposit Insurance Corporation
(FDIC) which providea suitable security up to established limits;
and
�E�REAS, the City`s deposits in two financial institutions
routinely exceed these established limits necessitating the
provision of additional security.
NOOP THEREFORE BE IT RESOLVED that the following pledged
securities be accepted by the City as additional collateral for
calendar year 1994:
CHEROREE STATF� BANK
$1,OOOo000 U.S. Treasury Notes
DAICOTl� COII1J'I'Y STATL BANK
$500,000 Fed. Farm Cro Bank
5 1/Ss due 11/15/95
4.23% due 08-04-95
Adopted by the City Council of the City of Mendota Heights this 4th
day of January, 1994.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
gY �-y-�, � ��� ..�`
Charles E. Mertensotto
Mayor
ATTEST:
i��.� � _�,.�.--
Kathleen M. Swanson
City Clerk