Res 1993 - 02 Accepting Pledged Securities for 1993i
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, blINNESOTA
RESOLIITION N0. 93- 02
RESOLIITION ACCi3PTING PLEDGED SECIIRITIES FOR 1993
�
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
�PSEREAS, all financial institutions designated as depositories
for 1993 are members of the Federal Deposit Insurance Corporation
(FDIC) which provides suitable security up to established limits,
and
a1Si3REAS, the City's deposits in two financial institutions
routinely exceed these established limits necessitating the
provision of additional aecurity.
NOW THEREFORE BE IT RESOLVED that the following pledged
securities be accepted by the City as additional collateral for
calendar year 1993:
C$EROREFs STATE BANR
$350,000 U.S. Treasury Notes 8 3/8% due 5/31/93
DAKOTA COUNTY STATF BANR
$500,000 Fed. Home Loan Bank 5.35� due 2/28/94
Adopted by the City Council of the City of Mendota Heights this 5th
day of January, 1993.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By �'y"`''v � (/N�w •.T' sT
Charles E. Mertensotto
Mayor
ATTEST
�:���r C.�
Ka hleen M. Swanson
City Clerk