Res 1992 - 02 Accepting Pledged Securities for 1992CITY OF MENDOTA HEIGHTS
DAROTA COUNTY, MINNESOTA
RESOLUTION NO. 92-�2
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1992
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 1992 are members of the Federal Deposit Insurance Corporation
(FDIC) which provides suitable security up to established limits,
and
WHEREAB, the City 's deposits in two 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 1992:
CHEROREE STATE BANR
$500,000 U.S. Treasury Notes 8 3/8� due 2/15/93
DAROTA COUNTY STATE BANR
$500,000 HLB 7.31% due 3/5/94
Adopted by the City Council of the City of Mendota Heights this 7th
day of January, 1992. �
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
sy �.,�.� � �Gt,�,.�..�A'
Charles E. Mertensotto
Mayor
ATTEST:
�!-c.G�.,
athleen M. Swanson
City Clerk