Res 1991 - 02 Accepting Pledged Securities for 1991CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 91-02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 1991
WHEREA3, 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 1991 are members of the Federal Deposit Insurance Corporation
(FDIC) which provides suitable security up to established limits,
and
WHEREAS, 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 1991:
CHEROREE STATE BANR
$500,000 U.S. Treasury Notes 8 3/8�
$200,000 8 3/4%
$100,000 7 3/8�
DAROTA COUNTY STATE BANR
$134,462 Countrywide Mtg.
$ 58,119 Countrywide Mtg.
$400,000 FHLMC CMO
$500,000 HLB
7.9�
7.95�
8.79%
8.30%
due
due
2/15/93
8/15/91
2/15/91
3/20/2004
11/1/2011
9/15/2019
9/27/93
Adopted by the City Council of the City of Mendota Heights this 2nd
day of January, 1991.
ATTEST:
K thleen M. Swanson
City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
sy ,�-r`� f �-
Charles E. Mertensotto
Mayor
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