Res 2018- 03 Accept Pledged SecuritiesCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2018 - 03
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2018
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 118A.03 and 427.01; and
WHEREAS, all financial institutions designated as depositories for 2018 are
members of the Federal Deposit Insurance Corporation (FDIC) which provides suitable
security up to established limits; and
WHEREAS, the city's depositories 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 2018.
Deerwood Bank
$740,000 FHLB 1.00%
$200,000 Freddie Mac 1.05%
due 6/15/2018
due 11/07/2018
Adopted by the City Council of the City of Mendota Heights this 2nd day of January, 2018.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
Neil Garlock, Mayor �-�
ATTES •
� ,
Lorri Smith, City Clerk