Res 2020- 02 Accept Pledged SecuritiesCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2020 - 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2020
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 2020 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 2020.
Deerwood Bank
$740,000 FNMA 2.050% due 09/13/2022
$200,000 FHLB 2.100% due 12/29/2020
$2,500,000 FHLB 1.685% due 05/25/2021
Adopted by the City Council of the City of Mendota Heights this 7th day of January, 2020.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
Neil Garlock, Mayor
ATTEST:
4
Lorri Smith, City Clerk