Res 2021- 04 Accept Pledged Securities for 2021CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2021 — 04
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2021
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 2021 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 2021.
Deerwood Bank
$ 124,854
FHLB
2.500%
due
08/01/2034
$3,240,000
FHLB
0.2307o
due
01/13/2021
Adopted by the City Council of the City of Mendota Heights this 12th day of January, 2021.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
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,
Stephan a Levine, Mayor
ATTEST:
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Lorri Smith, City Clerk