Res 2022- 02 Accepting Pledged Securities for 2022 CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2022 - 02
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2022
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 2022 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 2022.
Deerwood Bank
$ 200,000 FHLB 2.500% due 08/01/2034
$3,240,000 FHLB 0.210% due 12/28/2023
Adopted by the City Council of the City of Mendota Heights this 4th day of January, 2022.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
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(A-
Stephanie Levine, Mayor
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Lorri Smith, City Clerk