Res 2023-02 Pledged Securities 2023CITY OF ME'NDOTA HER14ITS
DAKOTA COUNTY, MINNI�',SOT.A
RESOLUTION NO. 2023-02
RESOLUTION ACCE1 TING 1'LEDGE1.) SECURITIL*S FOR 2023
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 427.0 1' and
WHEREAS, all financial institutions designated as depositories for 2023 are rnenibers of
the Federal Deposit Insurance Corporation (FDIC) which provides suitable security Lip 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 2023.
Deenvood Bank
$ 200,000 FNMA 2.500% due 08/01/2034
$3,240,000 FFCB 0.21 O�% due 12/28/2023
Adopted by the City Council of the City of Mendota Heights this 3rd day of January 2023.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By:
Stephanie Levine, Mayor
Chi 6,jne�Lusian-j'ity Clerk