Res 2024-03 Pledged Securities for 2024CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2024 - 03
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2024
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 2024 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 2024.
Deerwood Bank
$ 200,000 FHLB
$3,240,000 FHLB
2.500%
0.750%
due 08/01/2034
due 02/24/2026
Adopted by the City Council of the City of Mendota Heights this 9th day of January, 2024.
By
ATTEST:
Nancy Batjr, City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
t.�i i , an/2
Stephan e B. Levine, Mayor