Res 2025-04 Accepting Pledged Securities for 2025CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2025 - 04
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2025
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 2025 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 2025.
Deerwood Bank
$ 200,000
FHLB
2.500%
due
08/01/2034
$3,240,000
FHLB
0.750%
due
02/24/2026
Adopted by the City Council of the City of Mendota Heights this 7th day of January, 2025.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By
Step anie B. Levine, ayor
ATTEST:
a cy B ier, City Clerk