Res 2012- 04 Accept Pledged Securities• CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2012-04
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2012
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 I I8A.03 and 427.01;
and
WHEREAS, all financial institutions designated as depositories for 2012 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 RESOL VED that the following pledged securities be accepted by
the city as additional collateral for calendar year 2012.
iAmerican Bank
$800,000 FHLB 1.5% due 8/28/2013
Adopted by the City Council of the City of Mendota Heights this third day of January 2012.
ATTEST:
1!d� I
1
Sandie Thone, City Clerk
•
CITY COUNCIL
OF MENDOTA HEIGHTS
By
Sandra Krebsbach, yor