Res 2011- 03 Accept Pledged Securities 2011
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2011-03
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2011
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 2011 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 2011:
American Bank
$800,000 FHLMC 4.5% Due 4/02/2014
Adopted by the City Council of the City of Mendota Heights this fourth day of January 2011.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
_____________________________
Sandra Krebsbach
Mayor
ATTEST
______________________________
Sandie Thone
City Clerk