Res 2013- 05 Accept Pledged Securities for 2013CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2013 - 05
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2013
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 2013 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 2013.
$900,000 FHLB
American Bank
1.5% due 8/28/2013
Adopted by the City Council of the City of Mendota Heights this 8th day of January, 2013.
ATTEST:
Lorri Smith, City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
Liz Petschel, Acting Mayor