Res 2008-01 Accepting Pledged Securities for 2008CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 08-01
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2008
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 118.01 and 427.01; and
WHEREAS, all financial institutions designated as depositories for 2008 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 2008.
American Bank
$495,138 FNMS 3.5% due 9-1-10
Adopted by the City Council of the City of Mendota Heights this 15th day of January, 2008.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By
Joh
Kathleen M. Swanson
City Clerk