Res 2014- 04 Accept Pledged SecuritiesCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2014 - 04
RESOLUTION ACCEPTING PLEDGED SECURITIES FOR 2014
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 2014 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 2014.
American Bank
$800,000 FHLMC
$100,000 FHLMC
$100,000 FHLMC
4.5%
4.5%
4.5%
due 4/02/2014
due 4/02/2014
due 4/02/2014
Adopted by the City Council of the City of Mendota Heights this 7I of January, 2014.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
ATTEST:
Lorri Smith, City Clerk
Sandra Krebs
ch, Mayor