07-36RESOLUTION NO. 2007-36
APPROVAL OF THE RELEASE OF COLLATERAL
FOR THE BANK OF ELK RIVER
WHEREAS, the depositories are required to provide collateral to secure the City's
deposits as required by Minnesota Statutes 118.01, and
WHEREAS, the Statutes required collateral provided by the bank to be equal to
at least 110% of the City's deposits, and
WHEREAS, the Bank of Elk River collateral far exceeds the collateral
requirements as determined by the finance department and the Bank of Elk
River, and
WHEREAS, the Bank will increase the collateral assigned,to the City in the future
as additional collateral is necessary, and
WHEREAS, the City's finance department reviews the collateral requirements of
each depository on a timely basis,
NOW, THEREFORE, BE IT RESOLVED THAT, the City Council hereby approves
the reduction in the collateral from a $9,254,890 to $5,658,656.
Approved by the City of Otsego Council this 11th day of June, 2007.
F-11