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ga) Washington Federal Savings Bank <br />Home Office: 200 East Chestnut • P.O. Box 8 • Stillwater, Minnesota 55082 -0008 <br />(612) 439 -5454 <br />November 14, 1986 <br />City of Little Canada <br />Attn: Mr. Joseph Chlebeck <br />515 East Little Canada Road <br />Little Canada, Minnesota 55117 <br />Dear Mr. Chlebeck: <br />WER/4 <br />NOV 18 1986 <br />CITY OF <br />LITTLE CANADA <br />Due to Washington Federal Savings Bank's current plans to diversify our <br />investment portfolio with other forms of government - backed securities, <br />we are asking that you adopt a resolution to "accept other securities <br />that comply with Minnesota statutes to be used as collateral for funds <br />exceeding $100,000.00" that you have on deposit with our association. <br />Your present resolution may state that the securities used for said <br />deposits would be in the form of shares of Federated CNMA Trust and /or <br />first mortgage loans which, at the time of the agreement, were the only <br />forms of collateral being offered. The "other" securities include U.S. <br />Treasury Notes, GNMA's, Freddie -Mac's and Fannie Mae's. <br />We appreciate your attention to this matter. If you should have any <br />questions, please feel free to contact me at the number provided for <br />you above, or you may contact Suzette Collis at the same number. <br />Thank you for saving with Washington Federal Savings Bank. <br />Since <br />Laver ce A. Severson <br />Vice President <br />LAS:lpg <br />cc: S. Collis <br />9 <br />OFFICES FROM BORDER TO BORDER ACROSS MINNESOTA <br />Alexandria, Elbow Lake, Glenwood, Granite Falls, Lindstrom, Madison, Montevideo, <br />Oak Park Heights, Ortonvllle, Pine City, Sauk Centre, Starbuck and Stillwater. <br />