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J <br />' TO: Mayor i Council <br />FROM: Fir.ance Director -Treasurer Braqer <br />DATE: December 19, 1985 <br />RE: PLEDGED COLLATERAL OF FIRST STATE BANK OF NEW BRIGHTON <br />The First State Bank of New tsrightou is the official <br />depository of City finds. Pursuant to Minnesota Statutes the <br />bank mLst pledge securities as collateral for our deposit. At <br />the present time $2,600,000 is pledged. At this time the bank <br />requests approval of the deletion and addition of securities <br />designated in the attached resolution. This action will not <br />-hange the tGtai awuutiL pledged a5 O1:3teral. .4 <br />approving is necessary and would be in order. <br />itE C OMMEN DAT I ON : <br />Approve Resolution No. i962 dpp:uving securities <br />furnished by the First State Bank of New Brighton. <br />DB/ds <br />Attachment <br />