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TO: Mayor i Cnuncil <br />FROM: Finance Director -Treasurer Brager <br />DATE: February 5, 1986 <br />RE: PLEDGED COLLATERAL OF FIRST STATE BANK OF NEW BRIGHTON <br />The First State Bank of New Brighton is the official <br />depository of City funds. Pursuant to Minnesota .Statutes the <br />bank must pledge securities as collateral for our deposit. At <br />the present time $2,700,000 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 />change the totai amount pledgea as collateral. A resolution <br />approving is necessary and would be in order. <br />RECOMMENDATION: <br />Approve Resolution No. 1977 approving securities <br />furnished by the First State Bank of New Brighton. <br />DB/ds <br />Attachment <br />