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jt%w <br />TO: Mayor 6 Council n <br />FROM: Finance Director -Treasurer Brayer C � DATE: Scpte;nber 22, 1987 <br />RE: PLEDGED COLLATERAL OF FIRST STATE DANK 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 deletior, and addition of securities <br />designated in the attached resolution. This action will not <br />change the total amount pledged as collateral. A resolution <br />approving is necessary and would be ft order. <br />RECOMMENDATION: <br />Approve Resolucion No. 2243 approving securities <br />furnished by the First State Bank of New Brighton. <br />DB/ds <br />Attachment <br />