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FINANCIAL MANAGEMENT DEPARTMENT <br /> # 01 - 07 <br /> DATE: July 30, 2001 <br /> TO: Honorable Mayor Howley and City Council <br /> FROM: Steve Gannan, City Manager <br /> Beth Couter, Director of Financial Management � <br /> SUBJECT: Update Joint Custody Agreement <br /> SUMMARY RECOMMENDATION: The Finance Division recommends passage of the <br /> updated pledge forms required by the Federal Reserve of Chicago for our joint pledge account <br /> with First National of Decatur and the City. <br /> BACKGROUND: This is a routine matter which the Federal Reserve requires of joint <br /> custody accounts every year or so. The First National Bank of Decatur places pledged collateral <br /> investments in a joint custody account for safe keeping on the City's behalf at the Federal <br /> Reserve of Chicago. The fair market value of these investments equals or exceed the fair market <br /> value of the investments the City has at the First National Bank of Decatur. <br /> POTENTIAL OBJECTION: Staff is not aware of any objectors. <br /> INPUT FROM OTHER SOURCES: Federal Reserve of Chicago and First National Bank of <br /> Decatur. <br /> STAFF REFERENCE: Please contact Beth Couter, Director of Financial Management at <br /> 424-2702, email: bbcouter(�a,decaturnet.or� <br /> BUDGET/TIME IMPLICATIONS: Minimal - requires the signature of three people and <br /> preparation of signature authorization certificate after this resolution is passed. <br /> i� <br />