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FINANCIAL MANAGEMENT DEPARTMENT <br /> #2000 - 19 <br /> October 31, 2000 <br /> MEMO TO: The Honorable Mayor and City Council Members <br /> FROM: Steve Garman, City Manager <br /> Beth Couter, Director of Financial Management <br /> Patricia Hansen, Comptroller� <br /> �R-�"-'e� <br /> �liBJEf;'T: Joint Custody Account <br /> The F�,d�ral Reserve of Chicago has requested that National City Bank of Michigan arAcl <br /> Illinuis and �he Cit of Decatur renew their 'oint custod account authorizations. This xs a <br /> � � y <br /> rcn�tine mar�er which the Federal Reserve requires of joint custody accounts every few years. <br /> ''���tional City Bank of Michigan and Illinois pledges coltateral investments to the City of I�ecatur <br /> witt� r�iarket values equal to the fair market value of the investments the City has with National <br /> City Bank oF N�ichigan and Illinois. These collateralized investments are kept at the Federa] <br /> Keserve of C;hicago in a joint custody account for safe keeping on the �'ity's ber�alf. <br />