Laserfiche WebLink
s <br /> FTNANCIAL MANAGEMENT DEPARTMENT <br /> �#96_Og <br /> April 16, 1996 <br /> Memo To: Honorable mayor and City Council <br /> From: Daniel R. Sommerfeldt, Acting City Manager <br /> Beth B. Couter, Finance Director }�� <br /> Re: Joint Custody Account at the Chicago Federal Reserve <br /> Attached is a resolution to open a joint custody account with First of America Bank and <br /> the City of Decatur at the Chicago Federal Reserve. This account will house the collateral <br /> which the bank pledges for the City's investments in excess of the $100,000 FDIC insured <br /> deposit level. <br /> Currently the pledge account is held at Northern Trust, and the First of America <br /> bank would like to transfer this account to the Chicago Federal Reserve. This is a routine <br /> transfer between financial institutions. <br /> To open the account, the Federal Reserve requires the attached Corporate Resolution <br /> and Certificate of Incumbency be authorized by the City Council. <br /> Staff will be at the Council meeting to answer any questions you may have. <br />