R93-124 AUTHORIZING THE ESTABLISHMENT OF A JOINT CUSTODY ACCOUNT AT THE FEDERAL RESERVE BANK OF ST. LOUIS

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. r . RESOLUTION NO. �" �� RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A JOINT CUSTODY ACCOUNT AT THE FEDERAL RESERVE BANK OF ST. LOUIS WHEREAS, the collateralization of City Deposits at Magna Bank of Illinois NA is from time to time required and desirable in accordance with the City's investment policy; and, WHEREAS, a Joint Custody Account at the Federal Reserve Bank of St. Louis can be utilized to protect the City funds at no cost to the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That the Magna Bank of Illinois NA utilizes the services of Federal Reserve Bank of St. Louis for the custody of securities pledged to the City of Decatur, Illinois or to any of its agencies or departments, upon terms and conditions prescribed by the Federal Reserve Bank of St. Louis. Section 2. That such securities deposited for custody with Federal Reserve Bank of St. Louis may be replaced, substituted for, and/or released from custody to the Magna Bank of Illinois NA upon the signature of any one of the following: Treasurer, Comptroller, or City Manager. Section 3 . That the City Clerk of the City of Decatur forward a certified copy of this resolution to Federal Reserve Bank of St. Louis together with a certificate attesting to the names and signatures of the present incumbents of the offices described above; and that the City Clerk of the City of Decatur further certify to the bank from time to time the signatures of any successors in office of any of the present incumbents. Section 4. That Federal Reserve Bank of St. Louis shall be fully discharged from all liabilities or responsibility for any action carried out in accordance with this resolution and it shall be entitled to rely on this resolution until it receives express written notice to the contrary in the form of a certified cop� of a subsequently enacted resolution.