Memorandum

City of Lawrence

Finance Department

TO:	David L. Corliss, City Manager
FROM:	Becky Jones, Assistant Finance Director
CC:	Cynthia Boecker, Assistant City Manager; Diane Stoddard Assistant City Manager
Date:	December 4^th, 2007
RE:	Recommend adoption of Resolution No. 6746 establishing U.S. Bank as an official Depository for the City of Lawrence

Background

On, October 23^rd, 2007 the City Commission authorized the City Manager to enter into an Investment Advisory Agreement with Public Financial Management, Inc (PFM). As part of the Agreement, U.S. Bank National Association is named as the “Custodian” for each of the City of Lawrence’s investment accounts. The custodian bank will provide custody services including accept payment, transfer or withdrawal, of all investment funds. The fees associated with the custodial services will be paid by PFM. All funds held in the depository accounts shall continue earning interest until PFM can invest the funds in the market.  

Analysis

Resolution No. 6746 establishes U.S. Bank National Association as an official depository of the City of Lawrence. The Finance Director or his designee, shall certify to U.S. Bank National Association the names and signatures of the Authorized Signors of the persons authorized to sign or act on the accounts for the City of Lawrence.   

Recommendation

Staff recommends adoption of Resolution No. 6746 establishing U.S. Bank National Association as an official depository of the City of Lawrence, Kansas pursuant to K.S.A. 9-1401.