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AUTHORIZE INVESTMENT ACCOUNT WITH <br />BNY CLEARING SERVICES, LLC <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />On the first of every year, Council adopts desigTtated financial institutions as official <br />depositories of City funds. Listed as one of the financial institutions for 2002, were Juran <br />and Moody. For the clearing of financial' transactions, Juran and MOody used SouthweSt <br />Clearing House. In September of 2002, Juran and Moody members formed their own <br />company called Northland Securities. The Clearing House that Northland Securities will <br />be using for all financial transactions-will be the Bank of New York. <br /> <br />The City is formally required to issue a resolution to authorize the change in clearing <br />houses of a financial institution. <br /> <br />Council Action: <br /> <br />Adopt Resolution #02-10-XXX Authorizing An Investment Account With Bank of New <br />York (BNY) Clearing Services, LLC. <br /> <br />-89- <br /> <br /> <br />