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AUTHORIZE USB FINANCIAL SERVICES, INC. AS AN OFFICIAL <br />DEPOSITORY OF CITY FUNDS <br /> By: Diana Lurid <br /> <br />Background: <br /> <br />On the first of every year, Council adopts desig-nated financiM institutions as official <br />depositories of City funds. Listed as one of the financial institutions for 2003, was <br />Prudential Securities. Prudential Securities was currently bought out by Wachovia <br />Securities and in the takeover process, the broker that handles the City's account decided <br />to leave Prudential and join the firm of UB.S.Financial Services, Inc. The City would like <br />to retain the services of this broker, but before.the City can purchase investments via this <br />person, USB Fhnancial Services needs to be desig-nated as an official depository of City <br />funds. <br /> <br />The City is formally required to issue a resolution authorizing a financial institution as. an <br />official depository. The ori~nal resolution #03-01-007 authorizing financial institutions <br />that the City may deposit funds was adopted by Council on January 14, 2003. <br /> <br />Council Action: <br /> <br />Adopt Resolution #03-09-XX_X Authorizing UBS Financial Services, Inc. as an official <br />depository of City funds. <br /> <br />-105- <br /> <br /> <br />