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DI~SIGNATION OF FINANCIAL INSTITUTION KNOWN AS H&:R BLOCK AS AN <br />OFFICAL DEPOSITORY OF CITY FUNDS <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />l';ach year the City designates the various financial institutions that the City will be <br />depositing/investing funds with fbr the respective year. Council adopted Resolution #05- <br />01-010 on January 11, 2005 designating such institutions. <br /> <br />Multibank Securities was one of the financial institutions adopted. The Broker with <br />whom the City has dealt with at Multibank Securities transferred to H & R Block in July <br />2005 and he would like to retain the City's account. The only action required is the <br />passing of a corporate resolution authorizing the transfer of the City's investments from <br />Multibank Securities to H & R Block and designating H & R Block as an official <br />depository of City funds. <br /> <br />'l'hc City has been satisfied with the performance of said broker and would like to retain <br />his services and thus authorize the transfer of investments to H & R Block. <br /> <br />Council Action: <br /> <br />Authorize corporate resolution and adopt resolution #05-08-XXX authorizing H & R <br />Blocl( as an official depository of City funds for the remainder of'year 2005. <br /> <br />Conscnt: 8/9/05 <br /> <br /> <br />