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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 7/10/06 <br /> <br />Agenda Item # 'F - r+ <br /> <br />SUBJECT: <br /> <br />Custody Agreement with Bank of New York (BNY) (BNY meets the Local Government <br />Commission's requirements as being a custodial agent with a trust department authorized <br />to do work in North Carolina and who has an account with the Federal Reserve) <br /> <br />BRIEF SUMMARY: <br /> <br />Over the past two years under the banking agreement with Bank of America, Bank of New <br />York has been providing custodial services for the County's invested securities. Since the <br />County no longer banks with Bank of America, it is necessary to enter into a custody <br />agreement with the Bank of New York to continue this service. The agreement is attached <br />and has been reviewed by the county attorney. The fee schedule is on file with the finance <br />department. <br /> <br />REQUESTED ACTION: (Suggested motion lithe Boanl approves the agenda Item 1/$ presented) <br /> <br />Approve agreement for custodial services as attached and authorize the Deputy County <br />Manager/Finance Director to execute the document. <br /> <br />Attachments ~ Yes 0 No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 6/28/06 <br /> <br />Budget Amendment Required: 0 Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget OffIcer: 0 Yes ~ No <br />County Manager's Recommendations/Comments: <br /> <br />Approval is recommended. <br /> <br />Manager's Signature <br /> <br /> <br />Q <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />F-4- <br />