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Meeting Date 7/26/04 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item <br /> <br />SUBJECT: <br />Approval of Custody Agreement with Bank of New York as required by NCGS 159-31. <br /> <br />BRIEF SUMMARY: <br />The County is required by NCGS 159-30 to safeguard its investment instruments with a <br />fiscal agent or trustee. At its Apdl meeting, the Board awarded its banking contract to <br />Bank of Amedca. Part of that award was for Safekeeping Services with Bank of New York <br />Trust Company acting as trustee for the County's investments. Bank of New York meets all <br />the requirements of the Local Government Commission. <br /> <br /> REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Approve the Custody Agreement for Securities with Bank Of New York Trust Company <br />subject to final review by the County Attorney; Authorize the Deputy County <br />Manager/Finance Director, Asst. Finance Director, Accounting Operations Supervisor and <br />Budget Officer to deliver oral and wdtten instructions to Bank of New York pursuant to the <br />Custody Agreement; Authorize the Deputy County Manager/Finance Director to execute <br />the Agreement on behalf of Cabarrus County. <br />Attachments [] Yes [] No Expected Length of Presentation $ min <br /> <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 7/16/04 <br /> <br />Budget Amendment Required: [] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />Yes [] Nn <br /> <br />County Manager's Recommendations/Comments: <br />Approval is recommended. <br /> <br />Action Taken: <br /> <br />Manager's Signature .~~ ~ <br /> <br />Approved [ ] Deferred [ ] <br />Denied [] Other [] <br /> <br /> <br />