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City of Ashland, Oregon / City Recorder / City Council Information / Packet Archives / Year 2003 / 12/02 / US Bank

US Bank


[Council Communication]  [Attachments]


Council Communication
Title: A Resolution Adopting an Investment Resolution for U.S. Bank to meet the Requirements of the Bank Secrecy Act.
Dept: City Recorder/Treasurer
Date: December 2, 2003
Submitted By: Barbara Christensen
Approved By:
...........................
Gino Grimaldi, City Administrator

Synopsis: As an USBank customer we are being requested to assist in updating our files with USBank and completing information to meet the federal requirements of "The Bank Secrecy Act."

Congress enacted this act, and other regulations, to protect banks from becoming targets for illegal money laundering operations. These regulations require the Corporate Treasury Division at USBank to implement policies and controls for customers' Money Center and Safekeeping Accounts.

As we do investment business with USBank there is a Safekeeping account, which is set up for our investment securities.

Recommendation: Approve Investment Resolution.
Fiscal Impact: None
Background: It is the policy of all financial institutions to have Resolutions approved by the governing body identifying the individuals who been given authority to manage these accounts.
Attachments: Investment Resolution and Certificate
Proposed Resolution


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