Res 1983-037 - Laserfiche WebLink

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-3- Contract are adhered to by the Depository, and such pledge shall be in addition to all other remedies available in law to the City; (f) the Depository shall immediately furnish or cause to be furnished to the City safekeeping or trust receipts of approved securities pledged pursuant to this Contract, as such receipts are issued by the trustee, said receipts evidencing on their face the City's interest in all such pledged securities, and shall further promptly furnish to City one true copy of this Contract; (g) the Depository does hereby initially pledge unto and deposit in safekeeping and trust for the benefit of the City approved securities in the amount required by (b) above, of and warrants that the initial total protection afforded pursuant to this Contract to funds of the City in the hands of the Depository or Treasurer is as follows: Value of Securities Pledged $6,020,000.00 FDIC Insurance (Regular/Demand) $100,000.00 FDIC Insurance (Interest & Sinking) $100,000.00 FDIC Insurance (Time & Savings) $100,000.00 Copies of the initial securities so pledged are attached hereto. IV. During the period of transition to the next City Depository, Depository may make offers to the City for the investment of City funds for periods of less than 30 days in securities which are lawful investments for City funds. City reserves the right to accept or reject any or all of such offers. It is the intent of this section to provide a procedure by which the City may keep its funds fully invested during the transition period and at the same time provide for the prompt and orderly transfer of funds to the next City Depository. V. No reduction or substitution of securities pledged pursuant to the requirements of this Contract shall be made without the prior approval of City.