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<br /> -2- <br /> term of this Contract; provided, however, that: <br /> (a) approved securities for such pledge purposes <br /> shall include only bonds of the United States, <br /> bonds of United States Government Agencies, <br /> or bonds of the State of Texas, and such other <br /> securities, if any, as may be otherwise authorized <br /> by Texas law to secure the deposit of public <br /> funds; <br /> (b) the approved securities set out in (a) above <br /> shall be pledged in a total value not less <br /> than the total amount of City funds on deposit <br /> in Depository, said value being determined by <br /> the City Council DE the City of San Marcos, <br /> whose decision shall be final and binding on <br /> Depository. <br /> (c) if the Depository is a bank now having, continuing <br /> and maintaining during the term of this Contract <br /> membership in and deposit insurance from the <br /> Federal Deposit Insurance Corporation, the exact <br /> dollar amount of such protection shall be con- <br /> sidered as securities for purposes of pledge <br /> requirements. <br /> (d) the conditions of the pledge required by this <br /> Contract are that the Depository shall comply <br /> with all provisions of the laws of the State <br /> of Texas relating to the deposit and safe- <br /> keeping of City funds, perform the duties <br /> specified therein and execute all instruments <br /> and documents necessary to the fulfillment of <br /> the Contract; and shall safely and faithfully <br /> keep, receive and disburse City funds according <br /> to law paying all warrants and vouchers legally <br /> drawn by proper authority upon City funds in <br /> the hands of the Depository; and shall comply <br /> with the terms of this contract and the bid <br /> of the Depository; <br /> (e) the deposit and pledge of approved securities <br /> required by this contract shall be a continuing <br /> pledge for the term of this Contract, and a <br /> continuing security interest in favor of the <br /> City shall attach immediately upon any such <br /> pledge to all proceeds of sale and to all sub- <br /> stitutions, replacements, exchanges or partial <br /> exchanges of such pledged securities, and in no <br /> event shall such continuing security interest be <br /> voided by any act of the Depository; but not- <br /> withstanding the foregoing, the Depository shall <br /> have the right, with the consent of the City, to <br /> purchase and sell, and substitute or replace any <br /> and all of the approved securities pledged pursuant <br /> to this Contract with other approved securities, <br /> provided that all of the other conditions of this <br />