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in and execute all instruments and documents <br /> necessary to the fulfillment of the contract; <br /> and shall safely and faithfully keep, receive <br /> and disburse City funds according to law paying <br /> all warrants and vouchers legally drawn by <br /> proper authority upon City funds in the hands <br /> of the Depository; and shall comply with the <br /> terms of this contract and the bid 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 /> contract are adhered to by the Depository, and <br /> such pledge shall be in addition to all other <br /> remedies available in law to the City; <br /> (f) the Depository shall immediately furnish or cause <br /> to be furnished to the City safekeeping or trust <br /> receipts issued by the trustee designated by the <br /> City of approved securities pledged pursuant to <br /> this contract, evidencing on their face the City's <br /> interest in all of such pledged securities, and <br /> shall further promptly furnish one executed copy <br /> of this contract and photocopies of all such receipts, <br /> as well as photocopies of new receipts for sub- <br /> stitutions and additions; <br />(g) the Depository does hereby initially pledge unto and <br />deposit in safekeeping and trust for the benefit of <br />the City approved securities in the amount required by <br />(b) above, of THREE MILLION FIVE HUNDRED THOUSAND <br />DOLLARS ($3,500,000.00), and warrants that the initial <br />total protection afforded pursuant to this contract to <br />funds of the City in the hands of the Depository or <br />Treasurer is as follows: <br />Value of Securities Pledged $3,500,000.00 <br />FDIC Insurance (Regular/Demand)_ 100,000.00 <br />FDIC Insurance (Int. & Sinking) 100,000.00 <br />FDIC Insurance (Time & Savings) 100,000.00 <br />TOTAL = $3,800,000.00 <br />AGREED AND ACCEPTED on behalf of Depository this 9 day of September, 1981. <br />HAYS COUNTY NATIONAL BANK <br />100 SPRINGTOWN WAY <br />SAN MARCOS, TEXAS 78666 <br />J. . Dorbandt <br />resident