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50 <br />THE STATE OF TEXAS X DEPOSITORY CONTRACT <br />X TO SECURE FUNDS OF <br />THE COUNTY OF HAYS X CITY OF SAN MARCOS <br />KNOW ALL MEN BY THESE PRESENTS: <br /> That the City of San Marcos, Texas, a municipal corporation under the <br /> laws of the State of Texas, acting by and through the authority conferred on <br /> its Mayor, Emmie Craddock, by a resolution duly adopted on September , 1981, <br /> hereinafter referred to as <br />corporation doing business "City" and Hays <br />within the City County National Bank, a banking <br />of San Marcos, hereinafter referred <br /> to as "Depository", hereby enter into this depository contract to secure funds of <br /> the City of San Marcos, Texas, pursuant to the following terms and provisions: <br />I. <br />The term of this contract shall be for a period beginning October 1, <br />1981 and ending September 30, 1983. <br />II. <br />Depository agrees to pay the amount of interest and provide such other <br />services as are described in the City of San Marcos Bank Depository Pro- <br />posal Application Form submitted by Depository, a copy of which is attached <br />hereto as Exhibit "A" and incorporated herein for all intents and purposes. <br />III. <br />City elects to require a deposit of approved securities rather than a <br />bond. Such securities shall be deposited and pledged by the Depository as <br />the City Council may direct, and shall be in an amount sufficient adequately <br />to protect all of the funds of the City in the hands of the Depository from <br />time to time during the term of this contract, provided, however, that <br />(a) approved securities for such deposit and pledge <br />purposes shall include only bonds of the United <br />States, 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 funds; <br />(b) for the purpose of the City's directing, the amount <br />of deposited and pledged approved securities <br />sufficient adequately to protect all of the funds <br />of the City in the hands of the Depository, the <br />approved securities set out in (a) above shall be <br />deposited and pledged in a total value as directed <br />from time to time by the City Council in accordance <br />with standards prescribed by the Texas Law; <br />(c) if the Depository is a bank now having, continuing and <br />maintaining during the term of this contract member- <br />ship in and deposit insurance from the Federal <br />Deposit Insurance Corporation, the deposit and pledge <br />extent of the exact dollar amount of Federal Deposit <br />Insurance Corporation insurance protection for the <br />funds of the City in the hands of the Depository from <br />time to time; <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 of <br />Texas relating to the deposit and safe keeping <br />of City funds, perform the duties specified there-