Res 1981-064 - Laserfiche WebLink

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in and execute all instruments and documents necessary to the fulfillment of the contract; and shall safely and faithfully keep, receive and disburse City funds according to law paying all warrants and vouchers legally drawn by proper authority upon City funds in the hands of the Depository; and shall comply with the terms of this contract and the bid of the Depository; (e) the deposit and pledge of approved securities required by this contract shall be a continuing pledge for the term of this contract, and a continuing security interest in favor of the City shall attach immediately upon any such pledge to all proceeds of sale and to all sub- stitutions, replacements, exchanges or partial exchanges of such pledged securities, and in no event shall such continuing security interest be voided by any act of the Depository; but not- withstanding the foregoing the Depository shall have the right, with the consent of the City to purchase and sell, and substitute or replace any and all of the approved securities pledged pursuant to this contract with other approved securities, provided that all of the other conditions of this 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 issued by the trustee designated by the City of approved securities pledged pursuant to this contract, evidencing on their face the City's interest in all of such pledged securities, and shall further promptly furnish one executed copy of this contract and photocopies of all such receipts, as well as photocopies of new receipts for sub- stitutions and additions; (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 THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000.00), 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 $30,500,000.00 FDIC Insurance (Regular/Demand) 1003,000.00 FDIC Insurance (Int. & Sinking) 100,000.00 FDIC Insurance (Time & Savings) 100,000.00 TOTAL = $3,800,000.00 AGREED AND ACCEPTED on behalf of Depository this 9 day of September, 1981. HAYS COUNTY NATIONAL BANK 100 SPRINGTOWN WAY SAN MARCOS, TEXAS 78666 Ji Dorbandt resident