Res 1979-062 - Laserfiche WebLink

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I I I ~. ~--~:'~"'-'-~-~~-~.'-~ THE STATE OF TEXAS THE COUNTY OF HAYS I I I DEPOSITORY CONTRACT KNOW ALL MEN BY THESE PRESENTS: That the City of San Marcos, Texas, a municipal corporation under the laws of the State of Texas, acting by and through the authority conferred on its Mayor John A. Hansen, by Resolution 1979- 63 , adopted September 10, 1979, hereinafter referred to as "City" and Hays County National Bank , acbanking corporation doing business within the City of San Marcos hereinafter referred to as "Bank" hereby enter into this depository contract to secure funds of the City of San Marcos, Texas pursuant to the following terms and provisions: I. The term of this contract shall be for a period beginning October 1, 1979 and ending September 30, 1981. II. Bank agrees to pay the amount of interest and provide such other services as are described in the City of San Marcos Bank Depository Proposal Application Form submitted by Bank a copy of which is attached hereto as Exhibit "A" and incorporated herein for all intents and purposes. III. City elects to require a deposit of approved securities rather than a bond. Such securities shall be deposited and pledged by the Depository as the City Council may direct, and shall be in an amount sufficient adequately to protect all of the funds of the City in the hands of the Depository from time to time during the term of this contract, provided, however, that (a) approved securities for such deposit and pledge purposes shall include only bonds of the United States, bonds of United States Government Agencies, or bonds of the State of Texas, and such other securities, if any, as may be otherwise authorized by Texas law to secure the deposit of public funds; (b) for the purpose of the City's directing, the amount of deposited and pledged approved securities sufficient adequately to protect all of the funds of the City in the hands of the Depository, the approved securities set out in (a) above shall be deposited and pledged in a total value as directed from time to time by the City Council in accordance with standards prescribed by the Texas Law; (c) if the Depository is a bank now having, continuing and maintaining during the term of this contract membership in and deposit insurance from the Federal Deposit Insurance Corporation, the deposit and pledge of approved securities shall be waived only to the extent of the exact dollar amount of Federal Deposit Insurance Corporation insurance protection for the funds of the City in the hands of the Depository from time to time;