Laserfiche WebLink
<br />I <br /> <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 safekeeping <br />of City funds, perform the duties specified therein, <br />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 nf this contract and the bid of the Depository; <br /> <br />l <br /> <br />I <br /> <br />I <br /> <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 Depos i tory 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 /> <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 photocppies of all such receipts, <br />as well as photocopies of new receipts fmr sub- <br />stitutions and additions. <br /> <br />(g) the Depository does hereby initially pledge unto <br />and deposit in safekeeping and trust for the benefit <br />of the City approved securities in the amount <br />required by (b) above, of FIVE HUNDRED THOUSAND <br />DOLLARS ($SOO,OOO.OO), and warrants that the iriitial <br />total protection afforded pursuant to this contract <br />to the funds of the City in the hands of the Depository <br />or Treasurer is as follows: <br /> <br />Value of Securities Pledged$SOO,OOO:QO <br />FDIC Insurance (Regular/Demand) 40,000.00 <br />FDIC Insurance (Tnt & Sinking) 40,000.00 <br />FIDIC Insurance (Time & Savings)lOO, 000.00 <br /> <br />TOTAL <br /> <br />$680,000.00 <br /> <br />I <br /> <br />AGREED AND ACCEPTED on behalf of Depository this <br />September, 1979. <br /> <br />day of <br /> <br />HAYS COUNTY NATIONAL BANK <br />100 SPRINGTOWN WAY <br />SAN MARCOS, TEXAS 78666 <br /> <br />7PP~ <br /> <br />PRESIDENT <br />