Res 2006-035 - Laserfiche WebLink

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.. '" 1 I I 1 60. Attachment I COLLATERAL SECURITY AGREEMENT This COLLATERAL SECURITY AG ME T is made and entered into on the date last herein written by and between the (D.), hereinafter called "Depositor", and Bank of America, N.A., na ional banking association, organized under the laws of the United States and authorized by law to do banking business in the state of Texas, hereinafter called "Bank". Background Depositor, through action of its Governing Body, has designated Bank as a depository for public funds of the Depositor. During the term of this Collateral Security Agreement, the Depositor will, through appropriate action of its Governing Body, designate the officer, or officers, who singly or jointly will be authorized to represent and act on behalf of the Depositor in any and all matters of every kind arising under this Collateral Security Agreement. Bank's Deposit Agreement is incorporated herein for all purposes; however, to the extent that any provision therein conflicts with any provision herein, this Collateral Security Agreement will control. All funds on deposit with Bank to the credit of the Depositor are required to be secured by collateral as provided in the state statute: Government Code Sections 45.151 - 404.109, and 2256.001 - 2257.0830f the state of Texas and subsequent amendments therefore, and Local Government Code Chapters 116 and 117 (if applicable); (hereinafter referred to as the "Public Funds law"). To perfect the security interest of the Depositor in the collateral pledged by the Bank, an independent third party financial institution, acceptable to both parties, will hold the collateral in a custody account maintained by Custodian (as defined below) in the name of Bank and subject to the control of Depositor. Such independent third party financial insti tution is hereafter referred to as "Custodian." NOW, THEREFORE, in consideration of the foregoing, and for other consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 1. In accordance with the terms of this Collateral Security Agreement, Bank hereby pledges to Depositor, and grants to Depositor a security interest in, those assets owned by Bank and maintained by Custodian in the name of Bank and subject to the control of Depositor (hereinafter, the "Collateral"), to secure the deposits held by Bank for Depositor as required by the Public Funds law.