R96-104 AUTHORIZING AGREEMENTS - Laserfiche WebLink

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securities to the new minimum level of collateral securities. Any provision of the Agreement that refers to the dollar amount of pledged securities shall be deemed to mean the face value or market value of any pledged securities, or substitutions therefor, is to be made by and is the joint responsibility of the CITY and the BANK, and any question or dispute over such value is to be resolved jointly by the CITY and the BANK. 3. The DEPOSITORY is hereby designated as DEPOSITORY for the purpose of holding the pledged securities and agrees to deal with the same as provided herein. The DEPOSITORY hereby agrees to keep the pledged securities in a suitable vault and to safeguard and to fully insure the pledged securities against loss by fire, theft and similar causes, excluding acts of God and public enemy. The DEPOSITORY shall be authorized to do the following: a) Deliver receipts to the BANK upon receipt of any pledged security or substitutions therefor. b) Hold the pledged securities as collateral security in the manner set forth herein. � c) Release pledged securities to the BANK as set forth in paragraph (2) hereof upon written instruction from the CITY to do so and after written certification by the Treasurer of the CITY of Decatur of the amount of any such withdrawal of funds from the BANK pursuant to this Agreement. d) Either keep the pledged securities separate and apart and not commingled with any other securities, or at a minimum, hold the pledged securities in bulk with securities of the same class and issuer; provided, that in such case the pledged securities shall be clearly identified as those belonging to the BANK and pledged to the CITY. e) Collect maturing interest coupons and principal on the pledged securities which are in bearer form and credit the account of the BANK. � Surrender to the BANK all pledged securities that are requested by the BANK to be surrendered (whether for the reason that they are maturing, have been called or redeemed, or are being substituted for by the Bank), provided that the BANK shall, either prior to or concurrently with such surrender, substitute therefor other securities meeting the requirements of paragraph (4) hereof and having a total dollar amount certified by the BANK as being not less than 100 percent (100%) of the total dollar amount of the pledged securities which are being surrendered. g) Accept securities being substituted for pledged securities in accordance with paragraph (� above. h) Accept pledged securities in event of increases in deposits of the CITY as certified to the DEPOSITORY by the BANK. i) Deliver pledged securities to the CITY upon default of the BANK as 2