Laserfiche WebLink
, , � . <br /> DEPOSITORY AGREEi�iENT' <br /> TREASURER. CITY OF DECATUR <br /> This Depositor�• Aareement made and entered into this 1?th day of July 1996, <br /> bv and benveen the Treasurer of the Citv of Decatur, hereinafter called the "CITY", <br /> and Central Illinois Bank �1C, hereinafter called the "DEPOSITORY NSTITUTION". <br /> WITNESSETH: <br /> WHEREAS, the CITY has deposited and �vill in the future deposit public funds <br /> in the DEPOSITORY NSTITUTION in amounts exceedinQ the applieable insurance <br /> provided bv the Federal Deposit Insurance Corporation (FDIC), namely $100,000; and <br /> W�-�EAS, the CITY has requested that its deposits in excess of the FDIC <br /> insurance be otherwise secured; and <br /> WHERr1S, the DEPOSITORY INSTITUTION is willing to provide the <br /> additional collateral to the CITY securing its e:ccess deposits by anv of the following <br /> investments: <br /> (a) Obli�ations of the United States Government (Treasurv Bills, Treasury <br /> Notes and Bonds, Certificates of Indebtedness) and other securities �uaranteed by the <br /> full faith and credit of the United States of America as to principal and interest. <br /> (b) ObliQations of United States Government aQencies guaranteed by the full <br /> faith and credit of the United States of America as to principal and interest. <br /> WHEREAS, the DEPOSITORY INSTITUTION �vill provide that the above <br /> collateral will equal at least 100 percent of the market value of the total investments, <br /> including accrued interest; <br /> WHEREAS, the DEPOSITORY INSTITLJTION will place the above securities <br /> for safekeeping in a custodial account at a Federal Reserve Bank, a trust department of <br /> a commercial bank, or through another financial institution not owned or controlled by <br /> the DEPOSITORY IIvSTITUTION or its holding company; <br /> NOW, THEREFORE, the parties hereto agree as follo�vs: <br /> 1. SECURITY. The CITY deposits into the DEPOSITORY INSTITUTION <br /> in excess of the FDIC insurance shall hereafter be secured by the DEPOSITORY <br /> INSTITUTION in pledged collateral in the amount equal to at least 100 percent of the <br /> total investment. In the case of repurchase agreements, the collateralized security will <br /> be considered and defined to be the specific security named in the repurchase <br /> agreement with the CITY to sell and repurchase from for a specified period of time <br /> 1 <br />