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. y ; w <br /> and interest period. In the case of repurchase agreements, the DEPOSITORY <br /> INSTITUTION as-rees the securities pledQed are to be at least equal to 100 percent i <br /> market value of the amount invested plus interest to be earned at the time time of ,I <br /> investment. i� <br /> 2. SAFEKEEPING PROVISION. The DEPOSITORY INSTITUTION ���, <br /> �.vill place the above securities for safekeepin� in a custodial account at a Federal I <br /> Reserve Bank, a trust department of a commercial bank, or throu�h another financial I <br /> institution not owned or controlled by the DEPOSITORY I�ISTITUTION or its ,, <br /> holdina company. The securities are to be released onlv upon the joint �vritten I, <br /> authorization of the CITY TREASURER and the officials of the DEPOSITORY 'i <br /> INSTITUTION. The DEPOSITORY INSTITUTION mav substitute or eYchange II <br /> securities held in the custodial account as outlined in a separate section of this ' <br /> agreement. � �!, <br /> A Custodial Asreement bet�veen the DEPOSITORY Ii�1STITUTION, the ', <br /> institution providing the safekeeping of the pledaed securities (hereinafter called the . �!, <br /> CUSTODIAL NSTITUTION), authorizing the CUSTODIAL INSTITUTION to , <br /> provide custody of securities for collateralizing CITY deposits is to be eYecuted and '� <br /> signed by officials of the DEPOSITORY INSTITtiTION, CUSTODIAL � <br /> NSTITUTION, and the CITY. The aareement will authorize release of the securities <br /> only upon joint written authorization of the CITY TREASURER and the <br /> DEPOSITORY INSTITUTION. <br /> 3. REPRESENTATIONS. The DEPOSITORY I�TSTITLTTION represents to the <br /> CITY: <br /> (a) That the DEPOSITORY INSTITUTION is the sole legal and actual owner <br /> of the securities utilized to collateralize CITY deposits. <br /> (b) That no other security interest has been, nor �vill be, granted in the <br /> securities utilized to collateralize CITY deposits. <br /> (c) That the DEPOSITORY INSTITUTION is covered for all uncollateralized ' <br /> CITY deposits up to $100,000 under the FDIC. <br /> 4. DEFAIJLT. The DEPOSITORY INSTITUTION shall be in default if it I <br /> fails to pay all or any part of a matured Certificate of Deposit or Repurchase ' <br /> Agreement investment including earned interest at the specified maturity date which is , <br /> not covered by FDIC applicable amounts. The DEPOSITORY INSTITUTION shall ! <br /> also be in default if ruled "bankrupt", "insolvent" or "failed" by Federal Banking <br /> Regulators. II <br /> 5. PROCEEDS. In the event of a default, failure or insolvency of the II <br /> 2 I'I <br />