RES 93061 - Laserfiche WebLink

)eposiko,9' File -~ 'r~asurer File ~. ~gent of Depository File ~uditor ~ CONTRACT FOR DEPOSIT OF MONEYS TH IS CONTRACT, relating to the deposit of moneys, made as of the 6th day of. Apt i i ,19 9 3 3etween Susan Rossi (heroinafter designated 'q're~suref') acting in his official capacit- Finance Director of. City ~Df Pieaszn~on ("Treasurer," "Finance Director," etc-) (h&reinafter designated ';DepoSitor"), and Comr~m-i~7" ~irst Natior~_l :Ee.:.k (heroinafter designated "Depositery"~ having apaid-up capital and surplus o': FIFTEEN MILDION AND NO/lO0 .- l~rt~s~,$15,000,000-O0, WITNESSETH: WHEREAS, the Treasurer proposes to deposit in the Depository from time tO time, commencln on : Apt i 1 6, c,,.9 3 ..noneys in his custody in an aggregate amount cn ~4~posit at any one time not to exceed FIF N MILLION 'AND' NO/'IUU ' Dollars ($-.$-..1 5 , .0~0.0. z 000_- OQ, or the total of the paid-up capital and surplus of the Depositor~. wmc.=ver is the lesser amount, and said mone.~ will be. deposited subject to Title 5, Division 2, Part 1, Chapter 4, Article 2 (commencing with Section 53630) of the Government Code of the State California; and WHEREAS; said provisions of the Government Code require the Treasurer to enter into a contract with the Depository setting forth the upon which said moneys are deposited; and WHEREAS, in the judgment of the Treasurer. this contract is to the public advantage; NOW. THEREFORE, it is agreed between the parties hereto as follows: 1. This contract cancels and supersedes any previous contracts between the TiTeasurer andthe Depository relating to the method of handling collateralization of deposits of moneys. 2. This contract, but not deposits then held hereunder. shall be subject to termination by the Treasurer or the Depository at any time u;on 30 d; written notice. Deposits r~ay be withdrawn in accordance.with the agreement of the parties and applicable federal and state statutes. rules and reg'-- tions. This contract is subject to modification or termlna~ion upon enactment of any statute, tu|e or regulation, state or federal, which, in the opinion the Administrator of Local Agency 5ecurlty, is inconsistent herewith, including any change relative to the payment of interest upon moneys so .alepoe:. by the Treasurer. 3. Interest shall accrue on any moneys so deposited as permitted by any act of the Congress oi the United States or by any rule or regulat~cr any department or agency of the Federal Government adopted pursuant thereto. if interest my legally be paid, all moneys deposited in accor~-~:ce this contract shall bear interest at a rate ~lgreed upon by the Treasurer and the Depository. but not less than Y2 of 1% per annum on the average balance of such moneys kept on 8eposit with the Depository- 4. The Depository shall i.ssue to the Treasurer. at the time of each inactive deposit a receipt on a form agreed to by the Depository Treasurer. stating the interest to be'paid, if any. the duration of the deposit, the Irequency o[ interest payments, and the terms of withdrawal. Each deposit receipt is by reference made a part of this contract- 5. As security for said deposit, the Depository shall at all times maintain with the Agent of Depository named here;n, commencing fe~h~ etlglble securities having a market value at least 10% in excess of the actual total ~mount of local agency moneys on deposit with the De~osi;cry. eligible security is determined by the Administrator'of Local Agency Security of the 5tale of Calilornh in accordance with Government Cc~e 53663. to be not qualified to secure public deposits, additional security shall be substituted immediately by the Depository, as necessary, to ccmpIy the requirements of this paragraph.