RES 93061 - Laserfiche WebLink

Bank of Antedca Contract for Deposit of Moneys THIS CONTRACT. relating to tne aeDoslt of moneys. Es maoe as of the 25t~. aay of March .19 93 between Susan Rossi ("Treasurer l acting ,n n,s off~clal capacity as n~ recEcr o f Finance cf ~"Tr®a~re~' 'F,nlnce O,rec'~o~' e~ C i ~v o ~ ? ]. eas an ton I"DeDOS:tOr"L ana BANK OF AMERICA NATIONAL TRUST AND Ten Bia. 1~.c.-. Seven H. uncrec2 SAVINGS ASSOCIATION ("Bank'). nawn~ a snarenotaer s eau;ty of , ,~ 7 ~ ~ ~n nn ~ ~0/1~ ~ 1 ~ $7n.T~8.nn0.n00_~0 on ~ce~be~ 3~ 1992 The Treasurar proposes to aepos:t :n the Bank from T:me to t:me. moneys :n h~s cusToay :n an aOgre~ate amount on aeOos;t at any one t~me not to exceea the tota; snarenolaer's eau;~ ot me Bank. ana sasa moneys w;ll De ae~sitea SuDlecT to Title 5. Divfs;on 2. Pa~ ~. Chapter 4, A~icle 2 (commencm9 w:t~ Sectson S36301 ot me ~overnment Coae of me State of Oaliforn;a. The Government Coae reau,res the Treasurer ~o enter into a contract w:~n the Bank se~zn~ to~n conditions upon wn:cn sa:a moneys are aeDos~tea. in t~e ~uagment ot the Treasurer. ~ms contract ~s to the DuDIIC aavantage. The Da~fes agree as follows: ~. Th~s contract cancels ana suDerseaes any Drewous contracts De~een me Treasurer aria the Ban~ relating to me memoa of collateranzat~on of Depos:Tor's aepos:ts. 2. Th!S contract. Put not ~eDoslts .men nela ~ereunaer. :s subject ~o mrminat:on Dy t~e Treasurer or The Bank at any ame upon 30 aays' wn~en notice. Deposits may ~ w~marawn :n accoraance w~Tn me agreement ot Dan:es ana aDDIicaDle teaoral aria state statu~es. rules ana regulations. This con~a~ ~S suDlect ~o moaffscaT:on or termlna~on u~n enactment of any statute. rule. or regutaaon. state or feaeral. which. in t~e oDin;on of AdmSnestrator of Local Agency Securl~ of the State of California. :s inconsistent nerewn~. :nclualn9 any change relative to the payment of ramrest upon moneys so aeDos~tea Dy t~e Treasurer. T~e Treasurer may ws~araw Depositor s aeDossts from the Bank ~mmeaiately upon rece:wng not:ce from me Aam:n:stra~or that ~ne Bank has faile~ To Day assessments. fines or Denalt;es assessea Dy the Aammestrator. The Treasurer may :mmea~a~e~y recefving not:ce from The Aamin~sTrator wstnaraw aut~orlzatlo~ for the placement of securmes w~m ~ne A~em ot The Bank in t~e event mat me Agent of me Bank fails to pay fines or ~na;t~es assessea Dy t~e Aam:mstrator. 3. Interest s~all accrue on any moneys so aeDosltea as porto:flea Dy any ac~ of me Congress of me Um~e: States or Dy any rum or regulation ot any aeDanment or agency ot the Feaeral Government. It mteres~ may ~e~a;ly Da~a on me a~ount ~mo wmcn me moneys are aeDos:tea. men all moneys aeDos~tea s~all Dear ramrest a~ a rate agreea upon Dy t~e Treasurer ana me Bank. Put not tess than V2 of 1% per annum on the average aany Datanee such moneys Kept on OeDos;t w~t~ t~e Bank. 4. The Bank s~all issue to t~e Treasurer for eac~ :native aeDos:t a receipt on a form agree~ to Dy ~ne Bank aria t~e Treasurer. stating me interest to De Daia. if any. t~e auration of T~e ~eDOS~t me treauency of m~eres~ Daymerits. st any. and ~e terms of w:t~arawal. Each such aeDos:t recesDt :s Dy reference maae a DE~ Of tn~S S. The Bank ~11 maintain at all t~mes wit~ t~e Agent of me Bank as secumy..r De~s;~or s aeDos~s: eliOiDte securmes ot me classes aescrlDea m Government C~e Sect:on 53651 (except suDa~ws~ons ~m~ an~ nawn9 a market value at least ~0 % ;n excess ot t~e total amount of aeDos:ts securea Dy those secur~tes. (D~ ee~,Dte securmes of me csass aescn~a m suDa~ws~on (m) of Government Coae Sec~son 53~5~ nawn9 a market va~ue 3~ ~e~s~ S0 % m excess of the total amount ot ae~s~s securea Dy ~nose securmes ana lc> el:~Dte securmes of ~ne csass aescnDea ~n su~ws:on (D) ot COvermerit C~e Section 5365 ~ nayrag a market value at least 5% m excess of tOtat amount ot aeoos;ts securea Dy those securmes. It the AOmm~strator ot Local Agency Secur~ o~ me $~a~e California actermines tna~ a secun~ ~s no~ auahfiea to secure DuDisC aeDos:~s. the Bank w~ll suDst;tuTe o~ne, securmes ~0 comply w~ ~ne requirements of tn:s Paragraph. 6. EllgsDle securmes are those ns~ea m Govemmen~ CoCo Sectson 5365 ~ ~ i i ~: '~: ~ s ~:::: 7. The ~reasurer . wawes secur;~y for n ~ ; n aeDos,t w~::~ r~ ~sure: nereDv pursuant to Feaerat ~aw