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HomeMy WebLinkAboutResolution 1159APPLICATION TO THE FEDERAL RESERVE BANK OF DALLAS FOR THE HOLDING OF SECURITIES IN JOINT SAFEKEEPING Adopted Resolution No. YM Whereas, the undersigned Depository has been duly and legally designated, and has done all things and performed all acts necessary to qualify as the public depository of the funds of the undersigned Depositor; and Whereas, to secure the funds deposited with it, the Depository has, in accordance with law pledged with the Depositor the following securities: CLAW i DESCRIPTION PAR VALUE 4 )KG Kleins TX ISD Unlimited Tax School House Bonds, 4.50, 6-01-86 400,000 -2 3 06- - C-i =e=>` E ?P a v ; 5.6 ems' -? °6-- 10 o n (In the above space give complete description of securities offered for joint safekeeping. If this space is not sufficient, continue description on reverse side hereof.) And whereas, other and additional securities may be pledged by the Depository with the Depositor at some future time; and Whereas, both the Depositor and Depository desire and hereby request that the Federal Reserve Bank of Dallas accept the securities above described, or any hereafter tendered, to be held by it or converted to book entry securities for the joint account of the Depositor and Depository Now, therefore, in consideration of the premises, and as an inducement to the Federal Reserve Bank of Dallas gratuitously to bold in joint safeke?ping the above described securities or any other additional or substituted securities which may hereafter be tendered to it, it is agreed by and between the Depositor and Depository for the benefit of themselves and of the Federal Reserve Bank of Dallas should it agree to act in the capacity requested, as follows 1. The agreement of the Federal Reserve Bank of Dallas to act under this application in the capacity requested shall be evidenced by the issuance of its Joint Safekeeping Receipt, for definitive securities or Advice of Transaction for book entry securities, and it is understood and agreed that such receipt or advice shall be subject to the terms and conditions hereinafter set out. 2. The Federal Reserve Bank of Dallas shall act only as a gratuitous bailee. It shall give the securities hereinabove described, or any taken in substitution therefor or in addition thereto, the same care that it gives to its own property of like kind, but otherwise it shall be liable only for its own negligence or for failure to comply with the terms of this agreement. 8. The Federal Reserve Bank of Dallas need not maintain any form of insurance for the account of the Depositor and/or Depository on the securities placed with it under this agreement. The Depositor and Depository shall carry for their own account such insurance as they deem necessary or desirable. 4.(a) Except as provided in paragraph 4(b) substitutions may be made for any of the above described securities, or any additional securities which may be tendered and accepted, or for securities which have been previously substituted under the terms of this paragraph, upon joint request of the Depos- itor and Depository when accompanied by authority given under proper resolution of the Governing Body designated below. Such substituted or additional securities sball be subject to the terms and conditions of this agreement. 4 (b) ;Effective after November 80, 1977 substitutions for securities which are direct obligations of the United States Government or its Agencies may be made with securities which are direct obligations of the United States or its Agencies with equal par amounts or greater upon the sole request of the Depository in proper form. Such substituted or additional securities, including securities which have been previously substituted under the terms of this paragraph, shall be subject to the terms and conditions of this agreement. 6.(a) The securities above described, or any additional securities which may be tendered and accepted, or any taken in substitution therefor, shall be surrendered upon the joint request of the Depositor and Depository, and then only when accompanied by authority given under proper resolution of the Governing Body designated below (b) Effective after November 30, 1977 the securities above described, or any additional securities which may be tendered and accepted, or taken in substitution therefor shall be surrendered to the Depository upon its sole request in accordance with the following the Depository shall make its request for surrender on the Federal Reserve Bank of Dallas' appropriate form upon receipt by the Federal Reserve Bank of Dallas of such appropriate request form, it will send notice of the request, including the date surrender will be made, by registered mail to the Depositor at its address shown below the securities listed on the appropriate request form will be surrendered to the Depository on the fifth banking day following receipt of the request unless an authorized official of the Depositor sooner gives notice to an officer of the Federal Reserve Bank of Dallas not to effect the surrender if such notice is given by the Depositor, surrender will be made only in accordance with paragraph 6(a) 6. The Federal Reserve Bank of Dallas shall in no manner be responsible for the genuineness, negotiability, acceptability or eligibility of the securities delivered to it under this application. Its only responsibility is to bold or convert to book entry such securities as may be delivered to it, in accordance with this agreement. 7. The Federal Reserve Bank of Dallas is authorized to clip the maturing interest coupons on the definitive securities which it holds under this agree- ment and deliver them or credit their proceeds under advice to the reserve account of the Depository unless other instructions are issued in writing by the Depositor. Interest payments on book entry securities will be credited under advice to the reserve account of the Depository on the interest due date unless other instructions are issued in writing by the Depositor. 8. The Federal Reserve Bank of Dallas is authorized to act upon instruction given over the signature of any officer of the Depository on file with it, The signature of the Depositor is that appended to this agreement and the said Federal Reserve Bank is authorized to act upon instructions given over this signature. If there should be a successor to anyone authorized to sign for the Depositor named herein before the full delivery of all securities covered by any Joint Safekeeping Receipt and/or Advice of Transaction issued upon this application, including substitutions, it shall be the duty of the Governing Body des- ignated below to certify the name and signature of such successor or successors to the Federal Reserve Bank of Dallas, and thereafter said bank shall be authorized to act upon this signature to the same extent as under h? t?n ottule ? the eritor awed herein. 9. The Governing Body referred to in this instrument is t W and said body, by proper resolution spread upon its minutes, fully authorized the execution of this agreement by the Depositor In witness whereof, this agreement is executed in triplicate, a copy being intended for each the Depositor the Depository and the Federal Reserve Bank of Dallas, on this the 9th day of June , 19 86 rit; of Port Werth MBank Fort Worth N.A Address Address 2 P 0 )Box 910, Fort Worth, Texas 76102 By By 1?, Judson Bailiff Depositor' Bobby D. Grego Depository I This is to certify that the above and foregoing application was duly considered by the Governing Body named in the application at a meeting properly held on the day of 19 , a quorum being present, and that said Governing Body duly authorized and ordered the application to be executed and complied with, all of which, together with a copy of this application, fully appears in the minutes of said meeting. Secretary or Clerk. ( SEAL ) SEC-20 Rev 8/77