HomeMy WebLinkAboutAGMT - Bank of America National Trust and Savings Association (Deposit of Funds) •
AGREEMENT FOR ACTIVE DEPOSIT OF FUNDS
(DEMAND DEPOSITS)
041,S AgrOn wnf, made in triplicate as of the 6th day of Y , 19 68,
between (hereinafter designated "Treasurer") acting in his official
capacity as Treasurer of .OZTfi OP UAL SUCH.
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• (hereinafter designated "Depositor"), and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
(hereinafter designated "Bank"), having a paid-up capital and surplus of Seven Hundred Fifty
}3illion Forty Thouaand Three Hundred Seven and 85/100 Dollars ($ 750,040,307,05
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WHEREAS, the Treasurer proposes to deposit in the Bank from time to time moneys belonging to or in
the custody,of the Depositor in an aggregate amount on deposit at any one time not to exceed Seven Hundred
Fifty Million Forty Thousand 'Three Hundred Seven and Doe o® ($ 7500040,307.85
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the total of the paid-up capital and surplus of the Bankg , and said moneys
will be so deposited as active deposits under and subject to the provisions of Sections 53648, 53649, and 53650,
and such other provisions of Article 2.of Chapter 4, Part 1, Division 2, Title 5 of•the Government Code of
the State of California as are not in conflict herewith; and •
WHEREAS, said provisions of said Government Code require that the Treasurer take from the Bank
a written contract in triplicate, setting forth the conditions upon which such funds 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: •
FIRST No interest shall accrue on any moneys.so deposited so long as the Bank is prohibited from
paying interest on.such deposits by any,act of the Congress of the United States or by any rule or regulation
of any department or agency of the Federal Government adopted pursuant thereto; otherwise, all moneys
deposited in accordance with this agreement shall bear interest at the rate of / of 1 jo per annum, payable
quarterly, on the average daily balance of such moneys kept on deposit with the Bank.
SECOND: The Bank•shall issue to the Treasurer at the time of each such deposit a receipt or such other
evidence of the deposit as the Treasurer may require; and shall permit the money so deposited, or any part
thereof, to be drawn out upon demand, by the check or order of the Treasurer.
THIRD: As .security for said deposits, the Rank shall pledge with the Treasurer forthwith and from
time to time, as may be required, United States Treasury notes, bonds, bills or certificates of indebtedness;
bonds for which the faith and credit of the United States are pledged for the payment of principal and interest;
bonds of the State of California or of any local agency or district of the State of California having the power,
without limit as to rate or amount, to levy taxes to pay the principal and interest-of such bonds upon all
property within its boundaries subject to taxation by such local agency or district, in addition to bonds
payable solely out of the revenues from a revenue-producing property owned, controlled or operated by such
state, local agency or district or by a department, hoard, agency or authority thereof; bonds of any local,
housing agency (as defined in the United States Housing Act of 1937, as amended) as are secured by a pledge
of annual contributions under an annual contribution contract between such public housing agency and the
Public Housing Administration if such contract shall contain the covenant by the Public Housing Admin-
istration which is authorized by subsection (b) of Section 22 of the United States Housing Act of 1937, as
amended, and if the maximum sum and the maximum period specified in such contract pursuant to said
subsection 22(b) shall not be less than the annual amount and the period for payment which are requisite •
to provide for the payment when clue of all installments of principal and interest on such obligations; or
registered warrants of the State of California (all hereinafter designated "securities," such term to include
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