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Home My WebLink AboutR84-779· RESOLUTION NO. R84-779 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS MAKING APPLICATION TO THE FEDERAL RESERVE BANK OF DALLAS FOR THE HOLDING OF SECURITIES IN JOINT SAFEKEEPING. WHEREAS, the City National Bank has been designated as a depository of the City of Plainview and is required to pledge certain securities to secure the funds deposited with it; and WHEREAS, the City National Bank (depository) has, in accordance with law, Pledged with the City of Plainview (depositor) the following securities: U. S. Treasury Notes due 11-30-86 at ll 3/8% $500,000 PAR VALUE WHEREAS, other and additional securities may be pledged by the Depository with the Depositor at some future time- 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 for the joint account of the Depositor and Depository; NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Council hereby approves form SEC-20X REV-84 entitled "Application to The Federal Reserve Bank of Dallas For the Holding Of Securities In Joint Safekeeping", orders the inclusion thereof in the Council Minutes and authorizes execution of this agreement with the depository and the Federal Reserve Bank of Dallas. PASSED AND APPROVED this the ] day of_~~L~ , 1984. E. V. RiDLEHUBER, Mayor ATTEST: WALTER S. DODSON, City Clerk O APPLICATION TO THE FEDERAL RESERVE BANK OF DALLAS FOR THE HOLDING OF SECURITIES IN JOINT SAFEKEEPING WHEREAS, the undersigned Depository has been duly and legally designated, and h~s done all things and performed all acts necessary to quali~yas 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: DESCRIPTION PAR VALUE U. S. Treasury Notes due 11/30/86 at 11 3/8% 500,000 (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. other and additional securities may be ptedged 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 accep~ 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 in accordance with the provisions of Bulletin 7 of the Federal Reserve Bank of Dallas. NOW. THEREFORE, in consideration of the premises, and as an inducement to the Federal Reserve Bank of Dallas to hold in joint safekeeping the above described securities or any otberadditional 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 bythe 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 baiice. It shall give the securities hereinahove 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. 3. 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 ~s they deem necessary or desirable. 4.~' Substitutions may be made for a ay of the above described securities, or any additional securities which may be tendered or accepted, or for securities which have been previously substituted under the terms of this paragraph, upon the request of the Depository, subject to the approval of the Depositor. Such substituted or additional securities shall be subject to the terms and conditions of this agreement and Bulletin 7. 5. The securities above described, or any additional securities which may be tendered and accepted, or taken in substitution therefor shall be surrendered upon the request of the Depository, subject to the approval of the Depositor. 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 hold or surrender 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 agreement and deliver them or credit their proceeds under advice to ~ho reserve account of the Depository unless other instructions are issued in writing by the Depositor. Interest payments on book entry securities, wilt in writing by th/g/Depositor, be credited under advice to the reserve account of the Depository on the interest due date unless other instructions are msued 8. The~Federal Reserve Bank of Dallas is authorized to act upon instruction given by an authorized person of the Depository whose signature is on file with the Federal Reserve Bank. The signature of the Depositor is that affixed [o Joint Safekeeping Signature Card (SEC-210) on file with the Federal Reserve Bank, and the said Federal Reserve Bank is authorized to act upon instruction or approval given by such authorized person whenever such instruction or approval is necessary under this agreement. If there should be a successor to anyone authorized to act for the Depositor or Depository named herein before the full delivery of ail securities covered by any Joint Safekeeping'Receipt and/or Advice of Transaction issued upon this application, including substitutions, it shall be the duty of said Depositor or Depository 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 instructions from such person to the same extent as under instructions of the persons named herein. 9. The terms and conditions enumerated herein shall supplement and be in addition to those set forth in Bulletin 7 of the Federat Reserve Bank of Dallas, and the parties hereto expressly agree to act in accordance with the terms and conditions of said Bulletin 7. I0. The Governing Body ceferred to in this instrument is (~'~"~O' Of P]~?~ and said body, by proper reso ution 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 the Depositor, the Depository, and the Federal Reserve Bank of Dallas, on this the -----/~th---- day of. _F~3_C~._~_~_r ,19 84 - The City National Bank of Plainview By Depository SUSAN H/2F~ON, T~ust Officer 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, fuliy appears in the minutes of said meeting. (SEAL) Secretary or Clerk