HomeMy WebLinkAboutAgr 2011-08-26 (Bank of Marin)AGREEMENT FOR DEPOSIT OF PUBLIC FUNDS
THIS AGREEMENT' ade as of dam 2011, between ( "Treasurer "), acting
in his or her official capacity as i , A/J . of the Town of Tiburon ( "Depositor "), and
BANK OF MARIN ( "Bank'.') „as depository and having a shareholder's equity of
$120,974,744.00 =as of-I0larch 31, 2011.
RECITALS
A. The Treasurer proposes to deposit in the Bank from time to time funds in his or
her custody with the aggregate amount on deposit at any one time not to exceed the total
shareholder's equity of the Bank. The funds 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
of California.
B. 1°ne Govenunent Code requires the Treasurer to enter into a contract setting forth
the conditions upon which the funds are deposited with the Bank.
C. In the judgment of the Treasurer, this contract is to the public advantage.
TERMS
1. This contract cancels and supersedes any previous contracts between the Treasurer
and the Bank relating to the method by which Depositor's deposits are collateralized.
2. This..contract, but not deposits then held hereunder, is subject to termination by the
Treasurer or the Bank at any time upon 30 days' written notice. Deposits may be withdrawn in
accordance with the agreement of the parties and applicable federal and state statutes, rules and
regulations. This contract is subject to modification or termination upon enactment of statute, rule or
regulation, state or federal, which, in the opinion of the Administrator of Local Agency Security of
the State of California ( "Administrator "), is inconsistent herewith, including any change relative to
the payment of interest upon funds deposited by the Treasurer. Upon notice to the Treasurer from
the Administrator that the Bank failed to pay assessments, fines or penalties assessed by the
Administrator, the Treasurer may withdraw Depositor's deposits from the Bank. Upon notice to the
Treasurer from the Administrator that the Agent of Bank (as defined in paragraph 8 below) failed to
pay fines or penalties assessed by the Administrator, the Treasurer may immediately withdraw
authorization for the placement of pooled securities with the Agent of the Bank.
3. Interest shall accrue on any deposited funds as permitted 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. If interest may legally be paid on the account into which the funds are deposited, then
all funds so deposited shall bear interest at a rate agreed upon by the Treasurer and the Bank, but not
less than %2 of 1 % per annum on the average daily balance of such moneys kept on deposit with the
Bank.
41 The-Bank shall issue to the Treasurer for each deposit a receipt or other evidence of
deposit on a form agreed to by the Bank and the Treasurer, stating, when required, the interest to be
paid, if any, the duration of the deposit, the frequency of interest payments, if any, and the terms of
withdrawal. Each such form is made a part of this contract.
(8: \bkmarin \0008\doc\417490.DOC) 1
collecting and paying all checks, drafts and other exchange or securities according to the Bank's
normal practices.
14. This contract, the parties hereto, and all deposits governed by this contract shall be
subject in all respects to Title 5, Division 2, Part 1, Chapter 4, Article 2 (commencing with Section
53630) of the Government Code of the State of California and of all other state and federal laws,
statutes, rules and regulations applicable to such deposits, whether now or in force or hereafter
enacted or promulgated.
IN WITNESS WHEREOF, the Treasurer in his or her official capacity has signed this
contract in quadruplicate and the Bank has caused this contract to be executed in like number by
its duly authorized officer.
Town of Tiburon
I: a •� ; a 11
71reJor F1r rnin Pi+✓t
Title
{ S:\bkmarin \0008 \d oc \417490. D0C i
BANK OF MARIN
By: �- 4 L,1A.
S. Jones
First Vice President
Title
/44-1. Bank of Marin
Nancy S. Jones
First Vice President
Client Services Manager
Presidents Club 2009
504 Redwood Boulevard, Suite 100 Phone: 415/763 -4525
Novato, . California 94947 Fax: 415/684 -9153
www.bankofmarin.com nancyiones ®bankofmarin.com
Agent of Depository File
Depository t =ile #
CONTRACT FOR SAFEKEEPING OF SECURITIES
SECURING DEPOSITS OF A LOCAL AGENCY
THIS CONTRACT, made in duplicate as o
April 8,
A n n k rJ, �4 n ri (\ hereinafter referred to as the "Depository",
by and
W(TNESSETH:
hereinafter referred to as the "Agent of Depositor)".
WHEREAS, eligible securities (hereinafter designated "securities') are placed in the custody of the Agent of Depository by the Depository from time
to time to secure deposits made by local agency treasurers with the Depository, in conformity with the provisions of Article 2 of Chapter 4, Part 1, Division
2, Title 5 of the Government Code of the State of California; and
WHEREAS, local agency treasurers are authorized and empowered under the provisions of said Article to authorize n trust sitoryand to or trust depart-
ment of any state or national bank located in the said California
iele�and and designated by the Depository, to
of the Depository app security pursuant
WHEREAS; the Agent of Depository has filed with the Administrator of Local Agency Security of the State of California an agreement to comply in
zil respects with the provisions of said Article 2 of Chapter !, Part 1, Division 2, Title S of the Government Code and is thus qualified to accept sucl']
securities for safekeeping;
NOW, THEREFORE, the Depository hereby authorizes and diiects the Agent of Depository, and the Agent of Depository hereby consents and agree:.
to receive from the Depository and hold forsafekeeping securities for the purpose of securing local agency funds on deposit with the Depository subjecC
to the following terms and conditions_
1. All securities subject to this contract received and held by the Agent of Depository shall be kept sepa2te?rom and not commingled with corn
other securities ovrned by the Depository or held by the Agent of Depository.
2 The Agent of Depository shall promptly issue and deliver to the Depository a receipt for all securities subject to this contract delivered 1.o if.
3. The Depository may transfer additional securities to the Agent of Depository at any time and may substitute securities of equal value for tno<_.
securities held by the Agent of Depository at any time. '
Depository without replacement at equal value may be ordered only by bonded officers
d Withdrawal of securities subject to this contract by the
or employees of the Depository who have satisfied such requirements as may be set from time of the most rC sonably Administrator statement of the trot:,I
The Agent of Depository shall release such securities only upon presentation by the Depository two bonded officers other than those who may
local agency deposits then held by the Depository, such statement to be verified and countersigned by
have ordered the withdrawal of Securities.
S The Agent of Depository shall not be responsible for notifying the Depository on any called or matured securities deposited with it hereuridw'.
However. it shall comply with the DePository s instructions regarding the presentation of such securities for payment or exchang' and her securities o
long as such instructions are not inconsistent with the provisions and requirements of applicable state and federal statutes,
E The Agent of Depository is hereby directed, unless and until it receives written instructions from the Depository to the contrary, to clip the.
coupons on securities subject to this contract held by it as the same become due and payable, and to deliver such coupons or the proceeds thereof x
the Depository.
7. The charges, if any, for the handling and safekeeping of securities subject to this contract shall be a charge against the Depository unlese
other arrangements are made
&
o:
Authority for placement. of securities for safekeeping in accordance with Government Code section 53M is hereby ar�cd to the Agent
Depository, including placement with any Federal Reserve. (tanks or branches tnereof or with banks otherthan the Depository. located in cities desig,1WO:
as reserve cities by ttie Board, of Governors of the Federal Reserve System which are y
from time to time designated by the Depositor
.urocx,. Vx¢a•s .zsoo.rw"
9. The Depository's receipt given in return for any securities withdrawn by it from the Agent of Depository and strict compliance by the Agent of
Depository with any written instructions given to it by the Depository respecting any other disposition of securities subject to this contract, shall
constitute a complete release and discharge of the Agent of Depository from all liability for or on aocount of the securities so withdrawn or otherwise
disposed of.
10. The Depository shall have the right at all resonabletimes to make an inspection or examination of the securities subject to this contract in the
_possession of the Agent of Depository.
11 The Agent of Depositoryshall promptly furnish to the Depository copies of any reports made to treasurers or to the Adaimistretor Of Local Agency
Security under the authority of Article 2 of Chapter 4, Part L Division $ Title 5 of the Govemment Code of the State of California.
12 Any request, notice, instructions or other action provided for herein shall be made in writing. Both parties hereto shall be fully protected in
relying and acting thereon if signatures of officers and employees authorized by resolution of their respective Boards of Directors appear thereon.
A certified copy of said resolution shall be fumished to the Agent of Depository along with specimen signatures of such officers and emPloyeet
13_ If the Depository fails to pay all or part of the deposits of a local agency in accordance with the deposit contact between the Depository and
the local agency, the securities referred to in this contract are subject to the order of the Administrator of Local Agency. Security in accordance with
Government Code Section 53665. In the event of failure to comply with the deposit contract between the Depositary and the treasurer' the treasurer will
notify the Administrator in writing. The Administrator, by written instruction, will require the Agent of Depository folding the securities to convert into
money such portion of the securities as may be necessary to produce an amount equal to the deposits of the local agency, plus any accrued interest: or
costs due, and to pay such amount to the treasurer in satisfaction of such deposits. Any moneys resulting from such conversion in excess of the a:raunt
of such deposits, plus any accrued Interest or costs dire, shall be retained by the Agent of Depository as part of the trust pool until the Depository
substitutes for such excess moneys securities having a market value at least ten percent (10%) in excess of the total amount of local agency deposits
held by the Depository. '
14. This contract may be terminated on thirty CM) days notice by either party by delivering written notice of such termination to the other party a rid
to the Administrator of Local Agency Security.
15 This contract cancels and supersedes any contract or agreement in effect as of the date hereof between the parties hereto relating to the
receipt and safekeeping of securities securing local agency deposits and any securities securing local agency deposits held by the Agent of Depository
for the Depository under any such agreement shall be deemed to be held by the Agent of Depository on and subject to the terns hereof without issuance:
of any further raceipt by the Depository anal without the necessity of any further action by any party hereto.
16. This contract is made and entered into under and in accordance with the provisions of Article 2 of Chapter 4, Part L Division 2. Title 5 of th*
Government Code of the State of California, and nothing herein is intended, nor shall be construed, to Biter in any waythe rights, duties or liabilities of
the respective parties hereto as set forth therein, or In arty subsequent amendments thereto-
IN WITNESS WHEREOF, the Agent of Depository and the Depository have caused their respective corporate names and corporate seais to be sub-
scribed thereto by their undersigned officers, thereunto duly authorized.
CORPORATE
SEAL
CORPORATE
SFAL
AGENT OF DEPOSITORY
MOON SHIL
Vice Pres
MARLEN DUQUE— ESTRADA
Asst. Vice President
DEPOSITORY
Business
Internet
Banking
Dear Internet Banking Customer
CEIV
SEP - 6 2011
FINANCE DEPARTMENT
TOWN OF T IBURON
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