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Home My Public Portal About155-2019 - Finance - Lake City Bank - Depository AgreementV, DEPOSITORY AGREEMENT This Depository Agreement (the "Agreement") is dated as of this *70 day of September, 2019 by and between the City of Richmond (the "City") and Labe City Bank (the "Depository"). WITNESSETH: WHEREAS, the Depository is an approved depository as recognized by the Indiana Board for Depositories; and WHEREAS, the City wishes to deposit certain proceeds with the Depository; and WHEREAS, the Depository has agreed to act as custodian and to hold and distribute the amount deposited hereunder subject to the terms and conditions hereof; NOW, THEREFORE, in consideration of the foregoing and good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows: Definitions. Any accounting terms not otherwise defined herein shall have the. meanings assigned to them in accordance with generally accepted accounting principles. Headings , of articles and sections herein are solely for convenience of reference, do not constitute a part hereof and shall not affect the meaning, construction or effect hereof. 1. City of Richmond Depository Account (a) The City hereby establishes and creates with the Depository the City of Richmond Depository Account (the "Depository Account"). The City will deposit funds into the Depository Account on or after the date of this Agreement. (b) Moneys on deposit in the Depository Account shall be disbursed by the Depository upon receipt of a written .request, substantially in the form of Exhibit A, executed by an authorized official of the City listed on Exhibit B. 2. Investments (a) The Depository agrees to invest and reinvest funds in the Depository r Account, but only upon written instructions signed by an authorized representative of the. City and as authorized under Indiana Public Funds Law at the time of purchase. _ (b) The parties recognize and agree that the Depository will not provide supervision, recommendations or advice relating to either the investment of moneys held in the Depository Account or the purchase, sale, retention or other disposition of any permitted investment. Contract No. 155--2019 (c) Interest and other earnings on permitted investments shall be added to the Depository Account. Any loss or expense incurred as a result of an investment will be borne by the Depository Account. In the event that the Depository does not receive written -direction to invest funds held in. the Depository Account, the Depository shall invest such. funds in a qualified AAA rated government money market fund or a successor or similar fund offered by the Depository. The Depository may from time to time invest in money market funds on which it receives marketing or distribution fees from the fund. Any fee paid to the Depository is required to be outlined in the appropriate prospectus of such fund, and such prospectus will be provided upon request. Depository shall not be required to make disclosure of the amount of any such compensation on any transaction in which the marketing or distribution fee is paid in accordance with the prospectus. (d) The Depository is hereby authorized to execute purchases and sales of permitted investments through the facilities of its own trading or capital markets operations or those of any affiliated entity. The Depository shall send statements to each of the parties hereto on a monthly basis reflecting activity in the Fund for the preceding month. Although the City recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, the City hereby agrees that confirmations of permitted investments are not required to be issued by the Depository for each month in which a monthly statement is rendered.. No statement need be rendered for the Depository Account if no activity occurred. for such month and no funds or assets are held in the Depository Account. (e) The City acknowledges and agrees that the delivery of the custodial property is subject to the sale and final settlement of permitted investments. Proceeds of a sale of permitted investments will be delivered on the business day on which the appropriate "'instructions are delivered to the Depository if received prior to the deadline for same day sale of such permitted. investments. If such instructions are received after the applicable deadline, proceeds will be delivered on the next succeeding business day. (fl The City acknowledges that it has received, upon its request, and reviewed the prospectus of the money market fiend referred to in paragraph (c) above and has determined that the fiend is an appropriate investment for the Depository Account. 3. Duties of Depository. _. (a) The Depository shall maintain adequate records pertaining to the Fund, and all transfers thereto, deposits therein, disbursements and transfers there from and earnings thereon. with respect to each investment, the Depository shall maintain a record of the purchase -price, purchase date, type of security, accrued interest paid, interest rate, principal amount, date of maturity, interest payment date, date of liquidation and amount received upon liquidation. The Depository shall retain such fecords for at least six years following the payment and disbursement of the Funds. 2 N (b) The Depository shall submit to the City, as requested by the City, but no more often than monthly, a statement itemizing all moneys received by it and all payments made by it hereunder during the prior month, and also listing the assets on deposit in each fund at the end 'of such period. The Depository shall also provide an annual statement and statements for any time period as may from time to time be requested by the City. (c) It is agreed that the duties of the Depository ' are only such as are herein specifically provided and are purely ministerial in nature and -that the Depository shall incur no liability except for its own negligence or willful misconduct or where it has acted in bad faith. (d) If the Depository is subjected to conflicting demands with respect to funds or property deposited hereunder, the Depository shall not be permitted or required to resolve such controversy or conflicting demands or take action, including the issuance of disbursements, but shall await resolution by written instructions form from the City or by final non --appealable court order. (e) The Depository may rely upon any direction, certificate, statement or other document believed by it in good faith to be genuine and to have been signed or presented by the proper person or persons. 4. Information Release to Baker Tillv Investment Services, LLC The City hereby directs the Depository to provide Baker Tilly Investment Services, LLC ("BTIS") with statements of the Fund, which may include on--line.access. It is agreed and understood that BTIS is acting in an investment advisory capacity to the City and providing information regarding the Depository Account is critical in the performance of BTIS's duties. The permission granted above shall remain in effect until such time as the City revokes such access in writing to the Depository. 5. Notices. All notices, requests, demands and other communications hereunder shall be in writing and be given in person, by facsimile transmission, courier delivery service or by mail, and shall become effective (a) on delivery if given in person, (b) on the date of delivery if sent by facsimile or by courier deliver service, or (c) four business days after being deposited in the mail, with proper postage for first class, registered, certified mail, return receipt requested, prepaid. To the City: Ms. Emily Palmer, Controller City of Richmond 50 No 5' Street Richmond; IN 47374 Phone: (765) 9 83 --721 S e almer (,richmondindiana._gov 3 To the Depository: Ms. Reneta Thurairatnam Lake City Bank 6851 W. Jefferson Blvd. Fort Wayne, IN 46804 Phone: 260-3 99-2485 Fax: 260-422-5131 Reneta. Thurairatnam@lakecityb ank. com -Such addresses for notice may be changed upon written notice given in the manner described in this paragraph. ` 6. Amendments to Agreement. This Agreement may be amended, modified or supplemented and any provision of this Agreement may be waived if such amendment, modification, supplement or waiver is in writing and signed by the City and the Depository. 7.. Resignation and Removal of Depository. The Depository may terminate -this Agreement and resign and be discharged from further duties at any time upon seven (7) calendar days' prior written notice to the City. The City may remove the Depository at any time upon seven (7) calendar days' prior written notice to the Depository. At such time as the Depository resigns or is removed as Depository hereunder, all property held hereunder • shall be distributed to the City at the direction of an authorized representative. 8. Fees. The Depository will charge a fee of $500 annually for its customary services rendered in acting as the Depository. The City agrees to compensate the Depository for any extraordinary expenses incurred by the Depository. 9. Termination of Agreement. This Agreement shall terminate upon written direction of the City, at which time the property then held hereunder shall be distributed to the City, at the written direction of an authorized officer. 10. - Controlling Law. This Agreement shall be construed, enforced and administered in accordance with the laws of the State of Indiana, without regard to its conflict of laws principle. 4 IN WITNESS WHEREOF, the parties have executed this Depository Agreement as of the day and year first written above. f LAKE CITY BAND t By. t.�.�. Name: Reneta Thura.iratnam Its: Vice President CITY OF RICHMOND By:- Name: Emily-1 er Its: Controller 5 r 4 't EXHIBIT A FORM OF wITHDRAWAUDEPOSIT REQUEST DEPOSITORY AGREEMENT Lake City Bank Account # Depository Account - Date: Withdrawal or Deposit Amount of Request: $ Date Funds needed: Bank wire Information: Bank Name: ABA: . Account#: Account Name: FIFIC : 'Request should be received by us prior to 11:00 a.m. Eastern Time. It is highly recommended that you contact me via phone or email to let me know to expect your request. Fax request to: Lake City Bank Attn: Reneta Thurairatnam y Fax (260) 3 99-248 5 - Phone (260) 422--5131 Reneta. Thurairatnamlakecitybank. com Authorized Official Name: Title: r 6 EXHIBIT B AUTHORIZED OFFICIALS FOR THE CITY OF RICHMOND CERTIFICATE OF INCUMBENCY The undersigned, the Controller of the .City of Richmond, hereby certifies that the following named individuals are duly appointed, qualified and acting in the capacity set forth opposite his/her name, and the following signatures are the true and genuine signatures of said individuals. NAME TITLE SIGNATURE . Emily Palmer Controller fyAC4 Inc 6F f7ti DtpAt44 6M4VAY Further, such individuals are hereby designated -as Authorized- Officials of the City of Richmond and as such are authorized to furnish Lake City Bank with directions relating to any matter concerning the Depository Agreement, the funds and/or the property held pursuant thereto. Dated: SeptemberaL , 2019 CITY OF RICHMOND By: .. Name: Emily ka mer Its: Controller