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HomeMy WebLinkAboutC99-141 Norwest Bank MinnesotaSAFEKEEPING AGREEMENT This Agreement made this 21 st day of June, 1999 between Eagle County, Colorado (referred to as the "customer") and Norwest Bank Minnesota, National Association, (referred to as the "Safekeeping Agent" or "Bank") acting as Agent for the Customer. IT IS AGREED THAT: 1) The Safekeeping Agent Will: a) Act in accordance with instructions from the Customer with respect to transactions affecting cash or securities. b) Receive and hold directly, by nominee or through third party depositories (approved by the Customer) for the Account of Customer subject to this Agreement and subject to Customer's written instructions, securities that are delivered to it for the Account of Customer, making payment therefore, if required, in accordance with Customer's written instructions. If the Customer's authorized personnel instruct the Bank orally by telephone, the Bank may act on such instructions, but the Customer will assume all liability for any problems pertaining to telephonic instructions, unless such telephonic instructions are immediately confirmed by a fax transmission. c) Deliver securities to brokers or others upon and in accordance with Customer's oral or written directions against receipt of sums payable thereon or against other proper delivery receipts; remit such sums as directed in writing by Customer. d) Issue and deliver to Customer appropriate Safekeeping receipts for all transactions subject to this Agreement. Securities will be held by Safekeeping Agent for the Customer in their Customer Account (Classification 1030) or a Trust Account (Classification 1050). For purposes of this Agreement, issue and deliver shall be by means of facsimile, to be substituted with subsequent written confirmation. Facsimile safekeeping receipts shall be considered proof of ownership prior to written confirmation of transactions. e) Provide to Customer a summary of settled security positions held in Safekeeping on a monthly basis, or at Customer's request. f) Receive payments of interest and detach from securities and present for payment all maturing coupons, remit the proceeds thereof and of any other income payments received by it for the Account of Customer as directed by Customer and furnish appropriate advice to Customer showing the source of such payments. The Bank will immediately credit the Customer for any I%WV lv f amounts of interest or other income provisionally, and this credit may be reversed if the deposits are not timely received by the Bank. g) Present for payment all securities for redemption (whether by prepayment or maturity), remit proceeds thereof and of any other principal payments received by it for the Account of Customer as directed by Customer and furnish appropriate advice to Customer showing the sources of such payments. 2) Customer agrees to indemnify and hold Safekeeping Agent harmless from and against any and all losses, claims, and expenses (including attorney's fees) incurred by Safekeeping Agent in connection with this Agreement and which is due to the negligence or willful misconduct of Customer or its employees or agents; provided, however, that Customer shall in no way be obligated to indemnify or hold Safekeeping Agent harmless for any losses, claims or expenses (including attorney's fees) incurred by Safekeeping Agent in connection with this Agreement and which is due, in whole or in part, to the negligence or willful misconduct of Safekeeping Agent or its employees or agents. 3) Safekeeping Agent shall receive 'compensation for its services under this Agreement. Safekeeping Agent has provided Customer with a fee schedule that has been negotiated between the two parties and is part of this Agreement. (See Attachment A). These fees are guaranteed for (1) one year. 4) Customer shall file with Safekeeping Agent (and from time to time whenever there are changes), copies of the instructions designating the person or persons authorized to act for and on behalf of Customer together with specimen signature of such person or persons. Safekeeping Agent shall be protected in relying upon instructions signed by the person or persons as were designated in the most recent instrument received by it. 5) This Agreement may be terminated upon thirty (30) days written notice by either party to the other, which period of notice must be waived in whole or in part by the other party. Upon termination, all securities held hereunder shall be delivered by Safekeeping Agent in accordance with Customer's written direction. Safekeeping Agent may require payment to it of any balances which may be owing to it by Customer before delivering securities held hereunder. 6) All notices and other communications from Safekeeping Agent shall be addressed or delivered to Customer as follows: Ms. Karen Sheaffer Treasurer 510 Broadway, PO Box 479 Eagle, CO 81631 Unless and until Customer directs in writing the Safekeeping Agent otherwise in which event the last such written directive shall be controlling. All notices and other communications from Customer to Safekeeping Agent shall be addressed to: Norwest Bank Minnesota, National Association Safekeeping Agent Northstar East Building 608 Second Avenue, 8th Floor Minneapolis, Minnesota 55479-0130 Unless and until the Safekeeping Agent in writing directs Customer otherwise in which event the last such written direction shall be controlling. 7) For the purposes of this Agreement, written instructions include instructions transmitted by facsimile transmission. 8) The Customer's Safekeeping Account number assigned by the Safekeeping Agent for the Customer's account is 01718782. IN TESTIMONY WHEREOF, Customer and Safekeeping Agent have caused this Agreement to be executed as of the day and year first above written. Norwest Bank Minnesota, Nation I Association BY: Eagle County, Colorado Karen Sheaffer ITS: 4/�� CC-Q-7 ITS: County Treasurer ATTACHMENT A Eagle County, Colorado Safekeeping Fee Schedule Monthly Account Maintenance Monthly Average Receipt Mortgage -Backed Securities Muni/Corporate Securities Money Market/Govemments Deposit/Withdrawals Pledging Wires Incoming Outgoing $10.00 per account $6.25 per receipt $2.50 per receipt $1.75 per receipt $15.00 per transaction $20.00 per transaction $5.00 $12.00 `.r / 900PI W rk�e oard of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Johnnette Phillips Chairman v Z=T;rBpTiC3N Origin !LM !. Con tact Book 2 t �( 3. (f4� 4. --- copies 1, Accounting 2. 3. 4.