RES 1959-015 - 00012947RESOLUTION NO. 15 - 1959
RESOLUTION APPROVING CUSTODIAN
AGREEMENT
BE IT RESOLVED that the proposed Custodian
Agreement attached hereto and made a part hereof by reference
as Exhibit "A" is confirmed and approved and the Treasurer
and City Manager are authorized and directed to execute the
same in behalf of the City herein.
ADOPTED AND PASSED THIS 12TH DAY OF MARCH,
1959 BY THE CITY COUNCIL.
o
MAYOR - Frank C. Gran ,Jr.
ATTEST:
- -- un
CITY CLERK - Marvin C. Brunsell_ _
EXHIBIT "A" -
NORTHWESTERN NATIONAL BANK OF
MINNEAPOLIS
TRUST DEPARTMENT
MINNEAPOLIS 2, MINNESOTA
CUSTODIAN AGREEMENT -
to as the "Owner") and NORTHWESTERN NATIONAL BANK OF MINNEAPOLIS,
as Custodian, (referred to as the "Bank "), agree as follows:
1. The Bank will receive and hold in safekeeping for the account
of the owner subject to this Agreement and subject to the
Owner's instructions, such securities as are delivered to it
for the account of the Owner, and will issue and deliver to
the Owner appropriate receipts for all such securities.
2. As Custodian, the Bank will perform the following services
with respect to the deposited securities while held hereunder:
(a) Remit proceeds of income and principal payments as
,directed by the Owner, with appropriate advice.
(b) Return to the Owner all securities held hereunder, or
deliver them in accordance with the Owner's written
order.
3. This Agreement may be terminated at any time upon written
notice from either part to the other. Upon termination the
Bank may require payment to it of any balances which may be
owing to it by the Owner before delivery securities held
hereunder.
4. Collection of out -of -town items and
by the Bank as the Owner's agent in
the usual course of business unless
the Owner. All items will be credi
payment. Out -of -town items will be
for collection and remittance. The
for sub- agents' failure or neglect,
checks will be handled
the customary manner in
otherwise directed by
ted subject to final
forwarded to sub-= agents
Bank will not be liable
or for loss in transit.
5. The Bank shall receive reasonable compensation for its
services and shall be reimbursed for its out -of- pocket
expenses incurred hereunder.
Dated
Registered address of owner,
to stand until changed by
written notice:
%Y*IN � it_��
CITY MANAGER
NORTHWESTERN NATIONAL BANK
OF MINNEAPOLIS
By
Authorized Officer
By
Authorized Officer