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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