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HomeMy WebLinkAboutSCNB JOHN CUSRMAN .JEANIVE RUI.AND Department Head co Department Head ACCOUNTING&FINANCE DEPARTMENT 10 2 CENTRAL DATA PROCESSING Telephone (516)765-4333 �' • P.O.Box 1179, 53095 Main Road Fax (516) 765-1823 ifi 0�dol Southold, New York 11971-0959. OFFICE OF THE SUPERVISOR TOWN OF SOUTHOLD SCOTT L. HARRIS, SUPERVISOR December 4, 1992 AUTHORIZED REPRESENTATIVES U.S. Trust Company of New York 13th Floor 770 Broadway New York, NY 10003 Attention: Lynn Zehr Gentlemen: With reference to the Agreement between you, Suffolk County National Bank and the Town of Southold, whereby your firm is custodian of pledged securities in favor of the Town of Southold, the following persons are authorized to give or make written instructions, demands, statements, authorizations or other directions, or orders however described, as they may relate to said pledged securities. This authorization supersedes any previous authorizations. Name: Scott Louis Harris 'title: I Supervisor ` l' Signature: Name: George L. Penny IV Title: Deputy Supervisor Signature: Sincerely, cott Louis Harris Supervisor r i United States Trust Company of New York 45 Wall Street New York, New York 10005 Gentlemen: The undersigned (the "Depositary Bank") has deposited with you, United States Trust Company of New York, securities ("Securities") to secure the repayment of deposits of Town of Southold (the "Pledgee") 'rrj• i with the Depositary Bank, which Securities are to be held by you subject to the following terms and conditions: 1. You shall pay over to the Depositary Bank or its order any interest or other income you receive with respect to the Securities unless prior thereto you receive other written instructions from the Pledgee and 'the' Depositary Bank. In the event of any conflict between such instructions received from the Pledgee and the Depositary Bank, you shall hold such income in the account and invest it in such short term securites or money market funds as you shall select and you shall not be liable for any loss sustained by reason of your making such investment. 2 . You shall deliver the Securities, in whole or in part, to the Pledgee or its order upon receipt by you of written demand, acccompanied by Pledgee's written statement that the Depositary Bank has defaulted in repayment of part or all of the deposits secured by the Securities and that a copy of such statement has been delivered to the Depositary Bank. 3 .- You shall deliver the Seburities"to 'Depositary Bank or its order upon receipt by you of written authorization from the Pledgee. aJ t L 4 . You are authorized .to permit the Depositary Bank, without the consent of the Pledgee, to substitute for the Securities being held pursuant to this agreement direct obligations of the United States Government having the same or greater par value. This right of substitution does not apply to any other class of securities. Whenever such substitutions are so made, the new Securities shall be delivered to you with a statement from the Depositary Bank describing the Securities being delivered, the Securities for which such securities are being substituted and that the Pledgee has been notified of such substitution. Those securities received in substitution for others, plus 1 any additional securities deposited hereunder shall become a part of the Securities held pursuant to the terms of this agreement. 5. Notwithstanding any provision herein to the contrary, you are authorized" from time to time in your sole discretion to deposit or arrange to deposit in a book entry account in your name maintained at the Federal Reserve Bank of New York or Depository Trust Company any securities which are subject to this agreement and that qualify for deposit therein and to withdraw or arrange to withdraw such securities therefrom as required hereunder. Securities so deposited may be commingled in such book entry account with securities belonging to you and your other customers. 6. You shall have no responsibility for the validity of the pledge, the valuation of securities, or any other duty not agreed to by you in writing. Y 7. The Depositary Bank and the Pledgee agree to notify you in writing of the identity of all persons authorized to give or make written instructions, demands, statements, authorizations or other directions or orders ,or to "receive notices, payments or securities under this agreement. J , 8 . You are specifically authorized to act on instructions given to you in accordance with the terms of this agreement and shall be fully protected' in acting thereon. The Depositary Bank undertakes and agrees `to indemnify and hold you harmless from any loss, liability or claim and any attorneys ' fees and other expenses related thereto unless caused by your negligence or willful misconduct. 9. This agreement shall be governed by the laws of the State of New York. 10. This agreement shall be executed in triplicate by the parties concerned, each of whom shall retain one copy for their records. Dated: December 4 , 1992 Suffolk County National Bank (Depositary Bank ) By AGREED TO BY Town of Southold (Pledgee) P By cz, ACCEPTED BY UNITED STATES TRUST COMPANY OF NEW YORK BY