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<br />Collier Cobb, Jr.
<br />Chairman of Honrd
<br />J. E. Lawn
<br />Clerk to Board
<br />
<br />NORTR CAROLINA
<br />ORANGE COONTY
<br />ME6fORANDUId OF AGREE6fENT, Mada and entered into this the 9th day of April,
<br />19$1, by and between the Board of County Commissi onara of Orange County, North
<br />Carolina, party of the first part, and the Durham Bank & Trust Compnny, of
<br />Durham, North Carolina, party of the second part; WITNESSETH,
<br />That whereas, the Durham Bank & Trust Company, Rillaboro Branch, has been
<br />designated as the official depoe itory bank for the iliads of Orange County, as
<br />will appear by resolution oT the Board of Cpuaty Commiaei onara this day duly
<br />adopted and recorded in the minutes of sold Board; and whereas, a part of the
<br />consideration for snid act on the part of the Board of County Commis sl veers was
<br />an offer and agreement by the Durham Sank & Trust Compeay to deposit satis-
<br />factory collateral in escrow, said collateral to consist of bonds of the United
<br />States, bonds of the State of North Carolina, or bonds of counties or cities
<br />within said State which have been duly approved by the North Carolina Local
<br />Government Commis Sion as satisfactory collateral to an amount of not lass then
<br />$175,000 par value.
<br />Now, therefore, it is hereby agreed that the said Durham Bank & Trust
<br />Company, of Durham, North Carolina> does deposit in escrow with The Fidelity
<br />Sank of Durham, North Carolina, bonds to the amount of not less than $175,000
<br />par value, as shown by the attached inventory, which inventory is made a part
<br />of this agreement lust as if same had been herein set forth in itemized form,
<br />which dap oslt is made under and in accordance with the provisions of Secti vas
<br />153-135 and 159-28 of the General Statutes of North Caroline, and amendments
<br />those to, said bonds to be held by Tha Fidelity Bank of Durham, North Carolina,
<br />for the sole benefit of Orange County, sub sect to the order of the Board of
<br />County Commissioners oP said County in the event of say default or loss suf-
<br />fered by said Orange County caused or occasioned by any failure or default on
<br />the part of the snid Durham Bank & Trust Company.
<br />It Ss further hereby agreed that the nasty of the second part shall have
<br />the right from time to time to make such changes and sub stitutl one in the
<br />collateral herein provided for as it may desire, providing only that said
<br />collateral at all times amount to not less than $175,000 pnr value of bonds as
<br />above specified and provided for.
<br />ZN TESTIMOCIY OF THIS AGREELLNT, the nartp of the first part has caused
<br />these pre aents to be signed in Sts co roorate name 6y the Chairman of the Hoard
<br />of County Commissioners, duly attested by the Secretary to said Board, and the
<br />seal of the County to bo affixed, all by authority of the resolution of the
<br />Board of County Commissioners duly passed and entered in the minutes of said
<br />Hoard. And the party of the second part has caused this agreement to be signed
<br />in its corporate name by a Vice Preaid en t, duly attested by its Secretary, and
<br />its corporate seal to be affixed, by authority of its Bonrd of Directors.
<br />(Corporate Seal) ORANGE COUNTY (SEAL)
<br />Attest: By, Collier Cobb, Sr. (SEAL)
<br />J. E. Laws Cha Srman, Hoard of County
<br />Secretary to the Board Commissioners.
<br />at: (Corporate Seal) DURAAM BANA : TRIIST COMPANY (SEAL)
<br />R. B. Reads By, W. Sf. Woodly, Jr. (SEAL)
<br />Secretary Vice President
<br />ACCEPTANCE
<br />The foregoing Agreement between Orange County, North Carolina, and the
<br />Durham Bank & Trust Company, of Durham, North Carol inn, having first been care-
<br />fully read, the undersigned Bank does hereby accept the trust reposed in it by
<br />said Agreement, and does further acknowledge the receipt of bonds to the par
<br />value of not lass than §°175,000, ns are shown in detail by the attached inven-
<br />tory; and snid Basile does Shrther hereby covenant and agree to hold said bonds
<br />in escrow for the sole benefit of Orange County in accordance with the terms of
<br />the foregoing ogre ament.
<br />The foregoing acceptance of this trust and the acknowledgment of the re-
<br />ceipt of the bonds as shown 1n detail by the attached inventory is in lieu of,
<br />suporaedea, and cancels all other sail former accaotanc es, acknowledgments, and
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