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<br />i70w, T:IEHEHORE, TT IS .h000RDIiPGLY ORDERED that The Bank of Chapel Hill,
<br />Chapel H111, *lorth Carolina, end The UniversL ty 2ln ti opal B¢Nq Chapel Hill,
<br />'I^ North Caroline, be, end the eeme are hereby designated es o; ficiel depos it orie:
<br />~ of the funds of Orange County, in addition to the Durham BaNt & Trust Company,
<br />~- for the period beginning es or this de to and ending on December 1, 1954.
<br />It is further ordered that the designation of Tha P.ank of Chepel Hill,
<br />Chapel Hill, Ttorth Carolina, as ¢n off iciel deoosi tory is conditioned upon the
<br />execution end delivery of a depository agreement by said Benk with urenFe
<br />County, under the terms ¢nd provisions of which The Benk oT Chepel Hill will
<br />mace rri th The I~¢ti opal City BaN: of Plew York, in New York Cit-, as 'Trus to e,
<br />IInited Stntes Government Bonds, North Caroline State Bonds, Orange County or
<br />Chs.pal Hill Bonds in the 2mount oz not less than 5138,500 par value, which is
<br />the amount offered by said Sank ¢s security for such deposits as may be made
<br />' by Orange County in se id He nk.
<br />It ;s further ordered that the de signs ti on of Tho University Nat+onnl BeN
<br />Chepel Hill, North Carolina, es an offic iel depository is conditioned upon t?:a
<br />execution and delivery of n depository agreement by said Benlt ;ri th Ore nge Couni
<br />under the to mns and prov i.sions of which said Bank w.i 11 pl¢ce with 9enkers Trusi
<br />Company of P; etv Yorh, +?sw Yorh City, as ^rus to o, United States Cove rnment '.ends;
<br />North Caroline State Bonds, and Ora age County br Chapel Hill Bonds in the nmou:
<br />bf not~less th¢n A~5,000 per value; which is the amount offered by said H¢Nt ¢:
<br />secarity for such deoosi is as may be made by Orange County in said Henk.
<br />It is further ordered that the Chairman of this 3oard, tore ther r+i th the
<br />Clerk to said 9oe rd, be,. and they are hereby authorized to execute depository
<br />¢greemeats in the name of Orange County with The H¢nk of Chepel Hill end The
<br />University National Hankr and to e£fix the Seel of said County to said agree-
<br />ments. Arter said agreame nta ere duly executed in triplicate, e copy of each
<br />shall be recorded es e Hart of the minutes of this meeting, which copy shell
<br />be cerefu].ly preserved by the Covnty Accountant.
<br />It is further ordered that S. id. Gattis, County .4ecount not, depos 3t the
<br />net proceeds received from the sale of Ornnge County Courthouse Bond Ant is ioati
<br />~- Rotes in the nrinc foal sum of R80, 000 in The Henk of Chepel Hill., ¢nd The
<br />I University iQati on¢1 Benk in such respective amounts ns he may be directed so
<br />L_ to do by the Chairman of the Hoard of County Commissioners, end that he deoos it
<br />such other county fonds in said Banks es he may be snecificelly directed so
<br />to do 6y father res oluti one of this Board.
<br />NOF.TH CA.°.OLINA
<br />OROIvGE COUP?TY
<br />TF.IS AGR E?-~DiT, Linds end eatened into this the 10th dny oi -obruerS, 195~~:
<br />by and between the Board of County. Commissioners oS Orange County, North Cnro-
<br />line, party o_^ the fir et pert, and The Benk of Chen el A111, Chepel Hill> idorth
<br />Carolina, Harty of the second pe-t:
<br />?:ITSP SSETH, Thet whereas, She HeNt of Chanel Hill, Chepel Hill, +I orth
<br />Ceroliaa, has been designated es one of the official depository banks for the
<br />funds of Orange County, es r+ill enpe er by resolution of the Board of County
<br />Commissioners duly adopted on Pebrue ry 1, 195L;, and recorded in the minutes of
<br />said Board; end
<br />~/herees, a part of the cons idernti on £pr said act on the part of the ':o¢rd
<br />of County Commissioners was en offer and agreement by The BaNt of Cha eel Hill
<br />to deposit sati sfectory colleterel S.n escrow, said collateral to consist of
<br />' either bonds of the United States bonds of the State of i'+orth Caroline, or
<br />bonds of Orange County or of the down oT Chanel Hill in ¢n amount of not less
<br />than 5138,$00 per v¢lve:
<br />aloe+, therefore, it is hereby agreed that The Henk of Chapel Hill, Chepel
<br />Hill., Ilorth Cero line, does deposit in eecroty vri.th the ::a t:'onel Cite Bank of
<br />New York, United States Government Bonds to the amount of not less than
<br />5138,500 par value, as shown by the at teched inventory, which inventory is
<br />made a port of this agreement as if herein set forth in itemized form, :chi ch
<br />deposit is made under end in accordance with the provisions of Section 153-135
<br />and Section 159-28, General Statutes of Alorth Caroline, acid bonds to be held
<br />~~': by the "at3on¢1 City BaNt of 1J ew Yorit for the sole bane fit oT Orange County, '..,.
<br />sub3e ct to the order of the Board of County* Co+mnis si epees o_^ said Cov_nty in i
<br />LL the event of any default or loss suffered by Orange County c¢used by any fe11-
<br />ure or default on the part of the Henlt of Chepel Hill.
<br />It is further agreed that the n¢rty of the second pert shell have the
<br />r'.ght .from time to time to make such chenges end substitutions in the collater
<br />herein arovi dad for es it mny dasi re, providing only that said colleterel at
<br />¢11 timae shell amount to not loss then ~$138,SOD oar value of bonds of the
<br />]tind. specified end provided for above.
<br />Ia TESTIniONY Cf})RE09, Tf- party of the first part has ceased these nre-
<br />
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