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<br />NORTH CAROLINA
<br />ORANGE COUNTY
<br />TATS AGREE7l~ElIT, Made and entered into this the 10th day of February,
<br />1954, by end be tyre en the Doerd of County Commissioners of Oranre County,
<br />North Carolina, party of the first part, and The University iSetionel Bank,
<br />Chapel Hill, 4iorth Ceroline, pe rty of tho second pert;
<br />i7IT41ESSETH, That i'iherees, The University Rationel Banat, Chenel Aill,
<br />Piorth Cerollna, has been designated as one of the official depository benks
<br />for the funds of Orange County, es will eppear by ros oluti on of the °.oerd of
<br />County Commissioners duly edwted on Eebrue ry 1, 1954, end recorded in the
<br />minutes of seid Ro¢rd; end
<br />ii'here zs, a part of the consideration for sa!.d act on Che Wert of the
<br />9oard o" County Commissioners was en offer and agreement by The University
<br />1Seti peel B¢Nc to deposit setisfect pry collateral in escrow, seid collate rzl
<br />to con si.st of either bonds of the IIni tad Status, bonds of the State of ?forth
<br />Qeroline., or bonds of Orange County or of the Tovrn o!' Chanel Hill in en ¢mous
<br />of not lass then "75,000 War value:
<br />liow, therefore, it is hereby aereed that The University Ns.ti onel Hank,
<br />Chapel Hill, >'orth Caroline, does deposit is escr owrrith the BeNcera Trust
<br />Company of itew Yorls, Unit ad States Govern;aent Bonds tc the amount of not
<br />less thin $75,000 Her value, as shorm by the attach ed inventory, which in-
<br />ventory is made e pert of this agreement es if herein set forth in itemized
<br />form, rrhi ch deposit is made under and in ace order ce erith the provisions of
<br />Section 153-135 end Section 159 -28, General Statutes of Tlorth Carolina, said
<br />bonds to be held by Benl:e rs Trust Company of it avr Yorlc for the solo benof it of
<br />Orango County, sub ~e ct to the order of the 3o erd of County Commissioners of
<br />seid County in the event of any default or loss suffered by Orange ~ou_nty
<br />caused by any failure or doieult on the pert of The Un?:-e rsi ty i~at~onel Sank.
<br />it is further aareod that the party of the second oe^t shell have the
<br />right £rom time to time to melee such changes and substitutions in the collet a:
<br />herein provided for es it may do sire, providing only that seid collata~al at
<br />all times shell amount to not less then F75,000 per value of bonds of the
<br />3:1 nd specified and provided for above.
<br />IPI TESTILI^..?IY Si'H^uREO?, the nertyoT the first Hart has caused these pre-
<br />sents to bo signed in sts cornorete nr_me by the Chairman of the 'oerd of
<br />County Commissions rs, duly attested by the Secretary to seid Roerd, end the
<br />reel of seid County to be affixed hereto, ell 'oy authori t~ of the res ofation
<br />o° the 'o¢rd of County Coimnis=loners duly passed on Pebrnery ly 195): end
<br />entered in the minutes of said ?oerd. And the pe rty of the second part has
<br />c euscd this instrument to be signed in its cornorete name by its duly euth-
<br />orszed officers ¢nd its corporate seal to be hereto affixed, ell by authority
<br />or its Board of A rsc tors.
<br />(SEAL)
<br />Attest: J. E, Lers
<br />Secretary to the Eoerd
<br />(SEAL)
<br />Attest: 0. G. Perry
<br />Secretary
<br />ORANGE COUNTY (SE ".L)
<br />3y, R. 0. Borrest (SEAL)
<br />Chairman, 9oard of
<br />County Commissioners.
<br />THE i7ItIVERSITY LIATIO7PAL SAIIK (SEAL)
<br />By, Oliver K. Cornerell. (SEAL)
<br />President
<br />ACCEPTAidCE
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<br />The foregoing Agreement betwoen Orange County, ?Inrth Carol ins, end The
<br />University Plata onal 3enk, Chapel Hill, North Carolina, having Sirst been
<br />carefully reed, the undersigned Rank does hereby accent the tr :st reposed
<br />in it by said Agreement, and does ^u_ther ecknowledae the ro ceiot of bonds
<br />to the per value of not less than t~,'+75,000, as ere sh orrn in doted by the
<br />attached inventory; and said Benlc does further hereby covenant and epree to
<br />hold seid bonde in escroer for the sole benefit of Orange County in accordance
<br />c:i th the ter:ne of the foregoing agreement.
<br />IN TESTIIAO1vY Or' TAE APOVE ACCEPTA?iCg, the undersigned Bank has ceussd
<br />these nresonts to 6e signed by its President or Vice President, or A.s s+t.
<br />Pace Pres. duly attested be ate .4 ss't Treasurer, and S.ts cornorete seal to
<br />be affixed, this the 17th day of February, 1954•
<br />flP.id:~CRS TRUST CO'',i'AiY OF NE;:' YORK
<br />By, 0. G. Sharpe
<br />(SEAL) As s't. Vice President
<br />Attest:
<br />P.s s't. ^_r,e csurer
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