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aria 1 FAGS 56
<br />"AGREEMENT MADE THIS 2nd day of October, 1967, among County of Orange, a County
<br />corporation located in the State of North Carolina, (hereinafter called the "County"),
<br />WACHOVIA BANK AND TRUST COMPANY, a banking corporation organized under the laws of
<br />the State of North Carolina having its principal place of business at Winston-Salem,
<br />North Carolina, (hereinafter called "Wachovia"), and BANKERS TRUST COMPANY., a banking
<br />corporation organized under the laws of the State of New York, having its principal
<br />place of business at 16 Wall Street, New York, New York, (hereinafter called "Bankers"),
<br />Wachovia and Bankers being together hereinafter called the "Banks".
<br />WHEREAS, the County, has heretofore duly authorized and issued and there are
<br />now outstanding various issues of bonds for the payment of the principal of and
<br />interest on which the full faith and credit of the County are irrevocably pledged,
<br />said bonds and the principal amount outstanding being more fully described-in the
<br />attached Schedule "A'';
<br />WHEREAS, hereafter from time to time during the term hereof the.County for
<br />its lawful purposes will authorize and issue additional series of bonds (said
<br />Schedule A bonds and additional bonds and any other obligations to which this
<br />Agreement is made applicable being hereinafter called the "Bonds");
<br />WHEREAS , the County is desirous of appointing the Banks as agents for the
<br />payment of the principal of and the coupons for interest appertaining to,the Bonds
<br />as the same become due and payable, and the Banks are desirous of acting as such
<br />agents; and
<br />WHEREAS, the County is desirous of appointing Wachovia as accounting and
<br />cremation agent for the purpose of auditing and disposing of said bonds and coupons
<br />and rendering periodic accounting to the County with respect to payments made
<br />thereon, and Wachovia is desirous of acting as such agent.
<br />NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
<br />1. The Banks are hereby appointed paying agent for the purpose of paying
<br />the principal of and the coupons for interest appertaining to the Bonds, which
<br />shall become due on or after , and the Banks accept such
<br />appointments.
<br />2. Wachovia is hereby appointed accounting and cremation.agent to be
<br />responsible to the County for the proper and lawful cremation of all Bonds and
<br />coupons paid by the Banks and to render to the, County periodic accountings and
<br />certificates with respect thereto, and Wachovia accepts such appointment.
<br />3. The County will deposit with Wachovia prior to each maturity date for
<br />principal and/or interest on the Bonds, cam in an amount sufficient to pay such
<br />maturing installment of principal and/or interest. All principal and interest
<br />on the bonds paid by the Banks shall be charged against the cash so deposited and
<br />Wachovia shall render statements of the cash account(s) to the County annually or
<br />more frequently as the County may request.
<br />4- All Bonds and coupons paid by the Banks shall be cancelled by the Banks,
<br />or one of them. The Banks shall prepare and deliver to the County schedules
<br />showing Bonds and coupons paid during each twelve months period ending June 30
<br />or such shorter period as the County may request. Copies of said schedules will
<br />be retained with the cancelled Bonds and coupons to be used as exhibits to the
<br />cremation certificates executed at the time of destruction of the Bonds and coupons.
<br />5. All Bonds and coupons paid during any period of- twelve months ending
<br />on June 30 of each year shall be cancelled and held in custody by the Banks, or
<br />one of them, until the expiration of an additional period of twelve months following
<br />each such June 30 During such period the.Bonds and coupons will be available
<br />during regular banking hours for inspection by any authorized representative of the
<br />County. Upon the expiration of such additional period of twelve months, said Bonds
<br />and coupons will be destroyed by burning and Wachovia will execute and deliver to
<br />the County appropriate certificates evidencing.such destruction.
<br />6. The Banks shall process applications for the payment of lost, stolen,
<br />destroyed or mutilated Bonds and coupons in accordance with.the instructions of the
<br />County and such reasonable rules and regulations as may be prescribed by the County.
<br />7. For the services of the Banks as paying agents hereunder, including
<br />the retention and cremation of cancelled Bonds and coupons, the County shall pay to
<br />the Banks with respect to $1,000 denomination Bonds the sum of sixty cents (60a).and
<br />with respect to $5,000 denomination Bonds the sum of one dollar and ten cents ($1.10)
<br />for each Bond paid; and with respect to coupons pertaining to $1,000 denomination
<br />Bonds the sum of four and three-quarter cents (4 3/4¢) and with respect to coupons
<br />pertaining to $5,000 denomination Bonds the sum of twelve and one-half cents (12 1/2¢)
<br />for each coupon paid. The Banks shall not charge, impose, collect or receive from
<br />the holder of any Bond or coupon any fee or consideration for the payment thereof,
<br />except that the Banks, with the approval of the County may impose a charge on any
<br />holder for the processing of applications for payment of lost, stolen, destroyed or
<br />mutilated Bonds or coupons not to exceed the sum of five dollars ($5) with respect
<br />to any such application so processed.
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