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HomeMy WebLinkAboutBarnett Bank of Central Florida Repurchase Agreement -1996 05 08~~ REPURCHASE AGREEMENT CUSTOMER SWEEP AGREEMENT This Agreement is entered into as of this ~ttlay of May , 19 96, between City of Winter Springs (Customer), and Barnett Bank of Central Florida, N.A. (Bank). By signing the Application, the Customer agrees to the following: Customer hereby authorizes and directs the Barnett Bank ("Bank") designated on the Application to debit and credit the demand deposit account identified on the Application (the "DDA Accowit") and to invest each day both the Bank and the New York Stock Exchange ("NYSE") are open for business ("Business Day") in Repurchase Agreements (The "Repurchase Agreements") with the Bank under the terms of a Master Repurchase Agreement (the "Master Agreement") entered into between the Bank and the Customer. For the DDA Account, Customer and the Bank shall agree upon (i) a target amount (the "Target Amount"); a minimum investment amount (the "Minimum"); and a maxinmm investment amount (the "Cap"). After the close of each Business Day at a time determined by the Bank, all collected funds in the DDA Account in excess of the Target Amount but not more than the Cap shall be invested on behalf of the Customer in Repurchase Agreements however, no investment will be made unless the amount at least equals the Minimum. The following Business Day, at a time designated by the Bank, all Customer funds in Repurchase Agreements shall be credited to the DDA Account. The Bank shall have no obligation hereunder other than to invest collected funds from the DDA Account in the Repurchase Agreements and to credit the DDA Account with the funds held in Repurchase Agreements on the following Business Day. 3. Customer understands and agrees that funds held in Repurchase Agreements are not Bank deposits and are not insured by the FDIC. 4. The Target Amount, the Minimum and the Cap amount may be changed from time to time upon request of the customer or by the Bank in its sole discretion and without notice to the Customer. Any such request by the Customer must be received by the Bank prior to a lime each day it shall specify ("Cut-Off Time"). 5. Customer agrees to pay the Bank for this service pursuant to the Bank's current fee schedule, which schedule may be changed from time to time by the Bank upon written notice to the Customer. 6. Interest rates on the Repurchase Agreements shall be set by the Bank from time to time based upon market conditions. Interest will be paid into the DDA Account as agreed upon with the Bank. 7. This Agreement will terminate as follows: (a) The Business Day following the receipt of written notice sent by either the Bank or Customer to the other of such termination. (b) Upon the closing of the DDA Account for any reason. In the event of termination, the Bank shall promptly return all funds held in Repurchase Agreements to the Cusco-ner's account. In the ordinary course of business, interest accrued prior to ter-nination will be paid to the Customer through a Barnett Bank following the end of the month during which termination occurs. 8. The Bank shall not be liable for lost income or otherwise if the Bank is unable to invest funds in Repurchase Agreements for any reason, including but not limited to special or consequential losses or liabilities. i ~1 To tl~e extent permitted by law, any controversy arising out of or relating to services under this Agreement shall be submitted to arbitration conducted under the niles of the American Arbitration Association. Arbitration must be commenced by service upon one party by the other of a written demand for arbitration or notice of intention to arbitrate. Judgment upon any award rendered by the arbitrators shall be final and may be entered in any court having jurisdiction. The situs of any arbitration or court proceeding involving this Agreement shall be in the State of Florida. 10. This Agreement shall be governed under the laws of the State of Florida. 11. The Bank shall not be liable for losses caused directly or indirectly by acts or conditions beyond its control, including acts of God, war, strike, interruption of transportation or communications, suspension of trading, change of late, or earthquake. 12. Any telephone conversations may be recorded by the Bank to assure accuracy. 13. Except as specifically modified by this Agreement, the DDA Account agreement between the Customer and the Bank shall remain in frill force and effect. 14. All necessary corporate or other action required to authorize the entering into of this Agreement has been taken. The person signing the Application has full authority to execute this Agreement on behalf of the Customer. The execution and performance of this Agreement does not contravene the Customer's articles of incorporation, bylaws, partnership agreement to which the Customer is a party or by which it is bound. 15. If any provision or condition of this Agreement shall be held to be invalid or unenforceable, the invalidity or unenforceability shall attach only to that provision or condition. The validity of the remaining provisions shall not be affected. By signing the Application, Customer acknowledges the following: Customer has made its own decision to invest in the Repurchase Agreements and has not been advised to invest in the Repurchase Agreements by any Barnett Bank or any affiliate thereof. Repurchase Agreements do not represent a deposit obligation of the Bank and are not insured by the Federal Deposit Insurance Corporation. Agreed to and Accepted: CUSTOMER: Cif ,ogf W~iyn~ter Springs BY: h/ /" TITLE/DATE City Manager TITLE/DATE City Clerk * If two signatures are required BARNETT BANK OF CENTRAL FLORIDA, N.A. By. T1TLE/DA .,. NEW ACCOUNT APPLICATION SWEEP INVESTMENT SERVICE BARNETT BANK OF CENTRAL FLORIDA, N.A. CUSTOMER NAME: City of Winter Springs ,Transportation Impcat Fees Tax Identification Number: Demand Deposit Account Investment Option 59-1026364 2831669568 ® Repurchase Agreement ^ Emerald Treasury Service Shares ^ Emerald Prime Service Shares I certify under penalty of perjury that the Taxpayer Number above is true and correct. 2. I certify that I am not subject to backup withholding. In consideration of your opening one or more accounts on my behalf, I hereby acknowledge that I have read, understand and agree to the terms set forth in the Customer Sweep Agreement. Applicant's Signature_ ~ ~ Date