377-SE Bank Trust Div-Firemen~. ~'~ ~'~ A/C #43146000
SOUTHEAST BANK, N.A.
TRUST DIVISION
CORPORATE CUSTODY AGREEMENT
THIS AGREEMENT, entered int6 and effective this 2nd day of
May , 19 89 , by and between
, Trustees of the City of Sanford Firemens
Retirement System Trust (hereinafter called the "Trustees")
and Southeast Bank, N.A., a National Banking Association
(hereinafter called the "Custodian" or "Bank"), wherein the
Trustees and Custodian agree to perform such duties and
functions on the terms and conditions hereinafter set forth.
1) WHEREkS, The Trustees are authorized by the'te_~n.s of
the Trust Agreement to appoint a Custodian for the
trust fund.
2) Delivery of assets. The Trustees will deliver to the
Bank at locations to be mutually agreed, certain
securities and funds owned by the Trust as of this
date. The Bank shall accept responsibility for such
securities under the terms of this contract from time
of receipt, such receipt to be given by a properly
authorized officer(s) of the Bank. In addition, the
Company will deliver, or cause to be delivered, other
securities from time to time coming into its
possession, also, to be acquired and held pursuant to
the terms of this agreement.
3) Safekeeping. The Bank will keep safely the
securities and funds of the Trust delivered to it.
The Bank will not deliver any such securities or
funds to any person except as provided by the
provisions of this agreement.
4) Registration of Securities. The Custodian will told
all snocks and all other registerable securities in
nominee form of registration.
5) Purchases. Upon receipt of proper instructicns as
defined by Paragraph 13 hereof, or by subsequent,
properly authorized amendments hereto, and insolaf as
funds are available for the purpose the Custodian
will pay for and receive all portfolio securities
purchased for the account of the Trustees, pa3ment
being made to the bank, securities dealer or broker
representing the seller only upon receipt by the
Custodian or its agent of the securities in form for
transfer satisfactory to the Custodian.
6) Exchanges. Upon receipt of proper instructions, t~e
Custodian will exchange portfolio securities held for
the acconnt of the Trustees for securities in
connection with any reorganization, merger,
· consolidation, stock split, change in par value,
conversion or otherwise. It will deposit any such
securities as are required in accordance with the
terms of any reorganization or protective plan.
With6ut further instructions the Custodian is
authorized to exchange securities in temporary form
for securities in definitive form, to effect an
exchange of shares when a par value of stock has
changes, and upon receiving payment in current funds
therefor, to surrender bonds or other securities at
maturity or when advised of earlier call for
redemption.
7) Sale~.~ Upon receipt of proper instructions the Bank
or its agent will make delivery of portfolio
securities sold for the account of the Trustee, such
delivery to be made only upon payment therefor:
a) In lawful money of the United States paid to the
Bank or its agent.
Pursuant to proper instructions under the terms of
this agreement, the Bank will arrange such stock or
bond transfers as are necessary prior to sale in
order to effect delivery in a form satisfactory to
the buyer.
8) Non-discretionary dealings in portfolio securities.
The Custodian will in general attend .-to all
non-discretionary matters and make all
non-discretionary decisions in connection with. the
sale, exchange, substitution, purchase, or other
'dealings with securities and other properties cf the
Company except as may be otherwise provided in this
agreement or directed from time to time by the
Trustees. This would include, but not be limited to:
a) Selling any fractional interest in stock
received from a stock dividend or stock split,
and to credit principal of this account with the
proceeds.
b) Selling subscription rights at the market in
sufficient time before expiration to pe_~Tm. it-
delivery and to credit the proceeds to the
principal of this account.
9) Collections. The Bank will collect, receive and
deposit for the account of the Trustees all income
and other payments with respect to the securities
deposited under this agreement, and will execute
ownership and other certificates and affidavits for
the collection of bond and note coupons, and will
take all other action necessary and proper in
connection with 'the col%ection, receipt and deposit
of such income and other payments including but not
limited to the presentation for payment of all
coupons and all other income items requiring
presentation on all securities which may mature or be
called, redeemed, retired or otherwise become
payable, and the endorsement for collection in the
name of the Trustees of all checks, drafts and other
negotiable instruments. The Custodian will receive
and -collect all stock dividends, rights and other
similar items and will deal wf'th the same p~rsuant to
the proper instructions.
a) All income received will be reinvested in this
account. XXXX
b) All income received will be remitted as follows:
10) Proxies, notices, etc. (Check One) The Custodian
will promptly deliver or mail to the ,~ all
forms or proxies, all notices of meetings, all proxy
statements and all other notices, requests or
announcements affecting or relating to securities
held in its custody for the Company and will, upon
receipt of proper instructions, execute or deliver or
cause the Bank to execute or deliver such proxies or
other authorizations as may be required. Except as
provided by this agreement or pursuant to proper
instructions hereinafter received, the Bank shall not
exercise any power inheren~ in any such securities,
including any power to vote the same, or execute any
proxy by power of attorney or any similar instrument
or give any consent, approval or waiver with respect
thereto, or take any other similar action, without
properly authorized instructions from the company;
XXXXX
OR
The Custodian will use its own discretion in the
handling of proxies received on securities or other
property in this account. However, the Custodian
shall be under no obligation whatsoever with respect
to the voting of, or the failure to vote any such
securities or property.
* Registered Investment Advisor, Investment Counsel
Company
11) Disbursements. The Custodian will pay or cause to be
paid insofar as funds are available for the purpose,
such bills, statements and other obligations of the
Trust (including but not limited .to obligations in
connection with the conversion, exchange or surrender
of securities owned by the Company, interest charges,
mail or insurance expense, dividend disbursements,
taxes, management fees, and other simi'lar expenses)
that may be approved either generally or from time to
time by such person or persons that the Trustees may
by resolution designate or authorize, provided that
no disbursements be made to an officer or an employee
of the Company until the Custodian has received the
proper instructions pursuant to the terms of this
agreement.
12) Books, records and accounts~ The Custodian will
maintain proper and complete records of all
transactions in the account or accounts of the
Trustees, and will render statements or copies
thereof from time to time as requested by the
Trustees.
13) Proper instructions. The term "proper instructions"
as used herein, shall include written instructions
signed by such one or more persons as the Trustees
shall have from time to time by resolution authorized
to give instructions of the particular character
involved. A resolution of the Trustees may be
received and accepted by the Bank as conclusive
evidence of the authority of any person or persons to
act, and may be considered to be in full force and
effect until receipt by the Bank of written notice to
the contrary. Such instructions or resolutions may
be. general or specific in terms.
14) Investment Managers. The Trustees may select an
investment manager (or managers) meeting the
definition of an "Investment Manager" under Section
3(38) under the Employee Retirement Income Security
Act of 1974, which may direct the Custodian to invest
any part of the Trust Fund in any securities or other
property (except Company property or securities), and
direct that it makes sales of any securities or
property constituting part of the Trust, and the
Custodian shall act on such recommendation and shall
have no liability for acting in accordance With such
recommendation or for the retention of any securities
or property so purchased. The Trustee will be
protected in relying upon any telegram or letter
purporting to have been sent by the investment
manager which it believes in good faith to be
genuine. In directing investments, the investment
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ADDENDUM TO CUSTODY AGREEMENT
CITY OF SANFORD
FIREMENS RETIREMENT SYSTEM
1. "TRUSTEES" as defined in the Corporate Custody Agree-
ment shall be defined as body empowered by Sanford City
Ordinance to administer the fund.
2. Reference in the Corporate Custody Agreement to "Trust"
shall include appropriate Sanford City Ordinances and
Florida Statutes as the context requires.
3. Paragraph 15 of the Corporate Custody Agreement relat-
ing to compensation of the custodian shall be super-
ceded by the following:
Base annual charge $750
Charge per issue or asset held annually $ 40
Transaction (purchase or sale other
than sweep money market fund for temp-
orary investment, maturity, call, redemp-
tion or free delivery of an asset, per $ 40
Participant distribution check, per $ 5
Participant lump sum distribution, per $ 10
IRS Form 1099 or W-2 or similar annual
report, per $ 5
The above fee quotation shall be guaranteed for
three years from date of appointment as Custodian.
4. The custodian shall make such participant distributions
as directed by the Trustees or their duly authorized
designee as provided in Sanford City Ordinance. Distri-
butions shall be mailed by first class mail in suffi-
cient time to reach the participant or the pa~ticipant's
depository on the first business day of each month.
5. The custodian shall furnish a monthly statement of
transactions and a listing of assets showing cost
of each security and the approximate market value
thereof.
6. The Fund has a September 30 fiscal year.
7. Cash held by the custodian awaiting distribution or
investment shall be held in an account maintained by
the custodian for temporary investment of fiduciary
funds which is FDIC insured and for which collateral
is posted for funds in excess of FDIC coverage.
::--Southeast Bank, N.,,.
FINANCIAL PLANNING AND TRUST DIVISION CUSTOMER RECEIPT
ReceiVed From: Cj-tV of Sanford The Items Stated Below
Account
For the Account of Firemens Retirement System Number 43]_~6000
SHS/FACE ASSETDESCRIPTION
120,000 U.S. Treasury Notes 6.875% due 5/15/89
94 @ 100,000; 1915/16 ~ 10,000
600,000 U.S. Treasury Notes 13.00% due 11/15/90
716/721 @ 100,000
100,000 U.S. Treasury Notes 14.50% due 5/15/91
110 @ 100,000
330,000 U.S. Treasury Bonds 8.625% due 8/15/93
78/80 @ 100,000; 1478/80 @ 10,000
200,000 U.S. Treasury Notes 13.125% due 5/15/94
758/9 @ 100,000
170,000 U.S. Treasury Notes 10.50% due 8/15/95
482 @ 100,000; 6728/34 @ 10,000
600,000 U.S. Treasury Notes 9.375% due 2/15/06
95/100 @ 100,000
700,000 U.S. Treasury Bonds 10.00% due 5/15/10
~263C/269I( @ 100.000 ~
SO THEAS , · . ACKNOWLEDGED
F~:-TR~4) Date
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