CUSTODIAL ACCOUNT - BARNETT BANK
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CUSTODIAL ACCOUNT AGREEMENT
THIS AGREEMENT, made, executed and delivered in duplication this .'1.~ ~
day of ~ ' 1977, by and between the CITY OF CLEARWJ\TER EMPLOYEES
PENSION FUN, hereinafter called Owner, and BARNETT BANK OF CLEARWATER, N.A., here-
inafter called Bank:
WITNESSETH:
1. CUSTODY AND REMITTANCE OF INCOME: Bank agrees to hold and safely keep, as
agent for Owner, such stocks, money, certificates, bonds and other securities
as may be delivered to it by or for the accounts of Owner and to collect the
income, interest and dividends paid in cash on the property held by it pursuant
to this agreement and the same will be paid or credited to Owner in the follow-
ing manner:
Separate accounts will be established for each Investment Manager
named in 4 below or hereafter appointed by Owner. All receipts
will be credited to the account which generates the income, or if
new money is deposited by Owner for the Investment Manager accounts,
pursuant to instructions of the Owner. All cash coming into Invest-
ment Manager accounts will be deposited immediately in a savings
account in the name of the appropriate Manager account pending
instructions from the Investment Manager.
2. PRINCIPAL CASH AND DIVIDENDS IN KIND: All principal cash received or
collected, and any stock dividends or other dividends in kind paid or received
in respect to the property in these accounts will be credited to appropriate
Manager Account or Accounts in the manner prescribed in 1. above.
3. RESIDENCE: Owner is an incorporated City in the State of Florida.
4. INVESTMENT MANAGERS:
1. The Boston Company of The Southeast
Southeast National Bank Building
201 East Pine, Orlando, Florida 32801,
2. Loomis, Sayles & Co., Inc.
Investment Counsel
888 17th Street NW
Washington, D. C. 20006,
are hereby designated by Owner as Investment Managers for these accounts.
Each Investment Manager shall have all the powers and authority of Owner and
Bank is authorized and directed to follow the instructions of such Investment
Managers. The designation of the Investment Managers may be changed by an
amendment to this agreement signed by both Owner and Bank.
5. STATEMENTS: Statem~nts of principal and income will be submitted to Owner
and Investment Managers monthly.
6. INVESTMENT POWERS: Bank will carry out the instructions of each Investment
Manager in writing and received by Bank, regarding all investments, the
purchase, sale, or exchange of any securities or other property held in that
Manager's account under this agreement. Bank is authorized to use for the
purchase of any security or property directed by any Investment Manager, any
uninvested funds held in that Manager account under this agreement on behalf
of Owner. Funds of ,the separate Manager accounts will not be commingled for
this or any purpose.
7. INVESTMENT VALUATIONS: Bank will prepare and furnish to Owner and Investment
Managers a report of the property in each account showing units, descriptions,
carrying values, estimated income and estimated market values on a quarterly
basis. Such information will be on the form used for this purpose by Bank
and will show valuations as of the end of the month prior to date prepared.
Reports will be prepared as of the end of any other months, if arranged in
advance. Properties will be carried on the books at values furnished by
Owner or at cost if purchased for the account.
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8. REGISTRATION: All ecurities held under this agreement which required
registration may be registered in Owner's name or 8ank's nominee.
9. VOTING: Bank shall be under no obligation whatsoever with respect to the
voting, or failure to do so, of any stock or other securities hereunder,
but Bank will vote proxies on written instructions of Investment Managers.
10. REPORTS: Bank will furnish to Owner as soon as practicable after the end
of each calendar quarter, a report of all sales in each account made during
the preceding quarter showing carrying value and net proceeds of sale.
11. INDEMNITY: All actions taken by Bank under the terms of this agreement
shall be for the account and at the risk of Owner.
12. FEE: Charges will be based upon the aggregate of the two Manager accounts
as follows:
$3 per $1,000 on the first $500,000
$2 per $1,000 on the next $500,000
$1 per $1,000 on all assets over $1 million
Minimum annual fee, $500
Additionally a reasonable charge may be made for
unusual assets, activities and distribution costs.
Billings for fees will be forwarded to the City of Clearwater Employees
Pension Fund in care of the City Treasurer, City Hall, Post Office Box
4748, 112 South Osceola Avenue, Clearwater, Florida 33518, for direct
payment.
13. AMENDMENT AND MODIFICATION: This agreement may be altered, amended or
modified at any time in such manner as may be mutually agreed upon
between Bank and Owner.
14. WITHDRAWAL AND TERMINATION: Owner may withdraw any or all of the property
held hereunder by Bank and either party hereto may terminate this agreement
upon receipt by the other party of written notice of such withdrawal or
termination.
15. SPECIAL AGREEMENT OR INSTRUCTIONS: In the matters of Rights, Fractional
shares, Savings accounts, Barnett Bank will act only in accordance with
instructions of Investment Managers named in Paragraph 4 above or here-
after appointed by Owner.
IN WITNESS WHEREOF the parties hereto have set their hands and seals the. day and
year first above written.
Countersigned
By
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Mayor-Commission& ..
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Attest: ~..,/J '-, ~
y C er
BARNETT BANK OF CLEARWATER, N.A.
By It ~Th", .d. :1f'".. . t '
Vice rresident & T st Officer
Witnesses:
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