CUSTODIAL ACCOUNT - BARNETT BANK (2)
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APR 05 1979
CUSTODIAL ACCOUNT AGREEMENT
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THIS AGREEllENT, made, executed and delivered in duplication this ~ _._
day of ~~ ' 1979, by and bet"een the CITY OF CLEARWATER EMPLOYEES
PENSION FUND, hereinafter called Owner, and BARNETT BANKS TRUST COMPANY, N.A., here-
inafter called Bank:
WITNESSETH:
1.
CUSTODY AND REMITTANCE OF INCOME: Bank agrees to hold and safely keep, as
agent for O~"mei.:-, suc.h 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:
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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 "hich generates the income, or if
new money is depodited by Chimer 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 Hanager 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 prescl~ibed in 1. above.
3, RESIDENCE: Owner is an incorporated"City in.the State of Florida,
4. INVESTMENT MANAGERS:
1. The Investment Counsel of the Southeast
Southeast National Bank Building
20l East Pine, Orlando, Florida 3280l,
2. Loomis, Sayles & Co" Inc.
Investment Counsel
888 l7th Street NW
Washington, D, C. 20006,
are hereby designated by Owner as Investment Managers for these accounts.
investment Manager shall have all the powers and authority of Owner and Bank
is authorized and directed to follow the instructions of such Investment Mana-
gers. The disignation of the Investment Managers may be changed by an amendment
to this.agreement signed by both Owner and Bank,
5. STATMENTS: Statements 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 ac-
count 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 r.hat Hanager account under this agr-ccment on -behal_f _ of __Owner ~ Fun d,s_ ___u
of the separate Manager accounts will not be cornmiu81ed for this Oj~ any purpose.
7. INVESTMENT VALUATIONS: Bank will prepare and furnish to Owner and Investment
Nanagers a report of the property in each account sho't..ying 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
"dvance. Properties I<'fll 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 securiti.es held under thi.s agreement which required
registration may be?, registered in O.....rner I s name or Bank's nominee.
9,
VOTING:
voting,
but Bank
Bank shall be under no ol.,ligation whatsoev'er with respect to the
or faIlure to do so, of any stock or other. securities hereunder,
will vote proxies on "~'Titten instructlons of Investment Hanagers.
lO. REPORTS: Bank will furnish to Owner as soon as practicable after the end
of each calenda.r quarter, a report of all sales in each account made during
the preceding quarter showing carrying value and net p~oceeds of sale~
ll. INDEHNITY: All actions taken by Bank under the terms of this agreement
shall be for the account and at the risk of Owner.
l2. FEE: Charges will be based upon the aggregate of the two Manager accounts
as follows,
$3 per $l,OOO on the first $500,000
$2 per $l,OOO on the next $500,000
$l per $l,OOO on all assets over $l million
Minimum annual fee, $500
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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, ll2 South Osceola Avenue, Clearwater, Florida 335l8, for direct
payment.
13.
AMENDMENT AND MODIFICATION:
modified at any time in such
between Bank and ~mer.
This agreement may be altered, amended
manner as may be mutually agreed upon
or
l4, WITHDRAWAL AND,TErolIN~rION: 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, Bank will act only in accordance wi.th instruc-
tions of Investment Managers named in Paragraph 4 above or hereafter
appointed by OWller~
IN WITNESS HHEREOF the parties hereto have set their hands and seals the day and
year first above written.
At test,
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City' Clerk
BARNETT BANKS TRUST COMPANY, N,A,
Witnesses:
By ?~Ii_.,./t. -If'~ '1
1::~t;>i~;"~
As to City
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, As to Barnett Bank
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