Money Deposited with Bank. Money deposited by the City with the Bank for payment of principal (or Redemption Price, if applicable) of or interest on any Securities shall be segregated from other funds of the Bank and the City and shall be held in trust for the benefit of the Holders of such Securities. All money deposited with the Bank hereunder shall be secured in the manner and to the fullest extent required by law for the security of funds of the City, including specifically to provide for the collateralization of funds not covered by federal deposit insurance. Amounts held by the Bank which represent principal of and interest on the Securities remaining unclaimed by the owner after the expiration of three (3) years from the date such amounts have become due and payable shall be reported and disposed of by the Bank in accordance with the provisions of Texas law including, to the extent applicable, Title 6 of the Texas Property Code, as amended. The Bank shall be under no liability for interest on any money received by it hereunder. This Agreement relates solely to money deposited for the purposes described herein, and the parties agree that the Bank may serve as depository for other funds of the City, act as trustee under indentures authorizing other bond transactions, or act in any other capacity not in conflict with its duties hereunder.
Money Deposited with Bank. Money deposited by the City with the Bank for payment of principal (or Redemption Price, if applicable) of or interest on any Obligations shall be segregated from other funds of the Bank and the City and shall be held in trust for the benefit of the Holders of such Obligations. All money deposited with the Bank hereunder shall be secured in the manner required by law for the security of funds of the City. Amounts held by the Bank which represent principal of and interest on the Obligations remaining unclaimed by the owner after the expiration of three (3) years from the date such amounts have become due and payable shall be reported and disposed of by the Bank in accordance with the provisions of Texas law including, to the extent applicable, Title 6 of the Texas Property Code, as amended. The Bank shall be under no liability for interest on any money received by it hereunder. This Agreement relates solely to money deposited for the purposes described herein, and the parties agree that the Bank may serve as depository for other funds of the City, act as trustee under indentures authorizing other bond transactions, or act in any other capacity not in conflict with its duties hereunder.
