1996-10-23 Dana City Miscellaneous Documents (Deposit Agreement, Peoples Trust & Savings Bank)
Dublin Core
Title
1996-10-23 Dana City Miscellaneous Documents (Deposit Agreement, Peoples Trust & Savings Bank)
Subject
deposit agreement; public funds; Peoples Trust & Savings Bank; Grand Junction; Chapter 12C; Code of Iowa; depository; banking; George Brabbs; Douglas K.
Description
State form agreement making Peoples Trust & Savings Bank of Grand Junction the depository for the City of Dana's public funds under Chapter 12C of the Iowa Code, dated October 23, 1996. The signature block has the depositor and depository names reversed from the agreement's text. Signed for the bank by its President and for the city by George Brabbs, City Clerk.
Creator
City of Dana, Iowa
Source
City of Dana, Iowa
Publisher
City of Dana, Iowa
Date
1996-10-23
Contributor
City of Dana, Iowa
Format
Printed form with typed and handwritten entries
Language
American English
Type
Public government records
Coverage
Dana, Greene County, Iowa
Text Item Type Metadata
Text
DEPOSIT AGREEMENT
THIS DEPOSIT AGREEMENT is made this 23rd day of October, 1996, by and between the City of Dana of Grand Junction, Iowa ("Depositor"), and Peoples Trust & Savings Bank of Grand Junction, Iowa ("Depository").
1. In consideration of the mutual promises contained herein and other good and valuable consideration, the parties hereto agree as follows:
2. Depository shall receive and safely keep all public funds of Depositor that may be deposited by Depositor or its duly authorized officer, and shall reimburse and pay the funds to Depositor or its duly authorized officer, or any person lawfully entitled to receive the public funds, whenever requested or upon maturity, as the case may be.
3. Depository shall pay interest on the public funds which are placed in time or savings deposits at rates equal to or greater than those set by the Iowa rate setting guidelines referred to in Chapter 12C of the Iowa Code. Depository may assess a service charge with respect to the handling of deposits of public funds placed by Depositor, provided such charges shall not be greater than charges the Depository customarily requires from other Depositors for similar services. All such fees, if any, will be noted accordingly on the monthly statement provided to Depositor and shall be due and payable upon receipt thereof.
4. Depository shall at all times maintain a true and complete account of all public funds deposited by Depositor and render to Depositor monthly statements thereof. Depository shall at all times honor and pay all proper checks, warrants, orders, or drafts of Depositor up to the amount of public funds deposited in Depository provided all checks, warrants, orders, or drafts are properly executed according to this Deposit Agreement, and comply with the terms of the respective account agreements between Depository and Depositor.
5. Depository shall honor and pay all checks, warrants, orders, or drafts issued by Depositor when the checks, warrants, orders, or drafts contain the signature of an officer designated by the governing body and appearing on the signature card on file at the Depository. Depository shall be responsible for verification that the signature appearing on the checks, warrants, orders, or drafts is an authentic signature and Depository shall be liable for any loss of public funds released on its request and supported by an unauthorized signature. Depositor shall be responsible to ensure that the signature authorization card on file with Depository contains current and accurate information.
6. Depository shall, in the event the amount of public funds deposited by Depositor, including accrued interest thereon, exceeds the amount covered by federal deposit insurance, immediately initiate procedures required under Chapter 12C of the Iowa Code and the administrative rules of the Treasurer of the state of Iowa to secure such funds or remit such excess funds to Depositor.
7. This Deposit Agreement may be terminated by either party only upon 60 days written notice to the other, provided all public funds deposited with Depository, plus interest, if any, shall be remitted to Depositor, and all service charges owing by Depositor, if any, shall be paid in full prior to termination. In the event of termination by the Depository when funds are held by the Depository in time deposits or other accounts providing penalties for early withdrawal, Depository shall maintain and continue such accounts, including the collateral for such accounts, if any, until maturity of those accounts.
Dated as of the day and year first above written.
DEPOSITOR NAME: Peoples Trust & Savings Bank [sic: the bank is named as Depository in the agreement above]
AUTHORIZED SIGNATURE: [signature: Douglas K. Va[?: surname hard to read]]
TITLE: President [handwritten]
DEPOSITORY NAME: City of Dana [handwritten] [sic: the city is named as Depositor in the agreement above]
AUTHORIZED SIGNATURE: [signature: George Brabbs]
TITLE: City Clerk [handwritten]
(#655-0204, rev 10-27-95) ORIGINAL: DEPOSITOR (public unit) COPY: DEPOSITORY (financial institution)
THIS DEPOSIT AGREEMENT is made this 23rd day of October, 1996, by and between the City of Dana of Grand Junction, Iowa ("Depositor"), and Peoples Trust & Savings Bank of Grand Junction, Iowa ("Depository").
1. In consideration of the mutual promises contained herein and other good and valuable consideration, the parties hereto agree as follows:
2. Depository shall receive and safely keep all public funds of Depositor that may be deposited by Depositor or its duly authorized officer, and shall reimburse and pay the funds to Depositor or its duly authorized officer, or any person lawfully entitled to receive the public funds, whenever requested or upon maturity, as the case may be.
3. Depository shall pay interest on the public funds which are placed in time or savings deposits at rates equal to or greater than those set by the Iowa rate setting guidelines referred to in Chapter 12C of the Iowa Code. Depository may assess a service charge with respect to the handling of deposits of public funds placed by Depositor, provided such charges shall not be greater than charges the Depository customarily requires from other Depositors for similar services. All such fees, if any, will be noted accordingly on the monthly statement provided to Depositor and shall be due and payable upon receipt thereof.
4. Depository shall at all times maintain a true and complete account of all public funds deposited by Depositor and render to Depositor monthly statements thereof. Depository shall at all times honor and pay all proper checks, warrants, orders, or drafts of Depositor up to the amount of public funds deposited in Depository provided all checks, warrants, orders, or drafts are properly executed according to this Deposit Agreement, and comply with the terms of the respective account agreements between Depository and Depositor.
5. Depository shall honor and pay all checks, warrants, orders, or drafts issued by Depositor when the checks, warrants, orders, or drafts contain the signature of an officer designated by the governing body and appearing on the signature card on file at the Depository. Depository shall be responsible for verification that the signature appearing on the checks, warrants, orders, or drafts is an authentic signature and Depository shall be liable for any loss of public funds released on its request and supported by an unauthorized signature. Depositor shall be responsible to ensure that the signature authorization card on file with Depository contains current and accurate information.
6. Depository shall, in the event the amount of public funds deposited by Depositor, including accrued interest thereon, exceeds the amount covered by federal deposit insurance, immediately initiate procedures required under Chapter 12C of the Iowa Code and the administrative rules of the Treasurer of the state of Iowa to secure such funds or remit such excess funds to Depositor.
7. This Deposit Agreement may be terminated by either party only upon 60 days written notice to the other, provided all public funds deposited with Depository, plus interest, if any, shall be remitted to Depositor, and all service charges owing by Depositor, if any, shall be paid in full prior to termination. In the event of termination by the Depository when funds are held by the Depository in time deposits or other accounts providing penalties for early withdrawal, Depository shall maintain and continue such accounts, including the collateral for such accounts, if any, until maturity of those accounts.
Dated as of the day and year first above written.
DEPOSITOR NAME: Peoples Trust & Savings Bank [sic: the bank is named as Depository in the agreement above]
AUTHORIZED SIGNATURE: [signature: Douglas K. Va[?: surname hard to read]]
TITLE: President [handwritten]
DEPOSITORY NAME: City of Dana [handwritten] [sic: the city is named as Depositor in the agreement above]
AUTHORIZED SIGNATURE: [signature: George Brabbs]
TITLE: City Clerk [handwritten]
(#655-0204, rev 10-27-95) ORIGINAL: DEPOSITOR (public unit) COPY: DEPOSITORY (financial institution)
Files
Collection
Citation
City of Dana, Iowa, “1996-10-23 Dana City Miscellaneous Documents (Deposit Agreement, Peoples Trust & Savings Bank),” Dana, Iowa - Historical Records, accessed November 7, 2026, https://records.danaia.gov/items/show/400.