1960-02Irving F. Morse
ATTORNEY AT LAW
CLERMONT, FLorida
December 15, 1960
Mr. A. M. Johnson
City Clerk
Clermont, Florida
Re: Pension Fund
Dear Mr. Johnson:
There is enclosed herewith the original letter of December 13,
1960, from the First National Bank of Leesburg, returning two copies
of the Agency Agreement.
One of the copies is enclosed and another, as well as a copy of
the letter is being retained in my files.
Yours very truly,
Iving F Morse
IFM/lmd
Encl.
John L. Fahs
Vice Chairman of the Board
and Trust Officer
Frank M Hickok
Estate Planning Officer
ROBERT L. CARLE
TRUST OFFICER
MRS, PHYLLIS A, BUTLER
ASSISTANT TRUST OFFICER
DONALD G. JONES
ASSISTANT TRUST OFFICER
THE FIRST NATIONAL BANK
OF LEESBURG
WITH TRUST POWERS
PO BOX 430
LEESBURG,FLORIDA
PHONE: STATE 7-4111
December 13, 1960
Mr. Irving F. Morse
Attorney at Law
Clermont, Florida
Re: City of Clermont Agency Account
Agt. #454
Dear Mr. Morse:
We are enclosing two executed copies of our Agency Agreement with the City
of Clermont. Kindly forward one to Mr. Johnson. The other is for your
files.
Pursuant to our telephone conversation today, we will invest the $4,610.86
deposit with the First Federal Savings and Loan' Association of Clermont.
As I explained to you over the phone, we do not deem it prudent to assume
any market risk while the funds are in the agency account. As good mortgages
in this amount are difficult to find, we feel that the 4% investment with
First Federal is appropriate at this time.
We hope that your plans for remedial legislation meet with success and
trust that we will hear from you from time to time as to progress being
made in this regard.
Very truly yours,
Trust Officer
RLc/bh
Enclosures
Agency Agreement
This agreement, made this 6th day of December, 1960, by and
between the City of Clermont, (hereinafter referred to as Owner) and
The First National Bank of Leesburg (hereinafter referred to as the Bank).
First: The Owner hereby deposits with the Bank the property set
forth in Schedule A hereto attached, and does hereby appoint the Bank
as an Agenty and Custodian thereof, and requests the Bank to open and
maintain an agency account in its Trust Department in the name of said
Owner of all said property now or hereafter deposited with and
accepted by said Bank as such Agency, on the following terms:
(a) The Bank hereby agrees to invest and keep invested, in
a prudent manner, all property deposited with it by the
Owner
(b) The Bank hereby agrees to collect the income, issues,
dividends and profits of the property so placed in its
charge under the terms of this Agreement and agrees to
pay such income in accordance with the written direction
of the Owner
(c) The Bank shall render periodic statements showing all cash
receipts, disbursements and securities on hand to the Owner.
Second: The compensation of the Bank as Agent hereunder is hereby
waived, other than for reimbursement for out-of-pocket expenses.
Third: The Owner reserves the right at its option to at any time
alter, amend or terminate this Agreement, in whole or in part, and in event
of termination all property of every kind and nature held by the Bank
under this Agreement shall be immediately paid over and surrendered unto
the Owner upon an appropriate receipt therefor.
In witness whereof, the Owner has hereunto set its hand and seal and
the Bank has caused this instrument to be executed by its duly authorized
officer on the day and year first above written.
Schedule A
1. $4,610.86