HomeMy WebLinkAbout1986-006 Bank Agmt-Windmill Inn AGREEMENT BETWEEN DEPOSITOR AND U. S. NATIONAL BANK,
Ashland, Oregon Branch
This Agreement is entered into by the City of Ashland,
Oregon, hereinafter referred to as "City", the Depositor
Windmill Inns of America, Inc.
and U. S. National Bank of Oregon, Ashland, Oregon Branch, as Trustee.
The undersigned depositor and trustee do hereby assign the
right to City to determine, at its discretion, the payment of all funds
or securities held by trustee, including the right of City to withdraw
the funds for its own account, with the funds being the amount of
Seventeen Thousand Seven Hundred Ninety and no/100* * * * Dollars ($17,790.00 ) ,
in Savings Account No. NJA . or Deposit No.071-14-21033439
~ Time Deposit No. 071-WINDMI301219 in trustee.
It is understood and agreed that the trustee will hold such
funds or securities in the amount of $ 17,790.00 , until an
authorization or direction for payment is received from the City
Administrator of the City.
All fund deposits shall be renewable at maturity and at rates
and terms in effect at the time of renewal, and all interest shall be
paid or accrued as directed by the depositor, notwithstanding anything
contained herein to the contrary.
It is further expressly understood that the funds on deposit
herein may not and shall not be withdrawn without the express, written
authorization of the City Administrator of the City.
Signed and dated at Ashland, Oregon.
This 28th day of March , 1986.
Si~ositor ~ ~~
f~-;'-'~-~-f~'~ness/~ame Windmill Inns of America, Inc.
/~ ~. ~/~Addre~145045 NW ~'~ ~ 9-~70
ACCEPTANCE
The undersigned hereby accepts the funds or securities deposited
in Account NO. 071-WINDMI301219 in the amount of $ 17,790.00 ·
this 28th day of March , 1986, and hereby acknowledges receipt
of the Passbook Savings Account NO.
Deposit Number 071-WINDMI301219
Passbook issued for this account.
N/A ; or the Time
; or certifies that there is no
It is further agreed that said
account will be held for the uses and purposes above stated until
authorization for disposition is granted by the City.
Authorized Signature
Financial Office
U.S. National Bank, Ashland, Oregon Branch
P. O. Box 67
Ashland, Oregon 97520