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Image 820 of 1930 - Board of Regents Meeting Minutes.

Part of Murray State University Board of Regents Meeting Minutes.

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390 K ·; “¤ Q-: · <‘. "Thls contract made and entered into ln triplicate by and » between the Commonwealth of Kentucky, and the Board of Regents of the Murray State Teachers College, The Bank of Murray of Murray, A ’Kentucky, a Corporation of the State of Kentucky, (hereinafter called the “BANK", and John W. Carr, President of the lmrray State · Teachers College, hereinafter called the Escrow Agent"), Wltnessethz . That, Whereas, at the special instance and request of the Bank it has been designated as Depository of the Public money under control . of the Said Board of Regents, upon condition that it shall provide f security therefor, and,Whereas the Bank has delivered to the Escrow Agent the following securities: _ _ - ' 'One, Ten thousand`($l0,000.00) Dollar, 5%% Treasury bond, due lggl, Number 12786 L ' ' ` ` H The receipt ofiwhich the Escrow Agent hereby acknowledgesf I. The bank agrees that the said securities shall be held in A accordance with the terms of this contract. _ II. The Escrow Agent agrees to hold in accordance with the terms of this contract, all the securities delivered to him, as ` collateral for the benefit of the Commonwealth of Kentucky and the Board of Regents of the Murray State Teachers College, to secure it against loss arising out of the deposit of said funds. ° III. Should said securities at any time be insufficient, in the judgment of the Commonwealth of Kentucky and the Board.of Regents of the Murray State Teachers College, to secure the_depos1ts made by _ it with the Bank, then the Bank will deposit with the Escrow Agent such.add1t1ona1 security as may be necessary, subject to the approval °of the Commonwealth of Kentucky, and the Board of Regents of°the Murray State Teachers College. J IV. In the event that the Commonwealth of Kentucky and Board of Regents of the Murray State Teachers College shall sustain any loss, costs, counsel fees or expenses of any kind or nature in connection herewith, or should the Bank become insolvent, or at · any time fail or refuse to pay such deposits, or any`part thereof, _ the Escrow Agent will thereupon deliver to the Commonwealth of Kentucky a d Board of Regents of the Murray State Teachers College the collateral deposited with him under the terms of this contract. The written demand of the Commonwealth of Kentucky and the Board of Regents of the Murray State Teachers College, containing a statement that such default has occured, shall be sufficient to authorize the Escrow Agent to make delivery of the security, as above provided. Thereafter, the Commonwealth of Kentucky and the Board of Regents of the Murray State Teachers College shall have full power and authority without notice of any kind, to sell, assign and deliver the said Collateral, or any part thereof, at any Broker's Board, at Public or - · Private sale, at the option of the Commonwealth of Kentucky and the Board of Regents of the Murray State Teachers College, and with the right to be purchaser itself at such Broker's Board, or at such Public, or Private Sale, and shall apply the proceeds thereof as provided ln the following paragraph. _ V. The`Commonwealth of Kentucky and the Board of Regents of the ‘· Murray State Teachers College shall first apply all the proceeds, or ; 1 such part of same as may be necessary, to protect and reimburse ¤ itself against any liability, loss, costs, charges, suits, damages, ' counsel fees, or expense of what ever`k1nd it may have`susta1ned by - reason of the failure of the Bank to pay on Demand any and all of said funds so deposited. After deducting all legal or other costs j and expense of such sale and the aggregate amount of all such loss, _ cost, charges, fees and expenses as aforesaid, the Commonwealth of Kentucky and the Board of Regents of the Murray State Teachers College shall return the remainder of the,sald collateral securities, or the balance of the proceeds of the sale thereof, as aforesaid, to the Bank or to any person authorized to receive same. `

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