02-28-07 Meeting of the La Porte Redevelopment Authority minutes

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AMENDED AND RESTATED PUBLIC FUNDS DEPOSITOR COLLATERAL SECURITY AGREEMENT This Amended and Restated Public Funds Depositor Collateral Security Agreement (the "Agreement") is made and entered into as of the _ day of May, 2007 by and between LA PORTE REDEVELOPMENT AUTHORITY (the "Depositor") and AMEGY BANK NATIONAL ASSOCIA nON ("Bank"), and any prior Agreement between Depositor and Bank relative to the subject matter hereof is hereby terminated as of the date first written above. RECITALS Depositor, through action of its Board of Directors, has designated Bank as a depository for Depositor's funds. Funds on deposit with Bank to the credit of Depositor in excess of federal deposit insurance are required to be secured by eligible security as provided for by the Public Funds Collateral Act, V.T.C.A. Government Code Section 2257.001 et seq. (the "Public Funds Law"). Depositor and Bank understand and acknowledge that the amount of Depositor's uninsured deposits in Bank may vary substantially from time to time; that under the circumstances permitted herein, the Bank may release, add to or substitute for the securities pledged by Bank from time to time to secure such uninsured deposits of Depositor; and that it is the intent of the parties that this Agreement be renewed and extended upon and at the time of each permitted release, addition or substitution of collateral securities and thereafter remain in force and effect for the full term thereof until terminated in the manner set forth herein. In order to perfect Depositor's security interest in eligible securities pledged by Bank from time to time to secure such uninsured deposits, the Board of Directors of the Bank (the "Bank Board") has authorized the undersigned Bank officer to enter into this Agreement on behalf of Bank under the terms of which Bank will either (i) cause JPMorgan Chase Bank, N.A. (f/k/a JPMorgan Chase Bank) acting through its branch in Texas which has been designated by the Texas Comptroller as a Texas State Depository to hold the collateral assets in a custody account as bailee for the benefit of Depositor, or (ii) cause the Federal Reserve Bank to hold the collateral assets in a n:::stri~1ed secllfjtj~s account, joint safekeeping account or other similar account. as custodianlbailee for the benefit of Depositor (JPMorgan Chase Bank, N.A. or the Federal Reserve Bank, as the case may be, hereinafter called the "Custodian"). The parties entered into a Public Funds Depositor Collateral Security Agreement dated as of r 1 (the "Original Agreement") and the parties desire to amend and restate the Original Agreement as provided herein for the purpose of permitting Depositor to designate Bank as its agent in issuing written consent to Custodian with respect to substitution of Collateral and release of excess Collateral. AGREEMENT Now, therefore, in consideration of the mutual covenants in this Agreement, the parties agree as follows: 1. Grant of Security Interest. To secure the uninsured deposits maintained by Depositor with Bank from time to time, Bank hereby pledges and grants to Depositor a security interest in its Eligible Securities (as defined in the Public Funds Law) which are held, now or hereafter, by Custodian for the benefit of Depositor in accordance with the terms of this Agreement (the REV. 03-05