2002-03-13 CC Packet - Laserfiche WebLink

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TIME CERTIFICATE OF DEPOSIT Financial Institution: Mainstreet Bank, Centerville Office 7111 21st Ave N, PO 80x455, Centerville, MN 55038-0455 300007 SSNITIN: 41-1267014 Account Nama: CITY OF CENTERVILLE- CENTER HILLS W/S Addra..: 1880 MAIN STREET, CENTERVILLE, MN 55038 Telephone Number: (651) 429-3232 Work Number: 8USlNE S TYP : Cor ora ion Num e of 81 natures Re Account Number Issue Date Deposit Amount T arm uired: 1 Maturity Date June 5, 2003 March 5, 2002 $219,145_48 1 5 Months Rate Information: This Account is an interest bearing account. The interest rate on the account is 3.30% with an annual percentage yield of 3.34%. The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect until June 5, 2003. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded quarterly and will be credited to the account quarterly. Interest on your account will be credited by adding the interest to the principal. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 for each day in the year. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. Limitations: You must deposit $1,000.00 to open this account. You may not make additional deposits into this account. Vou may not make withdrawals from your account until the maturity date. '\ Time Atcount Information: Your account will mature on June 5, 2003. If you withdraw any of the pr'ncipal before the maturity date, we may impose a penalty of six (6) months interest. This account will not renew automatically at me ri If you do not renew the account, we will do the following with your deposit: . Account Fees: The following fee applies to this account: Garnishment/Levy: $ The authorized Agent(s) signing below and on the attached Signature Card A that the Corporation's Account(sl will be governed by the terms set forth in the Time Certificate of Deposj1; or e Deposit Agreement, the Rate and Fee Schedule, the Funds Availability Policy Disclosure, and the Elecyoni nds T. ter reement and Disclosure, (if applicable', as amended by the Financial Institution from time to time. ~h~ ;y:,thonz Agent() Iso ack owledge that they have received at least one copy of these deposit account documents. J.; Y 1 tJf 1\1\, :," _~_ __,""~'_~ ~ tI flY' ~f,."~~~" o"___,.""~."_ x x RICHARD N TRAVIS, OFFICER at CITY OF CENTERVILLE MARl E NELSON, OFFICER at CITY OF CENTERVfLLE NON TRANSFERABLE - NON NEGOTIABLE Member Signature and Title at Authorized Financial Institution Signer FDIC TIME DEPOSIT AGREEMENT - 15 MONTH SPECIAL CERTIFICATE OF DEPOSIT INTRODUCTION. We appreciate your decision to open a time deposit account with us. This form (called this" Agreement") contains certain terms of the account. By signing the Signature Card for this account, you agree that you have deposited the Deposit Amount with the Financial Institution. You also agree to keep the money on deposit until the Maturity Date, and you agree to all of the terms in this Agreement. Defined Words. In this A~reement, the words "you", "your" and "yours" mean each and all of the Account Holders. The word "Account" means this time depOSIt account. The words "we", "us" and "our" mean the Financjallnstitution. Opening the Account. This Account is effective on the Issue Date and is valid on the data we receive credit for the items you deposit to open the Account. Deposits of foreign money are changed to U.S. dollars on the date of deposit, and are shown as U.S. dollars on our records. We may change the Agreement from time to time. If we choose, we don't have to collect any fee or charge or enforce the agreement. ISSUE DATE. If you open a time deposit account with us after 4:00 PM on a business day that we are open, we will consider that the transaction was made at the opening of the next business day for issue date and eHective date purposes. ACCOUNT OWNERSHIP. Based upon the type of account ownership that you have designated, the following terms and conditions apply. INDIVIDUAL ACCOUNTS. An Individual Account is an account in the name of only one person. Only that person may write checks on the Account or withdraw money. It does not matter who really owns the money in the Account. MULTIPLE.PARTY ACCOUNTS. This section pertains to multiple party accounts: Joint Account Ownership. An account with two or more Account Holders is a joint account. Joint Account Holders are treated as joint tenants with right of survivorship, unless you state otherwise on the Signature Card. Joint Tenants With Right of Survivorship. If your Account is a jOint account with right of survivorship, and one of the joint Account Holders dies, that person's ownership interest will immediately pass to the other joint Account Holder(s), Joint With No Right of Survivorship. If your Account is a joint account with no right of survivorship (Joint as Tenants in Common" and one at the joint Account Holders dies, that person's ownership interest will pass to his or her estate. Pa e 1 of 4 DEl'<lalT PRC, v.. 5.U.oo.Ct Cop,. H..I..... '......Ilol a."'tk>n.. In.. 18". 2002. .... Rlg/". R__. WI. MN. H'\CFI\l1S\~7a2 T!l.to9&