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<br /> <br />All monies which are deposited into the depository under the provisions of this proposal shall be <br />continuously secured, in accordance with the laws of the State of Texas applicable thereto, by a <br />valid pledge of par, exclusive of accrued interest, at all times at least equal to 102% of the <br />amount of money on deposit in said several funds on deposit in the depository. <br /> <br />All time deposits or certificates of deposits which have not elapsed on the termination date of the <br />finally approved depository contract, shall remain on deposit with the same depository under the <br />same terms and conditions in effect during said contract until the date such time deposits have <br />elapsed. Funds from Bond sales may be deposited in the City depository or placed in outside <br />investments. <br /> <br />The City of Paris reserves the right to accept or reject any or all bids, to waive formalities, and to <br />accept the bid the City considers the most advantageous. The City also reserves the right to place <br />or invest part or all of its surplus or excess funds outside the designated depository, in any <br />manner permitted by law, from time to time throughout the term of the contract. <br /> <br />The undersigned bank official represents that he is authorized by the Bank's Board of Directors <br />to sign this document and legally obligate the Bank to the terms stated in this agreement. <br /> <br />NAME OF BANK Guaranty Bond Bank - Paris <br /> <br />BY: <br /> <br />Tanis Hager <br />TITLE: President <br /> <br />DATE: 1/2/07 <br />