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City of Everett 00 61 25 - 2 I <br /> Police Firing Range Bullet Trap Replacement <br /> 1 <br /> B. Other obligations of the United States or its agencies; <br /> C. Obligations of any corporation wholly owned by the Government of the <br /> United States; <br /> D. Indebtedness of the Federal National Mortgage Association; <br /> E. Time deposits in commercial banks; and , <br /> F. Mutual funds, pools, or investment trusts, provided the investments of the <br /> fund, pool or trust consists solely of securities listed in herein. I <br /> Other securities may be deemed Eligible Securities upon the written request of the <br /> Contractor and written approval of the City, provided the City has the staff assistance <br /> and expertise which will permit it to exercise sound judgment in assessing the security. <br /> The City shall consider probable safety, risk to principal, liquidity and any other factor <br /> the City deems reasonable to consider. Nothing herein obligates the City to incur any <br /> expense or charge to assess the appropriateness of a proposed security. The City has <br /> no obligation to consider a proposed security if the City would incur expenses, charges <br /> or fees in its assessment of the appropriateness of the security as an investment. If the <br /> proposed security has a maturity date, the security must mature on or before the <br /> Completion Date. The Contractor expressly acknowledges that any investment in <br /> securities involves risks, including, but not limited to, the risks of loss or diminution of <br /> principal and failure to realize anticipated or expected appreciation, dividends, interest, <br /> or other gain. Contractor expressly waives and releases both City and Bank from any <br /> and all liability associated with, or arising out of, these and all market risks. ' <br /> 5. Bank Duties and Responsibilities. Although the Bank will be a joint payee of any <br /> Check, the Bank shall only have (a) those duties and responsibilities that a depository <br /> bank would have pursuant to Article 4 of the Uniform Commercial Code of the State of <br /> Washington for an item deposited to Bank and (b) those duties and responsibilities <br /> created by this Agreement. The Bank must not deliver to the Contractor all or any part <br /> of the securities or money held by the Bank pursuant to this Agreement (or any <br /> proceeds from the sale of such securities, or the negotiation of the City's warrants or <br /> checks) except in accordance with written instructions from the City. The City Clerk is <br /> authorized to give written instructions and the Finance Director or Treasurer (or its <br /> designee) is authorized to give written approval of securities. Written instructions and <br /> written approval of securities must be countersigned by the City Attorney. The City may <br /> designate different authorized persons from time to time by notifying the Bank in writing <br /> of the change, which notice must be countersigned by the City Attorney. <br /> 6. Change of Completion Date. Upon written request by the Bank, City shall advise i <br /> the Bank in writing of any change in the Completion Date. If the changed Completion <br /> Date is later than the original Completion Date, the Bank may reinvest any funds on <br /> hand, cash balances or proceeds of Eligible Securities with maturities, reverse loads, <br /> 00 61 25 - 2 RETAINAGE ESCROW AGREEMENT ' <br /> I <br />