1941-03-17 - Laserfiche WebLink

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1. The Bank agrees that it will, during the term of this agreement, obtain, so far as it may do so under said Regulations, Orange and Blue Food Stamps by depositing with the Surplus Market- ing Administration such sums of money, not exceeding Five Thousand Dollars (05,000.00) at any one time outstanding, as the Town may from time to time request; each such deposit to be not in excess of the aggregate face amount of Orange Stamps for which requisi- tion is concurrently made by the Town to the Surplus Marketing Administration. 2. Each such deposit shall be made by Cashier's Check of the Bank payable to the order of the Treasurer of the United States, and shall be delivered to or upon the order of the person designated by the Board of Public Welfare of the Town to receive, distribute and account for Food Stamps, which person Is hereinafter referred to as the "Agent". All checks so de- livered to the Agent shall be held in trust by him to apply the same in payment for Stamps concurrently requisitioned. 3. All Stamps purchased with money provided by the Bank shall be held in trust by the Agent for the Bank, but with power to dispose thereof in the regular operation of said Food Stamp Plan. All proceeds of the sale of such Stamps shall be the property of the Bank, shall not be commingled with any funds 1 of the Town, but at the close of business on each day shall be paid over to the Bank, to be credited by it against money pre- viously advanced hereunder. 4. The Town shall furnish the Bank with a copy of each audit of Food Stamp records made by the Surplus Marketing Ad- ministration during the term of this Agreement. 5. It is contemplated that the Town will shortly have available the necessary funds to carry on the Food Stamp Plan without the use of funds provided by the Bank, and will there- upon pay to the Bank so much of the funds provided by the Bank for the purchase of Food Stamps as shall not theretofore have been repaid to it out of the proceeds of the sale of Food Stamps. The Town agrees that if it shall not have made such payment to the Bank on or before June 1, 1941, it will, 8n written request of the Bank at any time thereafter, promptly terminate the opera- tion of the Food Stamp Plan in said Town and will cause all un- issued Stamps then on hand to be redeemed by the Surplus Market- ing Administration pursuant to the provisions of said Regulations relative thereto, and will cause the proceeds of such redemption to be paid over forthwith to the Bank. After making such written request, the Bank shall be under no obligation to provide further funds under this Agreement. 1