1941-03-17 - Laserfiche WebLink

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570 6. The Town shall, at its own cost and expense, cause the Agent and every other person or employee handling Food Stamps or the proceeds thereof to furnish and maintain through. out -the term of this Agreement a fidelity bond running in favor of the Town and the Bank, as its interest may appear, in such form and for such penal sum not exceeding a total of Five Thousand Dollars ($5,000.00), and with such bonding or surety company thereon as shall be satisfactory to the Bank. The Town shall also obtain and keep in force throughout the term of this Agreement, at its own cost and expense, a policy of "all risk" insurance in favor of the Town and the Bank, as its interest may appear, protecting the Town and the Bank against loss of.the proceeds from the sale of Food Stamps and against loss of any unissued Food Stamps on hand, in such amount, not exceeding a total of Five Thousand Dollars ($5,000.00) and with such insurance company as shall be satis- factory to the -Bank. The Town agrees that it will hold any sums received by it from the bonds and insurance policies mentioned in the pre- ceding paragraph in trust for the benefit of the Bank to the extent that any loss thereunder shall not have been paid direct to the Bank. 7. This Agreement may be terminated at any time by the Town upon full payment to the Bank of all advances at any time remaining unpaid. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed upon the day and date heretofore written. Archibald R. Giroux A. Edward Rowse Errol H. Locke George W. Sarano A Majority of the Board of Selectmen of the Town of Lexington LEXINGTON TRUST COMPANY, By Clarence S. Walker Treasurer The Clerk was instructed to furnish the Town Accountant and the Town Clerk with a copy of the agreement. The meeting adjourned at 10:25 P.M. A true record, Attest: Clerk I.WW 1 C