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FOUNDATION pursuant to the Challenge Grant Program , and held in safekeeping by a <br /> third party custodial bank , chartered by the United States Government or the State of <br /> Florida , and no withdrawal of such securities , in whole or in part , shall be made <br />from <br /> safekeeping except in accordance with all safeguards of this Agreement . All securities <br /> purchased by the TRUSTEES for the TRUSTEES Matching Account shall be properly <br /> designated as an asset of the TRUSTEES in accordance with applicable Florida law and , <br /> to the maximum extent possible , the Challenge Grant Program , and held in safekeeping <br /> by a third party custodial bank , chartered by the United States Government or the State of <br /> Florida , and no withdrawal of such securities , in whole or in part , shall be made from <br /> safekeeping except in accordance with all safeguards of this Agreement . In connection <br /> with the FOUNDATION Matching Account and the TRUSTEES Matching Account , the <br /> FOUNDATION , and the TRUSTEES , respectively , shall have fully executed third party <br /> custodial agreements with a bank chartered by the United States Government or the State <br /> of Florida for the FOUNDATION Matching Account and the TRUSTEES Matching Account , <br /> respectively, such agreement to include details as to the responsibilities of each party , the <br /> costs to be borne by each party , notification of security purchases , sales , delivery , <br /> repurchase agreements and wire transfers , safekeeping and transaction costs , and <br /> procedures in case of unforeseen mishaps . The TRUSTEES and the FOUNDATION , <br /> respectively , acknowledge and agree that purchases and sales of authorized investments <br /> in the TRUSTEES Matching Account and in the FOUNDATION Matching Account will only <br /> be made through financial institutions which are located in the State of Florida and are <br /> Qualified Public Depositories or are primary dealers as designated by the Federal <br /> Reserve Bank of New York or are broker/dealers that qualify under Securities & Exchange <br /> Commission Rule 15C3 ( Uniform Net Capital Rule) , <br /> 4 . 4 . Internal Controls . The FOUNDATION and the TRUSTEES , respectively , shall <br /> comply with the following internal controls and operational procedures to protect the <br /> County Contribution in the FOUNDATION Matching Account and the County Contribution <br /> in the TRUSTEES Matching Account and ensure proper accounting and reporting of <br /> securities transactions : <br /> 1 . All securities purchased or sold will be transferred only under the " delivery <br /> versus payment " ( DVP) method to ensure that funds or securities are not released until all <br /> criteria relating to the specific transaction are met ; <br /> 2 . The Chief Financial Officer of the FOUNDATION , or the Chief Financial <br /> Officer of the TRUSTEES , respectively , are each authorized to accept , on behalf of and in <br /> the name of the FOUNDATION Matching Account and the TRUSTEES Matching Account , <br /> respectively , bank trust receipts or confirmations as evidence of actual delivery of the <br /> obligations or securities in return for investment of funds ; and <br /> 3 . Trust receipts or confirmations shall fully describe the various obligations or <br /> securities held . The receipt or confirmation shall state that the investment is held in the <br /> name of the FOUNDATION Matching Account or the TRUSTEES Matching Account , <br /> respectively . <br /> 6 <br />