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INV-94A

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SECURITY AGREEMENT WITH RESOLUTION

(For Public Deposits Collateralized Using the Dedicated Method)

INSTRUCTIONS: Form INV-94A consists of two documents: “Depository Resolution” found on Page 1; and “Security Agreement” found on

Page 2. The Public Depositor is to execute the Security Agreement and forward the entire form to the Depository for execution. The

Depository should execute both documents on the form after the resolutions have been acted upon by either the Board of Directors or the

established Loan Committee. The Depository Resolution should be signed by the Secretary or Assistant Secretary. The Security Agreement

(Page 2) should be signed by either the Chairman, President, Treasurer, or any Vice-President. The Security Agreement should be dated

concurrently with the Depository Resolution, or some later date, but not prior to. The documents are to be executed in duplicate, with

each party being provided a copy after final execution. Also, for each commercial escrow agent used, an “Escrow Agent Agreement” (Form

INV-94B) is required to be executed in triplicate.

DEPOSITORY RESOLUTION

I, the undersigned, hereby certify to either the State Treasurer of North Carolina or the finance officer of_________________________

______________________(the “Public Depositor”), whose uninsured public deposits are required to be collateralized by North Carolina

General Statutes, and Title 20, Chapter 7 of the North Carolina Administrative Code, that I am the Secretary (Assistant Secretary) of

__________________________________________ (the “Depository”), a banking or other type of financial institution in North Carolina;

that the following is a true copy of resolutions duly adopted by either: the Board of Directors of the Depository; or the duly established

Loan Committee of the Depository, at a meeting held on the _______ day of ___________________________, 20______; at which a

quorum was present; and that such resolutions have not been rescinded or modified.

WHEREAS, the Policy Statement of the Federal Deposit Insurance Corporation date March 23, 1993, specifies that all security agreements

pertaining to public deposits be approved by either the Financial Institution’s Board of Directors or Loan Committee; now, therefore be it.

RESOLVED, that the Chairman, President, Treasurer, or any Vice-President of the Depository is hereby authorized and directed to execute

and deliver to the Public Depositor the “Security Agreement” contained herewith; and be it.

FURTHER RESOLVED, that the Chairman, President, Treasurer, or any Vice-President is hereby authorized to act as agent of the Depository

under said Agreement, including but not limited to the execution of any required agreements with escrow agents; and be it.

FURTHER RESOLVED, that the foregoing resolutions shall remain in full force and effect until written notice of their amendment or

rescission shall have been received by the Public Depositor, and that receipt of such notice shall not affect any action taken by the Public

Depositor, or affect the security of any deposits which may be or may have been on deposit with the Depository; and be it.

FURTHER RESOLVED, that the Secretary or Assistant Secretary is authorized and directed to certify to the Public Depositor that the

foregoing resolutions were duly adopted, and that the provisions thereof are in conformity with the Charter, Articles of Incorporation, and

By-Laws of the Depository, and that there is no provision in either, or any other authorizing document, limiting the power of the Board of

Directors or established Loan Committee to pass the foregoing resolutions.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of the Depository.

This the _______day of __________________________, 20_______. _______________________________________________________

Secretary (Assistant Secretary)

(Seal)

(Form INV-94A Continued on Page 2)

Security Agreement With Resolution