This Municipal corporation, by its duly authorized agent, enters into an agreement with the said First National Bank of Libertyville, Illinois, contemporaneously with the opening of said account whereby said Municipal corporation agrees in consideration of the opening of said account to assume and pay all expenses, costs and attorney's fees incurred by said Bank in any legal proceedings brought against the said Bank by reason of the said account and further agrees that any funds in possession of the said Bank to the credit of this Municipal corporation may at any time be applied toward payment of such expenses.