279063 WNITE - CITV CLERK COUIICII �I�LJ��'V
PINK - FINANCE
CANARY - DEPARTMENT GITY - OF SAINT PAUL
BLUE -.MAVOR File NO.
ouncil Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
RESOLUTION AUTHORIZING AND DIRECTING DESTRUCTION OF
VAR.IOUS CITY OF SAINT PAUL GENERAL OBLIGATION BONDS
WHEREAS, The City Council by resolution has authorized the issuance of
various City of Saint Paul General Obligation Bonds as described on the attached
Exhibit A; and
WHEREAS, The City Council by resolution has appointed the FIRST NATIONAL
BANK OF SAINT PAUL AND CHASE MANHATTAN BANK, NEW YORK CITY to be the co-paying
agents for the Obligations; and
WHEREAS, The City of Saint Paul, by its proper officers, has entered
into an Agreement with said Banks as specified in MSA 475.553 subd. 2; now
therefore, be it
RESOLVED, That the First National Bank of Saint Paul and Chase Manhattan Bank,
New York City, be directed to forthwith upon presentation and payment of
Obligations or coupons, dated January 1, 1982 and subsequent, cancel the same
by perforation or other appropriate means and, within a reasonable time thereafter,
destroy said paid and cancelled Obligations. Such destruction is to be accomplished
by cremation or shredding, and a certification as to this action shall be sent to
the City on a fully completed standard form Consolidated Destruction Certification
Report, not less frequently than semi-annually; and be it
FURTHER RESOLVED, that the appropriate City officials are authorized to
execute the Agreement Relating to Paying Agency as attached hereto.
COU[VCILMEN
Requested by Department of:
Yeas Fietcner Nays Finance and Management Services
Levine � [n Favor
Masanz � ���:�
Nicosia
scheibel _ __ Against BY
Tedesco
Wilson
AUr7 5 �g81 Form App ved by Ci A orney
Adopted by Council: Date
Certified P _ •e Council , et By �—/ �
By
Approved by or: Date 5 19 App y Mayor for S is 'ion t`o Council
By BY
BL H AU G 4 982
.
. ��J��'.�
. �
CITY OF SAINT PAUL
AGREEMENT RELATING TO PAYING AGENCY
THIS AGREEMENT, made this day of .
1982, by and between the FIRST NATIONAL BANK OF SAINT PAUL and CHASE
MANHATTAN BANK OF NEW YORK (the Banks) , and the CITY OF SAINT PAUL, a
municipal corporation of the State of Minnesota (the Municipality) :
WI�IESSETH, THAT WHEREAS:
The Municipality desires to state the terms and conditions by
which the First National Bank of Saint Paul and Chase Manhattan Bank of
New York, shall serve as co-paying agents for the Obligations.
NOW, THEREFORE, in consideration of the premises and of the
mutual agreements herein contained, it is agreed by the Banks and the
Municipality as follows:
1. The Municipality hereby appoints the Banks as agents to
perform the duties herein described, and the Banks hereby accept such
appointment. This agreement shall be in force for the full term of the
Obligations.
2. In the performance of its duties as such co-paying agent,
1he First National Bank of Saint Paul shall:
a) Keep true and accurate accounts of the outstanding
principal balances for the following bond issues,
as described in Exhibit A.
b) Not less than thirty (30) days before the due date
of any principal of or interest on the Obligations,
send a statement to the Municipality of the amount
which will be required to pay the principal of
and interest on the Obligations on such date, and
applicable bank fees.
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c) With the funds received from the Municipality, pay
such of the principal of and interest on the Obligations
as are due on the stated payment dates, upon presentation
of the Obligations or coupons for payment.
d) Forthwith upon presentation and payment of Obligations
or coupons as described on Exhibit A and dated
January 1, 1982 and subsequent, cancel the same by
perforation or other appropriate means and, within a
reasonable time thereafter, destroy said paid and cancelled
Obligations, or coupons designated by the Municipality
to be destroyed. Such destruction is to be accomplished
by cremation or shredding; and a certification as to this
action shall be sent to the Municipality on a fully com-
pleted standard form Consolidated Destruction Certifi-
cation Report, not less frequently than semi-annually.
The Bank further agrees to indemnify and hold the
Municipality harmless in the event of duplicate payment,
wrongful and improper payment to unauthorized persons
and nonpayment to authorized persons occurring as a
result of any destruction of bonds, Obligations, or
coupons.
e) At least once monthly, forward to the Municipality a
statemeat showing remaining balances, receipts and
disbursements for the payment of the principal, interest
and call premiums, if any, of the Obligations.
3. In the performance of its duties as co-paying agent, the
Chase Manhattan Bank of New York shall:
a) Keep true and accurate accounts of the presentation and
payment of Obligations for the following bond issues as
described in Exhibit A.
b) Pay such of the principal of and interest on the Obliga-
tions as are due on the stated payment dates, upon
presentation of the Obligations or coupons for payment.
c) Forthwith upon presentation and payment of Obligations
or coupons, cancel the same by perforation or other
appropriate means and at least once monthly return to the
First National Bank of Saint Paul said paid and cancelled
Obligations, and a statement showing the remaining
balances, receipts and disbursements for the payments.
4. The Municipality shall:
a) R.emit to the First National Bank of Saint Paul on the
payment date of any of the principal of or interest on
the Obligations the sum declared by the Banks to be needed
for payment of the Obligations and coupons due on said
date.
� � � � �'�9��'�
b) Pay to the Banks its fees and charges for services
performed as indicated for each bond issue in Exhibit
A. The fees and charges of said Banks shall in no
event become a charge against the funds remitted by the
Municipality for payment of principal of and interest
on the Obligations.
S. 1'Lie Banks shall not be required to pay interest on any
funds of the Municipality for any period during which said
funds are held by the Banks awaiting presentation of Obliga-
tions or coupons for payment.
6. In the event that the Municipality shall call any Obligations
for redemption, the responsibility for notifying the holders
of the Obligations of such call shall rest solely with the
Municipality, and the Banks do not by this Agreement under-
take any responsibility or assume any obligation to notify
holders known or unknown of any such call for redemption,
other than to choose by lot the specific Obligations to be
prepaid if only part of the Obligations having a common
maturity date have been called for redemption.
7. With respect to coupons or Obligations payable to bearer, the
Banks may treat the bearer or presenter of any such coupon
or Obligation as the owner thereof, and such bearer or
presenter shall be conclusively presumed to be a person autho-
� rized to receive payment thereof regardiess of whether or not
any other person may assert a claim to, or ownership of, or
an interest in any such Obligation or coupon.
8. The Banks shall not be liable for any loss arising out of any
act or omission of the Municipality or any officer, employee
or agent thereof.
�7y�t�"�
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- � 9. The Banks shall not pay any claims for alleged lost or
destroyed Obligations or coupons unless duplicates have
been issued or payment authorized by the Municipality
and a surety bond given by the owner in accordance with
the law and the Banks have been provided with a Council
Resolution of Authorizing said actions. The Banks shall
not be responsible for any duplicate payment resulting
from the issuance of such duplicates.
10. The Banks shall not pay any Obligations or coupons after
the statute of limitations for the payment thereof has
barred the clai.m therefor, and any funds remaining in
the possession of the Banks for payment of Obligations or
coupons on which the statute of limitations has run shall
be returned to the Municipality upon the execution by the
Municipality of an indemnity agreement in form satisfactory
to the Banks.
11. The Fees and charges for services performed as indicated
for each bond issue in Exhibit A may be reevaluated and by
mutual agreement in writing, amended every four years.
IN WIINESS WHEREOF, The Municipality and the Banks have caused
this Agreement to be executed in their respective names by their duly
authorized representatives in three counterparts, each of which shall be
deemed an original.
APPROVED AS TO FORM CITY OF SAINT P
.
. � ���82 $
A sistan City Attorney yor
B
Director, Department of
Finance and Management Services
• � � � AJ�..iV� - 5 -
(SEAL) By:
City. Clerk
THE F IRS T NATIONAL BANK OF SA?NT PAUL
(SEAL) By:
CHASE MANHATTAN BANK OF NEW YORK
(S EAL) By:
,-- �
/sd/
6/14/82
, � - CITY OF SAINT PAUL EXHIBIT A � ��1�-°�"�'
• GO BONDS .
FIRST BANK SAIl3T PAUL
CHASE MANHATTAN 13EW YORK
ISSUE �� DESCRIPTION AND DATE OF ISSUE PAYING AGENT RECONCILED
FEES THROUGH
194 Capital Approach Series 3 Bonds $.20 11-30-81
1-1-54 Cpns. $.025
195 General Imp. Bonds Series ��1 " 1-31-82
4-1-54
197 Water Works Series 1955 A " 11-30-81
5-1-55
199 General Imp. Bonds Series ��2 " 11-30-81
5-1-55
202 General Imp. Bonds Series �k3 " 11-30-81
11-1-55
205 Water Works Series 1956 B " 12-31-81
3-1-56
206 General Imp. Bond Series �k4 " 11-3Q-81
6-1-56
208 Detention and Workhouse Facility " 1-1-82
11-1-56
209 Capital Approach Series ��4 " 11-30-81
11-1-56
210 Water Works Series 1957C " 12-31-81
4-1-57
212 General Improvement " 12-31-81
4-1-57
213 Water Works Series 1958 D " 11-30-81
3-1-58
215 General Improvement " 1-31-82
3-1-58
216 Water Works Series �kl " 12-31-81
9-1-58
217 General Imp. Bonds �k7 " 12-31-81
2-1-59
218 Water Works Series ��2 " 12-31-81
2-1-59
219 Water Works Series 1959A " 12-31-81
9-1-59
220 Joint Aospital Facility " 1-31-82
9-1-59
222 Detention and Workhouse Facilities " 12-31-81
1-1-60
223 General Impo Bonds Series ��8 " 12-31-81
6-1-60
224 Joint Hospital Facilities " 12-31-81
6-1-60
226 Water Works " 4-30-82
6-1-60
228 Flood Control " 12-31-81
3-1-61
229 General Imp. Series �k9 " 12-31-81
3-1-61
230 Water Works Series 1961 C " 12-31-81
3-1-6�.
��79�6�
Cit}� of Saint Paul Bonds - 2 -
` First Bank Saint Paul &
Chase Manhattan New York
ISSUE �k DESCRIPTION AND DATE OF ISSUE PAYING AGENT RECONCILED
FEES THROUGH
233 Flood Control Bonds Bonds $.20 12-31-81
10-1-61 Cpns. $.025
234 Joint Court House and City Hall Rehab. " 12-31-81
10-1-61
236 Joint Hospital Facility Bonds Bonds $1.00 12-31-81
8-1-62 Cpns. $.07
237 Joint Court House and City Hall Rehab. " 12-31-81
8-1-62
238 Riverside Storm Sewer " 12-31-81
8-1-62
240 General Imp. Bonds " 12-31-81
8-1-62
242 Joint Hospital Facility ��4 " 3-30-82
11-1-63
243 Fire Station 1963 " 11-30-81
11-1-63
244 Detention and Workhouse Facilities " 11-30-81
11-1-63
246 Joint Hospital Facility " 12-31-81
10-1-64
247 Urban Renewal Series 1964 " 12-31-81
10-1-64
250 Trunk Highway Series B " 1-31-82
4-1-65
252 Permanent Improvement Revolving Fund " 12-31-81
10-1-65
253 Urban Renewal 1965 B " 12-31-81
10-1-65
255 Trunk Highway Series 9�4 " Z2-31-81
7-1-66
256 Water Works Series 1966D " 12-31-81
7-1-66
257 Urban Renewal Series 1966 C " 12-31-81
7-1-66
260 Water Works Series 1967 " 12-31-81
10-1-67
262 Urban Renewal 1967D " 12-31-81
10-1-67
263 Joint Storm Sewer " 12-31-81
10-1-67
266 Urban Renewal " 12-31-81
8-1-68
270 Civic Center Series A " 3-30-82
11-1-69
272 Urban Renewal Series 1970F " 12-31-81
8-1-70
273 Civic Center A " 12-31-81
8-Z-70
274 Civic Center B " 12-31-81
8-1-70
� l�ar�J�',.�"�i.�t
Cit.y of Saint Paul Bonds - 3 -
' First Bank Saint Paul & �
Chase Manhattan New York
ISSUE �� DESCRIPTI�i AND DATE OF ISSUE PAY7NG AGENT RECONCILED
FEES THROUGH
276 Water Pollution Abatement Bonds $1.00 12-31-81
3-1-71 Cpns. $,07
277 Urban Renewal Series 1972G " 12-31-81
2-1-72
279 Water Pollution Abatement " 12-31-81
2-1-72
280 Urban Renewal Series 1972H " 12-31-81
12-1-72
281 Capital Improvement 1973A Bonds $1.25 12-31-81
5-1-73 Cpns. $.10
282 Urban Renewal 1973AA " 12-31-81
5-1-73
283 Water Pollution Abatement 1973AAA " 12-31-81
5-1-73
284 General Obligation 1974-1B " 12-31-81
4-1-74
285 Urban Renewal Series 1974J BB " 12-31-81
4-1-74
286 Water Pollution Abatement 1974 " 12-31-81
4-1-74
287 Urban Renewal 1974K C (Refunded) " 12-31-81
10-1-74
288 Downtown Development (Refunded) " 12-31-81
10-1-74
289 Capital Improvement Series 1975 " 12-31-81
3-1-75
290 Rehab Loan Program 1975DD " 12-31-81
3-1-75
291 Water Pollution Abatement 1975 " 12-31-81
3-1-75
292 Urban Renewal Series 1975 L (Refunded) " 12-31-81
12-1-75
293 Downtown Development District (Refunded) " 4-30-82
12-1-75
294 Refunding Bonds of 1976A " 12-31-81
7-1-76
295 Refunding�Bonds of 1976B (Refunded) " 12-31-81
7-1-76
296 GoO. Refunding D " 4-30-82
7-1-76
297 Capital Improvement Bonds " 12-31-81
10-1-76
298 Rehab.Loan and Grant " 12-31-81
10-1-76
299 Water Revenue " 12-31-81
4-1-77
300 Capital Improvement Bonds " 11-30-81
5-1-77
301 Capital Improvement Bonds " 12-31-81
2-1-78
. ;��;��!b'�
Cit� of Saint Paul Bond�s - 4 -
' First Bank Saint Paul & �
Chase Manhattan New York
ISSUE �� DESCRIPTIO�i AND DATE OF ISSUE PAYING AGENT RECONCILED
FEES THROUGH
302 Water Revenue Bonds Bonds $1.25 12-31-8i
7-1-78 Cpns. $.10
303 G 0 Refunding " 12-31-81
12-1-78
304 G 0 Development A Bonds $.60 12-31-81
1-1-79 Cpns. $.p6
305 G 0 Development B " 12-31-81
1-1-79
NOTE: The above issues az�e ready for destruction. The outstanding
balances and outstanding coupons and bonds are in balance.
/sd/
June 9, 1982
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- j4 �. Dote ; July ��, 1982
�`�t'- ,� � - . . , . ; r.
� - �. � CQ �JII�JIITT� E � REPOR i : -
.
. . .
� TO : Soinfi Paul Cii'�r Co�trrcii _ . � -
FRQM = Commi��e� 017 FZNANCE� MANAGE,MENT & PERSONNEI, -
. - J'ames' Scheibel � c�aiFmon, _ •= �� : _ ' _ _.=-,
'11ie Finance Committee; "at 'the meeting of 7/29 f g2 . , recommended approval of the follawing:
� � 1. Approval of minutes from meeting held July 22, 1982.
i 2. Resolution reimbursing Mr. � birs. James Carmouch for overcharges in .the
amount of $233.40 due to an error in the classification of their property
for tax purposes. _.
- 3. Resolution reimbursing the Dept. of Natural Resources for overchar es in
street maintenance assessments for the Fish l�atchery site. '
4. Resolution approving a t�10 year Agree�ent bett�e ��y St. Paul and
the Electrical Union, Local 110. -
S. Resolution authorizin d ,, ,.r�a,,►G,t��„o� rious City of St. Paul General
Obligation Bonds. � •
6_-�-�t�sodu�.iou�a � --"�. ��,� �e Q� �� ,. s�ne�-t�at�
YYz �S� p '
�a�3�d-t�e�-£i�va.tor{.'o ���e�3—�,o e�.--���a�eii��.;e� ' - ---�
7. Resolution amending the Civil Service Rules concerning promotion re �,
�����
. 8. Resolution transferring $23,000 into the Oxford Pool Account code •
�,��.Presentation by Joann hTelson of the Rec}•cling Unlimited Project_
, .
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-- �``� ����
CIT'r ;!:\f_L SEVE�TH F1.OUR ,:�I,iT P�\t;L,�.1lti�:ESUT.\S�iQ3
r1
�►��� �� .
� . DEPARTMENT: Finance and Mana ement
" CONTACT: Ga�' �orstrem �
ROUTING Ayn IXP�ANATION SHEET PHONE: �016 '
IGREEN SHEET) � ��n�
w'�9 d
For Administrative Orders, Resolutions, Ord nances and Agreemeats RE�
June �s �9s2 � �019�
,Z�QUTIN6 ORDER - ROUTE BY ASSIGNE� NUMBER: , ' �U
ECTOR OF MANAGEMENT C'TY �
3 �,YOR ATTORN
DEPARTMENT DIRECTOR IRECTOR, FINANCE 8 M6T� SERVICES � �
!� CITY ATTORNEY . 4 CITY CLERK .
3UDGET DIRECTOR RECEIVED �--
- �UN 1 81982
ACTION _�LESTED �CLiP ALL L�CATIONS FOR MAYORAL Si,GNATURE): pFFICE OF 7HE DIRECTOR
Review for processing. p�pARTMENT OF FINANCE
Siga off on the Resolution. AND MANAGEMENT SERVICES
Agreement documents will follow for signature.
�IHAT NILI .BE ACHIEVE� BY TAKiNC+ ACTiON ON THE ATTACHED MATERIALS �P�JRPa� ANI] RATIONALE)7,
The attached agreement and approving resolution will eliminate the handling, by
Tressury Division personnel,of thousands of coupons and bonds in seventy nine (79)
debt service accounts for City of St. Paul Bond Issues. Controls will still be
grovided through documents which the paying agents are required to submit to the
City for reconc�liat�on. R�CEN�C�
� JUL 141�2
- EIPIANCIAL. BL�DGETARY AND PERSONNEL IMPACTS ANTtCI?ATE�;
MAYORS OFFICE �
This new procedure has been anticipated for the past few years. However, the
implementation has been delayed due to the inability in the past to bring the
recoacil�tion of the debt service accounts ug to date. This recently has been �
achieved with balanced reconciliations through December 31, 1982. . �
Oae FTE was eliminated in the Treasury Division, Debt Administration. Unit during
the 1982 Budget process. With the implementation of this agreement, we should be
able to provide an efficient reconciliation process with the current eksonnel
(1 F7�) at no additional cost to the City. __ _ . _ _. ___. _ __ .�
ATTACHMENTS �LIST ALL ATTACHMENTS): '
�, � Council Resolution
2 Paying Agent Agreement
3. .
.
ucee •tev.ceyv neceas.c.ty oa a.Ltacmn¢�.t o e oo auppotitcng cume►Lta
Depah.bn¢�ct - Ci.t+1 A�Ltatxo.y:
i. Counc.i,f. R2eoeu�Li.on Reqwined? f�S NO 1. Reeo.PacLi,onF �S u0
2. Insunanc2 Req;wced? VES NO 2. Inaunance SuS�i.c,i.e►Lt.'yES NO
3. Inaunance ALtached? yES .ND
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