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276272 WHITE - CITY CLERK PINK - FINANCE COUflC1I ��0 CANARY�- DEPARTMENT G I T Y O F S A I N T PA LT L !�r `� BL,�?E - MAYOR File N O. � b r� City Attny. SD ouncil Resolution Presented By � � Referred To Committee: Date Out of Committee By Date WHEREAS, a) Minnesota Statutes Section 475.533 authorizes the governing body of a city to appoint a bank as Fiscal Paying Agent and Destruction Agent for an issue of obligations by the city; and b) Chemical Bank of New Yor}� New York, (Bank) a bank properly authorized to execute corporate trust powers pursuant to the laws under which it is organized, has offered to serve as Fiscal Paying Agent and Des- truction Agent for the City of Saint Paul 's (City) general obligation bonds issued between January l, 1981 and December 31, 1984 . c) The Bank has further offered to serve as Fiscal Paying Agent and Destruction Agent on a11 of the City' s general obligation bonds issued subsequent to January 1, 1973 and for any or all issues of revenue bonds issued by the City or by any related City Agency. d) The Department of Finance and Management Services recommends that the City accept the Bank' s offer referred to in paragraph b above and to grant to the Director, Department of Finance and Management Services the option of accepting the Bank's offer referred to in paragraph c above at hi.s d�scretion. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SAINT PAUL AS FOLLOWS: COUNCILMEN Requestgd by Department of: Yeas Nays H,,,,t Finance and Mgmt. Services-Treasury Division Levine In Favor Maddox McMahon sr,owaite� Against By Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date — Certified Passed by Council Secretary BY sy Approved by Mayor: Date _ Approved by Mayor foc Submission to Council By _ _ BY � . �� .�.�,..,.,}er� ' � ,�� w:�� -2- 1. That the offer of the Bank to act as Fiscal Paying and Destruction Agent for the City on its general obligation bonds issued between January l, 1981 and December 31, 1984, be and hereby is accepted and the proper officers of the City are hereby directed to execute an agreement with the Bank covering said services after approval as to form by the Assistant City Attorney. 2 . That the City Treasurer shall remit to the Bank by 12 : 00 noon New York time in Federal or collected funds on each payable date funds to satisfy all principal and interest obligations due on such date. 3. That the Bank will establish a consolidated demand deposit account (DDA) for the City and all monies received shall be held in trust for the sole purpose of paying the City' s valid matured bonds and/or coupons. 4 . That the Bank will provide timely receipts and/or proper entries on its deposit books for receipt of all monies to meet payment of principal and interest on outstanding obligations . 5. That upon the presentation and surrender to the Bank by a per.son entitled to receive payment of bonds and coupons which are due and by the terms thereof payable at the office ofthe Bank, the Bank shall honor and pay the same to the person entitled from the funds of the City on deposit with it. 6 . That upon the payment of any bonds or coupons of the City, the Bank shall take into its custody the particular bonds or coupons paid and shall cancel the securities by perforation and keep an accurate record of all paid instru- ments. 7. That the Bank shall not charge, impose, or collect or receive from the holder of any obligation of the City a fee or consideration from any service performed in connec- tion with the payment to any such holder of the principal of or interest on any obligations . 8. That each month, the Bank wi11 forward to the City Statements of Accounts reflecting the daily activity on both principal and interest paid during that month by both issue and maturity. Along with these stateTnents, a summary state- ment for each issue recapping daily paying activity for both principal and interest will be included. WHITE �- CITY CLERK n± �'�F''t'!� PINK - FINANCE COU[IC1I � ;�� CANARY - DEPARTMENT G I T Y O F S A I N T PA U L . /�+ BWE - MAYOR File NO. Council Resolution Presented By Referred To Committee: Date Out of Committee By Date -3- 9. That the Bank shall forthwith upon presentation and payment of obligations or coupons, cancel the same by perfor- ation or other appropriate means, and within a reasonable time thereafter, destroy said paid and cancelled obligations, or any other specified obligations or coupons designated by the City to be destroyed. Such destruction is to be accom- plished 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 Certificate Report, not less frequently then semi-annually. The Bank further agrees to indemnify and hold the City harmless in the event of duplicate payment, wrongful and improper payment to un- authorized persons and nonpayment to authorized persons occurring as a result of any destruction of bonds, obliga- tions, or coupons . 10. That the Director, Department of Finance and Manage- ment Services is hereby authorized to accept the Bank's offer referred to in paragraph c above at any time during the term of the Agreement with the Bank at said Director' s sole discretion and best judgment. COU[VCILMEN Yeas Nays Requestgd by Department of: Hunt � Finance M t. Services-Treasur Division Levine In Favor Maddox Sp� �J _ Against BY � Tedesco �Ison Adopt y Council� Date JAN 2 7 1981 Form Approved Ci tt rney .- � rtified .sed by nci Secretary BY ��'� B� � ` Ap ro e y ;Vlayor: at AN � 19v� Appr by Mayor f sian to Council By _ — BY PiiB�;�i;�.D ;EB ? 1981 , , .. � _ . � �:. , __ _ Ol�t Ol: 'L��i� ,� , , Rev.: 9f��7:� �'r \ . ' BXFT�AI�ATIt?N OF l�MIKZ$TRAT L U� , ; �� :: �' 1�ES�.UTIU2�1�, AND ORD�NANCE �`` � � �-� _ � � � � �� d l � � � . � .�.� ..� �. � ' �_ r Date: Janwry 19. 1981 '��,�`;�,� ' �`�!;��' JA�V� ��c„� T0: MA7l�R GE��tGS LATIl�tER , f ��R��' , . ,.�: , � FR: Gary DToxsts�, Treasurq Mauager �` RE: `� itE80I�UTION D&SIGNATIIqG C�IGAZ BAI�`AS FI&CA�.'�AY��3 �iNA DESTRt�C'�`t�i AGSIQT < � ON CITY BO1�iD ISStTBS FR�1M JeN[TARY 1; 198�: TB�ttGH DRCI�!!$ER 31, 1984. �` . : _ � ;� - -- �.. , . , __� , . . �..�:: , _ ,' ��. . ,:- ->> ._-:: - - ' ACTitki �QUS&'�D; ;- , , , . . - �'as�ag� of Che Resolmtioa iesignati�tg Chemieiil Baak, '�ie� York Cit;y, 'as fiscal and d�estruction age�t. ` .� . F-: : _ � � • ; ' �_;; � ' r:�_. ,. , _ '�7 � };, . , r� ;� �� ;, > , + °' . PUBPOSE A�;.��i81�tALE. �OR THIS ACTION: ` -IW- ��► � I�� Y� 1 . ' . . • . . . . ?ha A�a� referr�d �v in the Resoluti�on ia �ha 'rewlt of ��e�t�C��rna � �ith � ta1�r of banks; including Firet ��tic�cutl, St. Pau�; �ierY3��e3� N�tio�al,. ; �.• �t. Put1��+�r�w�stern Nstional, St. Paul; Chas� Kt�ati�rtCan, ltav �tark Ci�r � � = a� �C��¢al Banl�, Ke� i�os^Ic City. The fees at�t�d �+ere�.n are one hal'�-�he pri�a �� he next cic►se�t propos+�l which vould hsve b+�+eu � co��ay a�trsA$ea�t��, � : �eL•a+een the City, CheaEictl Bank a�d Ffrst Natioual �as�k, &t. Pacxi. ; �s . .� :; �� _ � Ai?AC�iTB t , ' : .� �° ,; .,.._...,.,_� � C�+u��l Ba�vlutios►. �' , . . ,_ � :. .� . . .� ;,� __ .` � - ;,. _ - --�-�� =L'I'�: �_�+' �,�'��':��r�' _�''�.-CI�� `� 'f � ' 'ti- ��'F''Z�Z�� U.�' 1'.'iA: �i;�Y.�'�Y �i0'J:,1 J�.1.� .�R.= i-.}er< I:;� �.-� . "�` ,' ,. ,� _ ,, � �� . � � ,�., ,'` i _ ,� .\,. . . �::_� `�,.��;� - 4��f.:�;` D a t e . January 23, 1981 . �_ � .�'' ��/ __` � � l�e l ?��3 i � � ��. �. �"�: L �`� �,.1 �� : �oin� Pc��a� �i��.� ��;�� - � �� Q �i� � C G til il�i��'�d ��'1 FI NANCE, h1A�dAGEMENT & PERSONNEL � George McMahon ; e�Qirmc�n, �zak�:s aite fa� it�=��ii�c} �°epo�� uri �. F. �� t�:-tijlltlilC�� • �8� � Fi':St)It3�tic��l � • � �s it�i' � � � 3 �� : At its meeting of January 22, 1981 , the Finance Committee recommended approval �of the following: _ $. Resolution author�zing su�mission of UDAG application f�r Saint Paul/M�nneapolis Joint Energy Program. 9. Resolution approv-ing and authorizing filing of applicatior� for HUD Innovative Energy Grant for. Saint Paul Neighborhood Energy Conservation Program. _ 10. Resolution transferring $44,7Q0 in the 1981 general fund budget for city to pay . -owners of the Park Machine Company and St. Paul .Welding Company for damages. to. their property caused by rerouting of Sixth Street. � 11 . Resolution providing for the sale of $4,685,000 General Qbligation Water Pollution Abaternent Sonds, Series 1981 . - 12. Resolution providing.for the sale of �5,815,000 General Obligation Capital �� Improvement Bonds, Series 1981 . 13. Resolution designating Chemical Bank, New Yarlc City, as fiscal paying agent � and destruction agent on city bond issues from Jar�uary 1 , 1981 through December 31 , 1984. 14. Resolution approving expansion of the Fringe Parking/Shuttle Service Program to include the Harriet/P�avy Island Area. 15. Resolution recommending establishment of a City-l�lide Development Company (LDC) and approving use of city staff to administer it and approving one-time . appropriation of $1 ,000 for start-up casts. � t�i �!j�;I.. SE�'�tiT�i Ft.002 5_'�l�til P:'l:�L, �.i:1'ti��OT:\ S�ip' �y - - '