271451 WHITE - CITV CLERK � �
� PINK - FINANCE G I TY OF SA I NT PAU L Council �����
CANARV - DEPARTMENT File NO.
. BLUE - MAVOR
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED� That the Council of the City of Saint Pau1 does hereby
approve agreement with The First National Bank of Saint Paul designating
the bank as paying agent for the Water Revenue Bonds of 1978, Series 1,
dated July 1, 1978, and the proper City officers are hereby authorized and
directed to execute the agreement on behalf of the City of Saint Paul.
COUNCILMEN Requested by Department of:
Yeas � Nays Finance and Managem Services
H� [n Favor
Htint �
LAVk�s
M� __ Against BY
D rector
ShowalaR
��� ,�`, `� � ��i Form Approved by Ci y Attorne
Adopted b�uncil: Date
Certi�ed Passe y C�n �i . cretary BY
/
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App by Mayor. t _ Appr v by Mayor for Su 'ss to Council
By �— BY
QUBL�s�EO JUL 2 `� �'� �'
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52,950,000
CITY OF SAINT PAUL
WATER REVENUE BONDS OF 1978, SERIES 1
DATED July 1, 1978
AGREEMENT RELATING TO PAYING AGENCY
THIS AGREEMENT, Made this day of ,
1978, by and between THE FIRST NATIONAL BANK OF SAINT PAUL (the bank� and
the CITY OF SAINT PAUL, a municipal corporation of the State of Minnesota
(the Municipality);
WITNESSE7H, THAT WHEREAS: ��
A. The Municipality has authorized the issuance of $2,950,000 City
of Saint Paui Water Revenue Bonds of 1978, Series 1, Numbered l to 590,
inclusive, hereinafter referred to as Obligations; and
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B. The Bank and Municipality desire to state the terms and conditions
by which the Bank shall serve as paying agent for the Obligations;
N�W, THEREFORE, In consideration of the premises and of the mutual
agreements herein contained, it is agreed by the Bank and the Municipality
as follows:
1. The Municipality hereby appoints the Bank as agent to perform the
duties herein described, and the Bank hereby accepts such appointment. This
' agreement shall be in force for the full term of the Obligations.
2. The Bank will enter into a Co-Paying Agency Letter Agreement with
the Chase Manhattan Bank of New York, which Letter Agreement will provide
that the Chase Manhattan Bank, N.A. of New York, wi11 pay principal and
interest on the Obligations as they are due and will receive payment therefor
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from the Bank, the terms and conditions for such services to be set forth
in the said Co-Paying Agency Letter Agreement, a copy of which shall be
attached hereto as Exhibit B.
3. In the performance of its duties as such paying agent, the Bank
shall :
(a) Keep true and accurate accounts of the outstanding
principal balances of the Obligations.
(b) Not less than forty-five (45) 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.
(c) With the funds received from the Municipalit�r, pay
such of the principal of and interest on the
Qbligations as are due on the stated payment dates,
upon pr�sentation of the Obligations or coupons
for payment.
(d) Forthwith upon presentation and payment of
Obligations or coupons, cancel the same by per- ' -�
foration or other appropriate means, and forward
to Municipality all cancelled bonds and coupons
at 7east once monthly.
(e} At least once monthly, forward to the Munic:pality
a statement showing remaining balances, receipts
and disbursements for the payment of the principal ,
interest and call premiums, if any, of the Obligations.
4_ The Municipality shall :
(a� Remit to the Bank not later than one day before the
payment date of any of the principal of or interest
on the Obligations the sum declared by the Bank to
� be needed for payment of the Obligations and coupons
due on said date.
(b) Pay to the Bank its fees and charges for services
performed which are ten cents ($0.10� per coupon
due and one dollar and twenty-five cents {$1.25)
per five thousand dollar bond due. The fees and
charges of said Bank shall in no event become a
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charge against the funds remitted by the P�unicipal-
ity for payment of principal of and interest on the
Obligations.
5. The Bank shall not be required to pay interest on any funds
of the Municipality for any period during which such funds are held
. by the Bank awaiting presentation of Obligations 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
Bank does not by this Agreement undertake any responsibility or assume
any obligation to notify holders known or unknown of ,any such call for
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redemption.
7. With respect to �oupons or Obligations payable to bearer,
the bank may treat the bearer or presenter of any such coupon or
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Obligation as the owner thereof, and such bearer or presenter shall be
conclusively presumed to be a person authorized to receive payment
� therecf •regardless of whe�her or not any other person may assert a
claim to, or ownership of, or an interest in any such Obligation or
coupon.
8. The Municipality may issue registered bonds to replace any
existing bearer bonds and the registration shall be as to both principal
and interest. In the event registered bonds are issued, Municipality
shaTl maintain the registration books and shall pay principal and interest
to such registered holder. Any principal and interest which shall be shown
as registered in the books of Municipality shall be reduced from the
�3)
1. • •
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statements to be submitted by the Bank to Municipality as set forth in
Paragraph 3(b) above, and the Bank shall not be accountable for such
principal and interest.
9. The Bank shall not be liable for any loss arising out of any
act or omission of the Municipality or any officer, employee or agent
thereof. �
10. The Bank shall not pay any claims for alleged lost or destroyed
Obligations or coupons unless duplicates have been issued by the
Municipality in accordance with the law and the Bank has been notified
by the Municipality of such issuance of said duplicates. The Bank
shall not be responsible for any duplicate payment resulting from the
issuance of such duplicates.
11. The Bank shall not pay any Obligation or coupon after the • _.
statute of iimitations for the payment thereof has barred the claim
therefor, and any funds remaining in the possession of the Bank for
payment of Obligations or coupons on which the statute of limitations
has runshall be returned to the Municipality upon the execution by the
Municipality of an indemnity agreement in form satisfactory to the Bank.
IV WITNESS WHEREOF, The municipality and the Bank have caused
. this Agreement to be executed in their respective names by their duly
authorized representatives in two counterparts, each of which shall be
deemed an original .
Approved as to Form: CI OF SAINT PAU �
B
;Seal ) yor
THE �IRST NATIONAL BANK 0� SAINT PAUL (Seal )
by andeMana'e�entrServices Finance
ssis an ice resi ent 9
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EXP.LANAT�OIQ OF ADMINISTRA`Y'IVk O�t1�TiR$r ` `
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RESOLUT�ONS, A�i�RDINANCES ���'�:����� . : �°�-'"`
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Date: �e 29� 1978 JUL6' - 197$ , .�►'�� ��T���,�.-'
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TO: MAYBR GEORGE LATIMER ,.' �
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FR: ry M
8s�a�rd J. ��rlsc�, D�,r�tor �J ' ,
_ �a��� a� Fi.aaace �-Mgnat Servicet8 /�I�,�. '
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_RE: ..�; _ � . , ., : .:. .. _: , ,, ,� :,� ,�
_ '' �ap�a8"�Senct;:�reeme�nt - �taC�r ��ve��s~B�i� �f=�8,�.,��.�i� '�s ..; h � �,.: � , ; , 4�i
c�ated 3�i�r 1,. Y9�8
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. _ACTIaI��R$Qt��ST813 s � . . `
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_ Apgrove �eiaolu��:on'desig�atiug Payit�g Ageat i°or the 7.�78 wate�`.I�i�.lit3r
Riavegue Baud 3asue
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PURPt3SE A�Tt1� �.XT2S)NALE 80�: 'THIS AGT.I�Nt `
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