270322 WHITE — CITV CLERK
PINK — FINANCE COURCIl � � � e/ � � (��J
CANARY — DEPARTMENT GITY OF SAINT PAUL !� ��!
BLUE — MAVOR File �O. �� � � � ' �+y
Council Resolution
Presented By _� �J'�': "�`-1
Referred To Committee: Date
Out of Committee By Date
RESOLVED, That the Council of the City of Saint Paul cloes
hereby approve agreement with The First National Bank of Saint
Paul designating the bank as paying agent for the Capital Improve-
ment Bonds, Series 1978, to be dated February 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
Yeas Nays Requested by Department of:
Butler �Q In Favor
Hozza
Hunt `7 �
�a � __ Against BY �'`�
Roedler
Sylvester
Tedes�e�r ,AN � �9�� Form Approved b City Att ey
Adopted-'t�y'Council: Date —
,/
C ified P• s� by Coun ,ec tary s BY-
s
,A t978 Approved by M or r Submission to Council
App by ;Vlayor: at �
By By
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CITY OF` SAINT PAUL
CAPITAL IMPROVE�MENT BONDS, SERIES 1978
Dated February 1, 1978
AGREEMENT RELATING TO PAYING AGENCY
THIS AGREEMENT, P4ade this day of ,
1977, by and between THE FIRST NATIONAL BANK OF SAINT PAUL (the
Bank) and the CITY OF SAINT PAliL, a municipal corporation of the
State of Minnesota (the Municipality) ;
WI'I'�1ESSETH, THAT WHEREAS:
A. The AZunicipality has authorized the issuance of $6,500,000
City of Saint Paul General Obligation Capital Improvement Bonds,
Series 1978, Numbered G-1 to G-1300, inclusive, hereinafter
referred to as Obligations; and
B. The Bank and Municipality desire to state the terms and
conditions by which the Bank shall serve as paying agent for the
Obligations;
NOW, THEREFORE, In consideration of the premises and of the
mutual agreements herein contained, it is agreed by the Bank and
the P�unicipality as follows: ,
1. The P�un.icipality hereby appoints the Bank as agent ta
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.
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2. The Bank will enter into a Co-Paying Agency Letter
Agreement with the Chase Nlanhattan Bank of New York, which Letter
Agreement will provide that the Chase Manhattan Bank, D1.A. of New
Yorls, will pay principal and interest on the Obligations as they
are due and will receive payment therefor 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 fortv-five (45) days before the due
date of any principal of or interest on the
Obligations, send a statement to the N!unicipality
of the amount which will be reauired to pay the
principal of and interest on the Obligations on
such date.
(c) With the funds received from the A4unicipality, 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, cancel the same by per-
foration or other appropriate means, and forward
to P�:unicipality all cancelled bonds and coupons
at least once monthly.
(e) At least once monthly, for�aard to the Municipality
a statement showing remaining balances, receipts
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and disbursements for the payment of the principal,
interest and call premiums, if any, of the Obli-
gations.
4. The Municipal.ity shall:
(a) Remit to the Bank not later than one da1 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 Obliga-
tions and coupons due• on said date.
' (b) Pay to the Bank its fees and ch�rges 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
charge against the funds remitted by the P�unici�al-
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 anv period during which such funds
are held by the Bank acvaiting presentation of Obligations or
coupons for payment. �
6 . In the event that the PZunicipality 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 notifv holders known
or unknown of any such call for redemption.
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7. With respect to coupons or Obligations payable to bearer,
the Bank 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 authorized to
receive payment thereof regardless of whether or not any other
person may assert a claim to, or ownershin 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 shall 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 P4unicipality shall be reduced from the statements to be
submitted by the BanY to l��unicipality 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 *?unicinality or any officer, employee
or agent thereof.
10. mhe Bank shall not pay an_y claims for alleged lost or
destroyed Obligations or coupons unless duplicates have been
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issued by the Municipalit_y in accordance with the la��� and the
Bank has been notified by the tiunicipalityo uf 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 limitations 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 whic� the
statute of limitations has run shall be returned to the P�unici-
pality upon the execution by the Municipalityo uf an inder.inity
agreement in form satisfactory to the Bank_. �
IN VTITNE5S WHEREOF, The rtunicipality 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: CITY OF SAINT PAUL
By
2?ayor �
(SEAL) Director, Department of Finance
and bianagement Services
THE FIRST NATIONAL BAivK OF SAINT PAUL
(SEAL) By
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Assistant Vice President
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