268663 WH17E - CITV CLERK COURCll / ■]
PINK - FINANCE R �,{�}
CANARV - DEPARTMEN.T GITY OF SAINT PALTL i�-���� i7�
� BI.UE - MAVOR File NO.
oun il Resolution
Presented By °�
Referred To Committee: Date
Out of Committee By Date
WHEREAS, The Council has authorized the issuance and sale of
City Water Revenue Bonds for improvements to the water utility of
the City; and
WHEREAS, The Finance Committee has recommended that the First
National Bank of Saint Paul be delegated as paying agent for these
bonds with the Chase Manhattan Bank of New York as co-paying agent
pursuant to agreements entered into between the respective banks ;
;.�_
now, therefore, be it
RESOLVED, That the Council of the City of Saint Paul does
- hereby approve selection of the First National Bank of Saint Paul
as paying agent for the above-referenced bond issues , and the proper
City officers are directed to execute the necessary agreements for
this purpose, in the form attached and as approved by the Finance
Committee.
s
COUNCILMEN
Yeas Nays Requested by Department of:
Butler Finax�ce a na ement Services
�„ [n Favor
Hunt � �..
Levine __ Against BY `?'�'�, �-'l �
—RaerHe� Director
Sylvester
�� M� 1 �9n Form Approved by i At rn y
Adopted by Council: Date
Certified Y s y Cou cil S tar BY
By
Approv Mayor. Date � �� }`977,� Appro May for Su i io to Cduncil
�
By BY
QUBLISHED MAR 5 1977
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�1 , 180 ,000 CITY OF S�1INT P.'1UL
ti�'t1TER RI:VE�`UE L'0\DS OF 19?7
SERIE5 1
Drz�.ed i1Pri.1 1 , 1 ��.7,'
AGREEMENT RELATI�VG TO PAYI�iG AGF.�;CY -
THIS AGREEMENT,- ��lade thzs day of ,
1977 , by and between THE FIRST v.4TIQNAL B�NK OF SAINT PAUL {the
: Bank) and the CITY OF SAINT PAUL, a municipal corporati.on of the
State of Minnesota (the Municipality) ;
�YITNESSETH, THAT ZVHEREAS:
A. The Munieipality has authorized the issuance of 51 ,180 ,00�
City of Saint Paul Water Revenue Bonds , hereinafter referred to �
as Obligations; and :
B. The Bank a�d btunicipality desire to state the terms and
conditions by which the Bank shall serve as paying agent for the
Obligations ;
NO�d, THEREFORE, In consideration of the premises ` and o� the
mutual agreemen�Cs herein contained, it is agreed by the Bank and
the Municipality as follows :
1 . The P�!unicipality hereby appoint� 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 .
`��`���,�
2 . The Bank �vill enter into a Co-Paying Agency Letter
Agreement with the Chase P�Ianhattan Bank of New York, which Letter
Agreement t�ill �ravide that the Ch��se �tanhatt:an �3an�:, � .A. of \Te�v
York , �aill pay principal and interest on the �bligations as they
are due and will receive payment there�for from the Bank, the terms
and condit�ons for such services to be set faxt��. in the said Co-
Payinb Agency Letter �gre�ment , a �opy of whi.ch shall be attached
hereto as Exhibit B.
3. In the performance of its duties as such paying agent ,
,
the Bank shall :
(a) I�eep 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 statemen� to the i��unicipality
of the amount which will be required to pay the
principal of and interest on the Obligations on
such date.
(c) tVith 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 pxesentation of the Obligatiorrs 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 ;�(unicipality all cancelled bonds and cou�ons at
least once monthly.
(e) At least once monthly, for�aard to the ,�tunicipality
a statement showing remaining balances , receipts :
2 .
�����,�
and disbursements for the payment of the principal ,
interest and call premiums , zf any, o£ the .
Obli;ations .
4 . The :�iunicipality 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 -Obliga-
tions 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 dolTar : and twenty-five cents (�1 . 25)
per five thousand dollar bond due. ` The fees and
charges o£ said Bank shall in no event become a
charge against the funds remitted by the Municipal-
ity for payment of principal of and interest on
the Obligations .
5 . The Bank shall not he 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 blunicipality shall call any
Obligations for redemption, the responsibility for notifying the
holders of the Obligatzons of such call shall rest solely with the
:�tunicipality, and Bank does not by this Agreement undertake any -
responsibility or assume any obligation to notify holders knotvn
or unknown of any such call for redemption . � -
3 .
. �
�`�����
7 . With respect to cou�ons 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 cvhether 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 princzpal and interest . In the event registered bonds are
issued, hiunicipality 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 af Municipality shall be reduced from the statements to be
submitted by the Bank to Municipality as set forth in Paragraph
3(b) above , and the Bank sha21 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
d�stroyed Obligations or coupons unless duplicates have been
4 . _
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issued by the I�tunicipality 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 . � }•
;-:.,�
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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 tivhich the
statute of limitatians has run shall be returned to the !�tunici- .
pality upon the execution by the P�Iunicipality of an indemnity
agreement in form satisfactory to the Bank. �
IN �UITNESS �VHEREOF, 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 .
Approve as to F rm: CITY OF SAINT PAUL
�
t !
By :
Assi - r�%t A t rney bTayor
Director , Department ot Finance
and Management Services
THE FIRST NATIONAL BANK OF SAIiVT PAUL
By :
Investment 0 icer
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