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268821 . . � � �68�2� $6,0OO, OQO CITY OF S�4INT PAUL CAPITAL Ib1PROVEb1ENT BONDS, SERIES 1977 � Dated r7ay 1 , 1977 AGREEMENT RELATII'G TO P�IYING AGENCY THIS AGREED4ENT, Made this day of , . � 1977, 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 hiinnesota (the biunicipa.lity) ; tiYITNESSETH, TNAT jJHEREAS: A. The Priunicipality has authorized the issuance of $6,000,000 City of Saint Paul General Obligation Capital Improvement Bonds , Series 1977, Numbered F-1 to F-1200, inclusive, hereinafter referred ' ` � to as Obligations; and B. The Bank and 1�Iunicipality desire to state the terms and conditions by which the Bank shall serve as paying agent for the Obligations , . NOt;, THEREFORE , In consideration of the premises and of the mutual agreements herein contained, . it is agreed by the Bank and the i�tunicipality as follows : 1 . The PJiunicipality 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 fuTl term of the Obligations . . _. _ _ ____._�__..._..._ ___ ___. __. .. ........_ _____. ._ _ _ ___ _ _ _ _ _- _ __:__ __._.. __,____.__ __.:. ..___ ___-----. `. 2. The Bank ��ill � enter into a Co-Paying Agency Letter Agreer�erct with the Chase P-lanhattan Bank of �ew York, which Letter �lareer:tent cJill provide that the Chase �tanhattan Eank, :�.A_ o€ �few � York, will pay principal and intexest an the Obligafiions as they � _ � - are due and z,rill receive payment: therefor from fihe Eank, the terrts - and conditions for sueh services to be set forth, in .the� said `Co- -_ _ - Paying Agency Letter Agreer�eni,. a copy- af which shalI. be at-tached - hereta as Exhibit B. � � - 3. In the perfornance of its duties as such paying agent, the Bank shall : . .. (a) Keep true and accurate accounts of the� outstandin� � ' principal balances of the Obligations. � (b) vot less than forty-five (45� days before the due date of any principal vf or interest on the Obligations , send a statement to the r�unicipaZit�r • � of the amount whzch will be required to pay the � � - principal of and interest on the Obligations on : � such date. � . (�} iVith the funds received from the 1�Iunicipality,. gay � - such of the principa2 of and interest on the � � � Obligations as are d�e on the stated .payment dates, . _ -- upon presentation of the Obligations or couporzs � for payment. . . � � . _ (d) Forth�,�ith upon presentation and payrtent of = � Obligations or coupons, cancel the sane by per- � foration or other appropriate neans, anc� farward to `�iunicipality all �ancelled bortds and coupons at � least once manthly. - � - (e) At least once monthly, forward to the hlunicipalit,v a 5tatement showing remaining balartces , receipts 2 . • � � .P � . . � .� � , . . � . . and disburssnents for the paynent of the principal , interest and call premiums, if aay, af the Obligations . 4 . The rlunicipala.ty shall : . . � (a) Remit to the Bank not later than one day before � � the payment date of any of the principal of ar � ' - - � interest on the Obliaations the sum dec�ared by - the Bank to be needed for pay;�ent of the Oblipa- �'� - � - - tions and eoupons due on said date. (b) Pay to the Bank its fees and charges for serviees - perforned which are ten cents ($O .1Q) per coupon : due and ons dollar . and tcJenty-five cents (�1 . 25) � - . per five thousand dollar bond due. The fees anc� � � charges of said Bank shall in no event becor,e a � - charge against the funds remitted by the T�iunicipal- ity for payment of principal of and interest on = . the Oblioations . � S. The Bank shall not be required to pay interest on a�y funds of the I�iunicipality for any period during which �such funds are held by the Bank a�tiaiting presentation of Obligations or " coupons for payment. � � 6. In. the event that the �iunicipality shall call any . � , Obligations for redemption, the responsibility for no�izying the � - holders of the Obligations of such ca11 sha21 rest solely with the :•Iunicipality, and Bank does not by this Aareement undertake any � responsibility or assume any obligation to notify holders knoz�rrt - or uni:nocrn of any such catl for redenption. 3. � r � 7. �:ith respect to coupons or Obligatians payabl.e to bearer, the Eanl: �ay treat the bearer or presenter of any such cougon or � Cbli�ation as the oi�ner thereof, and such bearer or presenter s:�all be conclusi�-ely presumed to be a person authorized to � -. - _ .t" � __ recezve payment thereof regardless of ti•rhether or not any other ��� . . p�rson �a� assert a cTaim �to, or oE�nership of, or an interest ��n . - any such Obligation or coupon. � � ' : . . . 8 _ The �Iunicipality may issue registered bonds to replace� _ � ar.y existing bearer bonds and the registration shall be as� to - botn principal and interest . In the even� registered bonds are � issuec�, �Iunicipality shall maintain the registratzon books and shall pay principal and interest to such registered holder. Any principal and interest which shall be shown as registered in the boo?cs of �tunicipality shall be reduced from the state�ents to be subr�i�tted by the Bank to l�iunicipality as set forth in �aragraph - 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 aut af - any- act or omission of t�e Niunicipality or any officer, employee or agent thereof. _ - 10. The Bank shal l not pay �a�f' �I�;:^� F�: :? 1��cd 7 cs:� Qr d��troyed Obligations or cor�pons unless duQlicates° t�a��- be�n 4. _,__. ___.___ _ _ _________.._..___ ._._ . . .,.._ _...._., :_. .__._.._�_. . .._.____.____ _ _. .. ._.:..... .......�_._ __�_._. _--___._� issued by the blunicipality 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 duplicat�s . 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 Obligati,ons or coupons Ori Sr'hich the statute of limitations has run shall be returned to the Dtunici- palzty upon the execution by the Municipality of an indemnity agreement in form satisfactory to the Bank. IN jJITI�rESS �YHEREOF, 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 t�rhich shall be deemed an original . Approved s to Form: . CTTY OF SAiNT P ULs � � . By Assista � o e � ayor �..�'" � _ . Director, Department of Finance (SEAL) and P�ianagement Services THE FIRST NATTOVAL BANK OF S�IINT PAUL By : (SEAL) Assistant Vice Pres�: ent S . __�__._ .__ _ __. . __. __.R__� , , � . �.�_ . .._�...,,, �. � . . R�'v. s 9f8/�"76 - TsXPLl��t�lT�OIQ QF A13�+1INS$T�tATI ORD.ERB. . ,.yA� ° _ . y- � . . . .. }R s+ w . 3 RE50LUTI:@N� �tNb 'QADY1� C:LS '"�:_ f . . . - � � D�te: �Iar�h 1s, 19�� ` � � .T�: lill�lYQR GEQRGE Ll1TI�$R , , � ` . . FR: Mr.- R�bert G. Lang, ,t�ti.ng.p��+ecCar l�y�' : -pe�axt�metnt o� I�'inar�-.�e.Ms�ua��� S��s �._ � �E• -3.�rs ��'�ia�� Aat��s�"p'��.,��nsd �#���?�-,�,d� _ ;1 � � �. Payiag a�eat agreea�exa� betwe� th� City� of S t Patui and '1"�►e Fi�rs� . � �� Hatiosal Bar�:k of Sa�.�it tPsul.�or�l:�pit�l �ap� t Boncks to be sold .April 19,1977 - � �3�=ox ,�a�QU�s,�an: ,; laat'�ority dir�ctittg proper �ity otficex$ Co etute aaid agree�na�lt. ,, ; , �� R�0LU1'�t� SHtlU�.D FOZ;YAK+T BQ�D R�SQ�PI , �T�OR7�IltG C� BtI�I�S ° -' : , � .: PU3iPt�.SE ADiD RAT�ONAIrS FQR 'TH�S 'liCCTI'ONz ,_ , 11ie Finance �oma�i��e+d h�s ��eqe�ded Clzat Firs� 1�stiona� �ai�t . � ' o£ Ssiat �aul be de�f�gnates� p8��iag agent, 't �her Mft`h 4he�i ��- hattsn.Bank, 1�. A, �o� A� "�dY�c, aa ao�-psyi agent, to,. petcf8rm certain duties as s+�C fo�rth i� �b� e��ewaen _ ' ATTACIiM�NTS: : Counci� resolut#:c�' ��$ethar vrith.fo�n af ag; t attaehed t�rs�o. s�c v . : ��a� i o � EXPLANATION OF ADMINISTRATIVE ORDERS, ��;Q Q�� " RESOLUTIONS, AND ORDINANCES k��J Date : March 18, 1977 TO: MAYOR GEORGE LATIMER FR: Mr. Robert G. Lang, Acting Director���' Department of Finance & Management Ser�res RE_ By: Barbara Asbury, _Borid Registrar ��l -- . ' , Paying agent agreement between the City of Saint Paul and The First National Bank of Saint �Paul for Capital Improvement �Bonds to be sold April 19,197T ACTION REQUESTED: Authority directing proper city officers to execute said agreement. THIS RESQLILTION SHOULD FOLLOW BQND RESf}LUTIQN AUTHORIZING CIB BONDS PURPOSE AND RATIONALE FOR THIS ACTION: The Finance Committee has recommended that The First National Bank of Saint Paul be designated paying agent, together with Chase Man- hattan Bank, N. A. of New York, as co-paying agent, to perform certain duties as set forth in the agreement. , ��'� %'�VI�+ ��"�� '/."r" , � C,WNI G•��7 � ��.��. � � ��� � � G a �r�,Q,� �., ' ATTACHMENTS: Council resolution together with form of agreement attached thereto. � WH17E - CITV CLERK COLLQCII �i'p����� PINK - FINANCE CANARY - DEPARTMENT � G I TY OF SA I NT PAU L �"vlJ���� � BLUE - MAYOR File NO. . 'l Resol�tion Presented By Referred To Committee: Date Out of Committee By Date WHEREAS, The Council has authorized the issuance and sale of Capital Improvement Bonds of the City; and WHEREAS, The Finance Committee has. reconnnended 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 respeetive 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 issue, and the proper City officers are directed to execute the necessary agreement for this purpose, in the form attached and as approved by the Finance Committee. � COUIVCILMEN Yeas Nays Requested by Department of: Butler—/9�BsTRiJ1/ � Finance and Management Services Hozza [n Favor Hunt J�,��� Levine � Against BY � Roedler / ���� Ac ing Direetor � bsa Sylvester Tedac o�� ��,�� � y �AR ' ,� � Form Approved by 'ty ttorney Adopted b Cofin ��`i�-''� pate --�„-.--��'4- 9 if{... , � � � �i.'� B Cer ed Pa� by Counc�I�S,e��tary Y .. s •" By . �' _ tf!'„ J�' v�j, M� � Approve by Mayor for Su is on to Council Approv d by Nlavor:�C�Date By BY � QUBLISHED APR Z �g�7 WHITF+ - CITV CLEFK � - � � PINK - FINANCE G I TY OF SA I NT I� ALT L Councii JCANqRY - DEPARTMENT � File NO. 9LUE: - MAYOFt �ou�zcil Resolution Presented �y � Referred To Committee: Date Out of Committee By Date WHEREAS, The Counci.l has authorized the issuance and sale of Capital Improvemen.t Bonds 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 Manhat�an 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 issue, and the proper City officers are directed to execute the necessary agreement far this purpose, in the form attached and as approved by the Finance Committee. COUNCILMEIV Requested by Department of: Yeas Naps Butler Finance and Management Services Hozza In Favor — Hunt ,�_- ,� ��/- Levine __ Against BY ------_ J�� �/ , �-iC/'✓l. Roedler Ac ing Director � //� bsa S ylvester Tedesco Form Approv�d by ity ttorney Adopted by Councit: Date __ Certified }'assed by Council Secretary BY – B� _ _ Apprnved by 1layor: Date —__ __ Approve by hlayor for Subfnis �on to Council . �., Y By --------- ��-- - -- sy _ _ ��.�-----� ..�—, ^ . $6,000, 000 CITY OF S�INT PAUL CAPIT�IL IAIPROVEAIENT BONDS, SERIES 1977 ' Dated 1!iay 1, 1977 AGREEMEI�'T REL�iTI\'G TO P�IYII�'G AGEhTCY THIS AGREED�IENT, rtade this day of , . - 1977, by and between THE FIRST NATIONAL BANK OF SAINT PAUL (the Banl:) and the CITY OF SAII�TT PAUL, a municipal corporation of the State of 1�Iinnesota (the A:unicipality) ; � 1YITNESSETH, THAT WHEREA5: A. The P�lunicipality has authorized the issuance of $6,000 ,000 City of Saint Paul General Obligation Capital Improvement Bonds, Series ].977, Numbered F-1 to F-12Q0, inclusive, hereinafter referred ' � to as Obligations; and - B. The Bank and 1+Iunicipality desire to state the terms and conditions by zJhich the Bank shall serve as paying agent for the Obligations ; ' NOj�, THEREFORE , In consideration of the premises and of the mutual. agreements herein contained, . it is agreed by the Bank and the tiunicipality as folloi�rs : � 1 . The A�Iunicipality hereby appoints the Bank as agent tv perform the duties herein described, and the Bank hereby accepts such appointment . This agreement shall be in force for the full � ter��i of the Obligations .