265003 WHITE - CITV CLERK �S�C('�o�
PINK - FINANCE GITY �OF SAINT PAZTL Council JU
CANARY - DEPARTMENT
BLUE �- MAVOR File N�O.
, � _-� C�ou�ZCil Resolution .
Pre�ented By �� � �'�''� ` �+M-'�
f
Referred To � Committee: Date
Out of Committee By Date
WHEREAS' The Council ha.s authorized the issua.nce and sale of
City General Obligation Bonds for capital improvements, water pol-
lution abatement purposes, and rehabilitation loan and grant
programs; and
WHEREAS, The Fina.nce Committee ha.s recommended tha.t the First
Nationa.l Bank of Saint Paul be delegated as paying agent for these
bonds with the Cha.se Ma.nhattan Bank of New York as co-pa.ying agent
pursua.nt to agreements entered into between the respective banks;
now, theref ore, be it
RESOLVED! Tha.t the Council of the City of Saint Paul does
hereby approve selection of the First National Bank of Saint Pav:i
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.
COUIVCILMEN Requested by Department of:
Yeas Nays
Christensen � Finance and nagement Services
Hozza 7 In Favor
Levine r-j
�� �� Against BY
Sylvester Di c
�'�'a"'
President Hunt
F� � ' �� Form Approved by ity torney
Adopted by Council: Date
Certified P e Counci e ar � BY
By
Approv Mayor: D Approved by ayor Su ission to Council
gy By
�ue��sH�n f E8 151975
' ������
CITY OF SAINT PAUL -
$l,500,000 G. 0. REHEI.BILITATION
� LOAN AND GRANT BONDS
� $4,000,000 WATER POLLUTION
ABATEMENT G. 0. BONDS
� SERIES 1975
AGREEMENT RELATING TO PAYING AGENCY
THIS AGREEMENT, Made this �_ day of �
1975, 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) ,
WITNESSETH, THAT WHEREAS:
A. The Municipality ha.s authorized the issuance of $1,500,000
City of Saint Paul General Obligation Rehabilitation Loan and Grant
Program Bonds, Series 1975 (DD-1 through DD-300, inclusive) , and
� $4,000,000 City of Saint Paul Water Pollution Abatement Bonds,
Series 1975 (DDD-1 through DDD-800, inclusive) , hereina.fter re-
ferred to as Obligations .
B. The Bank and Municipality desire to state the terms and
conditions by which the Bank shall serve as paying agent for the
s Obligations ;
NOW, THEREFORE, In consideration of the premises and of the
mutual agreements herein contained, it is agreed by the Bank and
the Municipality as follows :
i
. • ��ti����
1
� 1. The Municipality hereby appoints the Ba.nk 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 Manha.ttan Bank of New York, which Letter Agreement
will provide that the Chase Ma.nhattan Bank, N.�1. of New York, will
pay principal and interest on the Obligations as they are due and
E
will receive payment therefor from the Ba.nk, the terms and condi-
tions 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 performa.nce of its duties as such paying agent, the
; Bank shall:
�
(a) Keep tr�e and accurate accounts of the outstanding
. principal balances of the Obligations .
i
� (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 Municipality, 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
pa.yment .
(d) Forthwith upon presentation and payment of Obliga-
tions or coupons, cancel the same by perforation
or other appropriate means , and forward to
- Municipality all cancelled bonds and coupons at
least once monthly.
2 .
� ��"���aJ'J
, (e) At least once monthly, forward to the Municipality
a statement shoca�ing remaining balances, receipts
� and disbursements for the payment of the principal,
interest and call premiums, if any, of the
Obligations . �
4. The Municipality sha11: •
(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.
(U) Pay to the Bank its fees and charges for services
performed which are ten cents per coupon due and
$1.25 per $5,000 bond due . This schedule of
cha.rges shall remain in effect for the term of
' this Agreement; provided, however, that the fees
shall be subject to review periodically on a five-
year basis to determine the ratio of the existing
service charge to the cost-of-living at the time
of review so as to provide for adjustments as ma.y
be necessary in an upward or downward direction. •
The Bank' s fees and charges shall never exceed an
amount determined by multiplying the charges in
effect at the time of execution of this Agreement
K and set forth above by the percent of increase in
the "Index for Minneapolis-St. Paul, Minnesota" en-
titled "all items" (being a part of the "Consumer
' Price Index - U. S . City Average and Selected Areas
(1967=100) published by the Bureau of Labor
Statistics of the U. S . Department of Labor) between
: the date of this Agreement and the date of ar�y such
proposed increase or decrease and by adding or sub-
; tracting the sum thus obtained to the charges in
effect on the date of execution of this Agreement.
The fees and charges of the Bank shall in no event
' become a charge against the funds remitted by the
Municipality for payment of principal of and inter-
est 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.
3.
_ . _.._��_,.�.�,,�.� �,_:�,..,..._.,.4�:�_.. .
6. In the event that the Municipality sha.11 call any
Obligations for redemption, the responsibility for notifying the
. holders of the Obligations of such call sha.11 rest solely with
the Municipality, and Bank does not by this Agreement undertake
any responsibility or assume any obliga�ion to notify holders
known or unknown of any such call for redemption.
7 . With respect to coupons or Obligations payable to bearer,
the Bank may treat the bearer or presenter af any such coupon or
Obligation as the owner thereof, and such bearer or presenter
a 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 ownership of, or an interest in any such
Obligation or coupon.
;i .
8 . The Municipality may issue registered bonds to replace
� any existing bearer bonds and the registration sha11 be as to both
principal and interest. In the event registered bonds are issued,
Municipality shall maintain the registration books and shall pay
x principal and interest to such registered holder. Any principal
� and interest which shall be shown as registered in the books of
Municipali�y shall be reduced from the statemerits to be submitted
�
i by the Bank to Municipality as set forth in Paragraph 3(b) above,
? and the Bank sha11 not be accountable for such principal and
; interest.
;
; 9 . The Ba.nk shall not be liable for any loss arising out of
� any act or omission of the Municipality or any officer, employee
! 4.
/ .
or agent thereof.
' 10. The Bank shall not pay any claims for alleged Zost or
destroyed Obligations or coupons unless duplicates have been issued
by the Municipality in accordance saith the law and the Bank has
been notified by the Municipality of such issua.nce of said dupli-
� cates . The Bank shall not be responsible f or any duplicate payment
resulting from the issua.nce 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 which the statute of
; limitations has run shall be returned to the Municipality upon the
execution by the Municipality of an indemnity agreement in f orm
, satisfactory to the Bank.
IN WITNESS WHEREOF, The Municipality and the Bank ha.ve 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 origina.l. '
Approved as to Form: CITY OF SAINT PAUL
Assistant City Attorney Mayor
irector, epartment o Finance
(SEAL) and Ma.na.gement Services
;
THE FIRST NATIONAL BANK OF SAINT PAUI
By:
' nvestment icer
; (SEAL)
:; S.
- w
j $6,500,000 CITY OF SAINT PAUL CAPITAL IMPROVEMENT
' GENERAL OBLIGATION BONDS
' SERIES 1975
Dated March 1, 1975
AGREEMENT RELATING TO PAYING AGENCY
THIS AGREEMENT, Made this day of ,
� 1975, 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) ;
WZTNESSETH, THAT WHEREAS : �
A. The Municipality ha.s authorized the issua.nce of $6,500,�00
City of Saint Paul Capital Improvement General Obligation Bonds,
Series 1975 (D-1 to D-1300, inclusive) , hereinafter referred to as
Obligations; and
B. The Bank and Municipality desi-r_•� to state the terms and
conditions by which the Ba.nk sha.11 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 Municipality as follows: .
1. The Municipality hereby appoints the Bank as agent to
' per£orm the duties herein described, and the Ba.nk hereby accepts
such appointment. This agreement sha.11 be in force for the full
term of the Obligations .
2. The Ba.nk will enter into a Co-Paying Agency Letter
' Agreement with the Chase Manha.ttan Ba.nk of New York, which Letter
. y - �U`cJ4.1�1�
;
� Agreement will provide that the Chase Manhattan Bank, N.A, of New
York, 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 sha.11 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 f orty-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 Municipality, 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 perfor-
ation or other appropriate means, and forward to
Municipality all cancelled bonds a.nd coupons at
least once monthly.
(e) At least once monthly, forward to the Municipality
a statement showing remaining balances, receipts
and disbursements f or 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
2 .
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 �ank shall in no event become a
charge against the funds remitted by the Munici-
pality 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 sha.11 call any Obliga-
tions for redemption, the responsibility f or notifying the holders
of the Obligations of such call shall rest solely with the Muni-
cipality, 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 redemption. •.
i
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 pay-
ment thereof regardless of whether or not any other person ma.y �
assert a claim to, or ownership of, or an interest in any such
Obligation or coupon.
3 .
" ������
. I
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 sha.11 ma.intain the registration books and sha.11 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 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 sha.11 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 sha.11 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 issua.nce of said dupli-
, cates . The Bank sha.11 not be responsible fo� any duplicate payment '
; resulting from the issua.nce 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 which the statute
_ of limitations has run sha.11 be returned to the Municipality upon
4.
• , ... ���q..l�'J
ac
the execution by the Municipality of an indemnity agreement in.
- form satisfactory to the Bank.
�
IN 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
sha11 be deemed an original.
Approved as to Form: CTTY OF SAINT PAUL
:
ssistant ity ttorney yor
Director, Department of Finance
and Management Services
,
(SEAL)
; THE FIRST NATIONAL BANK
t OF SAINT PAUL
By•
.
nvestment ricer
(SEAL)
;
�
i
� •
,
1
;
�
;
= 5.
�