266495 WH17E - GTV CLERK � COIIIICIl �66495
� PINK - FINANCE GITY OF SAINT PALTL 1 �
CANARV - DEPARTMENT
BLUE -MAVOR � FIl@ NO.
- , cil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
�HEREAS, The Council has authorized the issuance and sale
of City General Obligation Bonds for powntown Development
District No. 1, Series 1975, and Urban Renewal Series 1975-L;
and
WHEREAS, The Finance Comtnittee 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 issue, 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
Yeas Nays Requested by Department of: Fin. & Mgmt. SerViCes
Christensen
Hozza � In Favor
Levine ""�
Sylvester � Against BY � �'
Tedesco '
President Hunt QEC
Adopted by Co . Date � b 197� Form Appro b City torney
Certifi asse ouncil Secretary BY
Y
Approved by Mav Date C , 8 �� Approve y for Submission to Counci
By B
Pt1BLtS E� O E C 2 � �
. . � . . . 266495
CITY OF SAINT PAUL
$4,600,000 GENERAL OBLIGATION
DOWNTOWN DEVELOPMENT DISTRICT N0. 1 BONDS
SERIES 1975
AGREEMENT RELATING T0 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 has authorized the issuance af $4,600,000
City of Saint Paul General Obligation Downtown Development District
No. 1 Bonds, Series 1975 (1 through 920) , hereinafter referred
to as Obligati�ns. �
B. The Bank and Municipality desire to sta.te 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 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, will pay principal and interest on the
Obligations as they �re due and will receive payment therefor
from the Bank, the terms and conditions for such services to be
set �orth 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-f ive (45) days before the due
date of ariy 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 ar.e due on the stated payment dates,
. upon presentatio� of the Obligations or coupons for
. , P�Yrr�ent.
(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.
,
(e) At least once monthly, forward to the Municipality
a statement showing rema.ining 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 befare 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
erformed which are ten cents per coupon due and �
�$1. 25 per $S,OOO bond due. This schedule of
charges shall remain in effect for the te�m of
this qgreement; provided, however, that the fees
shall be subject to review periodically on a f ive-
year basis to determine the ratio ot the existing
service charge to the cost-of-living at the time
of review so as to provide for adjustments as may
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
and set forth above by the percent of increase in`
the "Index for Minneapolis-5t. 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 La.bor) between
�the date of this Agreement and the date of any 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 Obligation.s.
3.
5. The Bank shall not be required to pay interest on an�
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 under�ake
any responsibility or assume any obligation to notify holders
known or unknown of any such call for redemption.
7 . With respect to coupons or Obligations payable to bearer,
the Bank ma.y treat the bearer or presenter of any such caupon or
Obligation as the owner thereof, and such bearer or presen�er
shall be conclusively presumed to be a person authorized to. re-
ceive 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.
8 . The Municipality ma.y 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
r .
� � issued, Municipality shall maintain the registr.ation book� and
shall pay principal and interest to such registered holder. Any
principal and interest which shall be shown as registered in
4.
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 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 bee� no-�ified 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 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 Munici-
pality upon the execution by the Municipality of an indemnity
agreement in form satisfactory to the Bank.
, 5.
.
, , . r . .
,
IN WITNESS WHEREOF, The Municipality and the Bank have
caused this Agreement to be executed in their respective names
by �heir duly authorized representatives in two counterparts,
each of which shall be deemed an original.
Approved as to Fo m: CITY OF SAINT PAUL
Assi a C ty Atto e Mayor ,
Director, Dept. of Finance
(SEAL) and Management Services
THE FIRST NATIQNAL BANK OF SAINT PAUL
By
(SEAL) Investment Off icer
. �
6.
. QC�
. . ,
_ ..
_ ����JV
CITY OF SAINT PAUL
$4, 100,000 GENERAL OBLIGATION
URBAN RENEWAL BONDS
SERIES 1.975-L
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 has authorized the issuance of $4, 100,000
City of Saint Paul General Obligation Urban Renewal Bonds, Series
1975-L (1 through 820} , hereinafter referred 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
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 perform the duties herein described, and the Bank hereby
accepts such appointment. This Agreement shall be in force
for the full term of the Obligation�.
2. The Bank will enter into a Co-Paying Agency Letter
Agreement with the Chase Manhattan Bank of New York, which
Letter Agreernent will provide that the Chase Ma.nhattan Bank,
N.A. of New York, will pay principal and interest on the
.
Obligations as they are rlue 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 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 �rincipal of and interest on th�
4bligations as are due on the stated payment dates,
upon presentation of the Obligations or coupons for
payment.
(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 cov.gons at
least once monthly.
� 2.
(e) At least once monthly, forward to the Municipality
a statement showing rema.ining balances, receipts -
and disbursements for the payment of the principa�,
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 int�rest
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
�erformed which are ten cents per coupon due and ,
1. 25 per $5,000 bond due. This schedule of
charges 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 may
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
and set forth above by the percent of increase in ,
the "Index for Minneapolis-St. Paul, Minnesota"
entitled "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 any 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 fu�ds
3. .
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 sol.ely
' alit and Bank does not b this reement
with the Municip y, y �
undertake any responsibility or assume any obligation 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 of any such
coupon or Obligation as the owner thereof, and such bearer or
presenter shall be conclusively presumed to be a person author-
ized 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.
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, Muni�cipality 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 Municipality shall be reduced from the state-
ments to be submitted by the Bank to Municipality as set forth
4.
_ _
,
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
o ut 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 shal'1 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 rema.ining 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 Munici-
pality upon 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 nac�es
by their duly authorized representatives in two counterparts,
each of which sha11 be deemed an original.
5.
Approved as to Form• CTTY OF SAINT PAUL
Assist ' y A orne Mayar
(SEAL) Director, Department of Finance
and Management Services
.
THE FIRST NATIONAL BANK OF
SAINT PAUL
By
(SEAL) Investment Off icer
6.
y . . . . � � . . �
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. P.ESOT�U'��ONS AND, flRDINANCES ' ' �
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