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264114 WHI7E - CITY CLERK 1 264114 PINK -�INANCE COU11C11 CANARY - DEPARTMENT GITY OF; SAINT PALTL 1 B LiJ E -M�A Y O R . Flle N O. �A-G��=0131 ci Resolution , Presented By ' Referred To Committee: Date Out of Committee By Date I RESOLVED, Tha.t the Counci�l of the City of Saint Paul, upon advice of the Council' s Subco�mittee on Fin�.nce, does hereby approve Agreement between the City an� the First National Bank of Saint Paul, said Agreement providin� tha.t the Ba.nk sha.11 be the City' s fiscal agent for the General (�bligation Bonds, Series 1974-K, copy of said Agreement being attacl�ed hereto, and the proper City officers are authorized and directed t� execute the Agreement on beha.lf of the City of Saint Paul. I COU[VCILMEIV Requested by Department of: Yeas Nays Christensen Finance nd Management Services Hozza �_ In Favor i Levine J� � Rcedler �`' Sylvester � Against By lrec or Tedesco President Hunt 197� Adopted by Council: Date AuG �' 9 Form Approved Cit Att r y I Certifi ass by Council Secretary �� By � 1 3 1974 '' A roved b M�r Submission to Council �`��� Appro by Mayor: Date pp y % !,l By PUBtISNED SEP 7 i9�4 �I � DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES ������ DIVISIC�N OF ACCOUNTING 109 CITY HALL ROBERT W.TRUDEAU SAINT PAIUL,MINNESOTA 55102 CLEMENS J.SCHLECK Diredor Chief Accountant Au�ust 22, 1974 Mr. Frank Marzitelli City Administrator City of Saint Paul __—��. ". 3rd Floor - Building Dear Mr. Marzitelli: The attached council resolution is submitted for your information and review. Please forward same to the Ma.yor for his signature as soon as possible. Sale of the $6,000,000 Urban Renewal bonds is scheduled for September 25, 1974 and it is imperative this resolution is approved by the Council before additional resolutions relative to the Sale are presented to the Council for cons3deration. Sincerely, C. J. Schleck Chief Accountant ���.a` Barbara Asbury attach. � �� .� � 2s4114 $6,000,000 CITY C1 SAINT PAUL URBAN RENEWA BONDS, SERIES 1974-K Dated ctober 1, 1974 (C-1 T rough C-1200) AGREEMENT R�LATING TO PAYING AGENCY THIS AGREEMENT, Ma.de thi day of , 1974, by and between THE FIRS NATIONAL BANK OF SAINT PAUL (the Ba.nk) and the CITY OF SAINT P UL, a municipal corporation of the State of Minnesota (the Munic pa.lity) ; WITNESSETH, THAT WHEREAS � A. The Municipality ha.s ,authorized the issuance of $6,000,000 City of Saint Paul Urban Rene al Bonds, herein,after referred to as Obligations; and B. The Ba.nk and Munici lity desire to state the terms and i . conditions by which the Bank ha.11 serve as paying agent for the Obligations; NOW, THEREFORE, In consi eration of the premises and of the mutual agreements herein cont ined, it is agreed by the Bank and the Municipality as follows: l. The Municipality her by appoints the Bank as agent to I perform the duties herein des ribed, and the Ba.nk hereby accepts such appointment. This agree ent shall be in force for the full term of the Obligations. � r � ����� . � 2 . The Ba.nk wi11 enter nto a Co-Paying Agency Letter Agreement with the Cha.se Ma. ' ttan Bank of New York, which Letter Agreement will provide tha.t t e Chase Ma.nhattan Ba.nk, N.A. of New York, will pa.y principa.l and nterest on the Obligations as they are due and will receive pa.ym� nt therefor from the Bank, the terms and conditions for such servi es to be set forth in the said Co- Paying Agency Letter Agreemen , a copy of which sha.11 be attached hereto as Exhibit B. 3 . In the performance o its duties as such pa.ying agent, the Bank shall: a Kee true and accurlte accounts of the outstandin � ) P g principa.l balances f the Obligations. {b) Not less than forty five (4�� �a;�s before the due date of any princi 1 of or interest on the Obligations, send a statement to the Municipality of the amount whic � will be required to pa.y the principal of and i erest on the Obligations on such date. (c) With the funds rece ved from the Municipality, pa.y such of the princi l of and interest on the Obligations as are ue on the stated payment dates, upon presentation o the Obligations or coupons f or pa.yment. (d) Forthwith upon pres ntation and pa.ymen.t of Obligations or cou ns, cancel the same by per- fora�ion or other propriate means, and forward to Municipality alljcancelled bonds and coupons at least once monthly. (e) At least once mont �y, forward to the Municipa.lity a statement showing rema.ining balances, receipts and disbursements f r the payment of the principal, interest and call emiums, if any, of the Obligations . I i , 2 . . . _ � , . _ � ; . � . _ . �, � . • . � - 4. The Municipality shall: (a} Remit to the Ba.nk n t later tha.n one day before the payment date of �any of the principa.l of or interest on the Obl 'gations the sum declared by the Bank to be need d for pa.yment of the Obliga- tions and coupons d e on said date. (b) Pay to the Ba.nk its I'fees and charges for services performed which are ten cents ($0.10) per coupon due and one dollar nd twenty-five cents ($1.25) per five thousand d llar bond due. The fees and cha.rges of said Ba.r sha.11 in no event become a charge agains� the unds remitted by the Municipal- ity for pa.yment of rincipa.l of and interest on the Obligations. 5. The Ba.nk sha.11 not b required to pay interest on any funds of the Municipa.lity for any period during which such funds are held by the Ba.nk awaitinglpresentation of Obligations or coupons for payment. i, 6. In the event tha.t th� Municipality shall call any Obligations for redemption, t e responsibility for notifying the holders of the Obligations of� such cal� sha.11 rest soiely with the Municipality, and Ba.nk does t by this Agreement undertake any responsibility or assume any bligation to notify holders known or unknown of any such call f r redemption. 7. With respect to cou ns or Obligations payable to bearer, the Ba.nk ma.y treat the beare or presenter of any such coupon or Obligation as the owner ther �of, and such bearer or presenter shall be conclusively presum �1. to be a person authorized to receive payment thereof regardless o � whether or not any other person may 3. � , . _ . . _ . � � � 264114 � . � � assert a claim to, or owners p of, or an interest in any such Obligation or coupon. 8 . The Municipality ma. issue registerecl 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, Municipa.lity shall �ntain the registration books and shall pay principal and inte �st to such registered holder. Any principal and interest which Sha.11 be shown as registered in the books of Municipa.lity sha.11 � reduced from the statements to be submitted by the Ba.nk to Mun'��pality as set forth in Paragraph 3(b) above, and the Bank sha �1 not be a�cov.ntable for such principa.l and interest. 9. The Ba.nk shall not ' liable for any lass arising out of i any act or omission of the icipa.lity or any officer, emplayee or agent thereof. � � ; 10. The Ba.nk sha.11 'not t,pay any claims for alleged lost or destroyed Obligations or cou ns unless duplica.tes have been issued by the Municipa.lity i accordance with the law and the � Bank has been notified by th I Municipality of such issuance of said duplicates. The Ba.nk s 11 not be responsible for any duplicate payment resulting �rom the issuance of such duplicates . 11. The Ba.nk shall not Ipay any Obligation or coupon after the statute of limitations f r the payment thereaf has barred the claim therefor, and any fund rema.ining in the possession of the 4. . . , u . � � � . .. ' . ._ . . . �� � � . 26���,� Ba.nk for pa.yment of Obligatio s or coupons on which the statute of limitations ha.s run sha.11 e returned to the Municipality upon 'the execution by the Municipa 'ity of an indemnzty agreement in form satisfactory to the Bank IN WITNESS WHEREOF, The nicipality and the Bank have caused this Agreement to be executed � in their respective names by their duly_ authorized representativ s in two counterparts, each of which sha.11 be deemed an origina.l. Approved s �q Form: `CITY OF SAINT PAUL � � '� , ,�� � �. y• As s is 'taarit;Ci,.ty �A�torney Mayor � � \!� 1 Director, Depa.rtment of Finance and Mana.gement Services (SEAL) '�I'HE FIRST NATIONAL BANK OF SAINT PAUL �y: Investment Officer (SEAL) 5.