Loading...
264175 WHITE �CITY CLERK COII11C11 -)C���� PINK INANCE BL�ERV�AVORTMENT GITY OF SAINT PAUL File NO�. a~v ' il Resolution Presented By Referred To Committee: Date Out of Committee By Date Resolved, That the Council of the City of Saint Paul, upon advice of the Council's Subcommittee on Finance and Sinking Funds, does hereby approve Agreement between the City and the First National Bank of Saint Paul, said Agreement providing that the Bank shall be the City's fiscal agent for the Downtown Development District No. 1 Bonds, Series 1974, copy of �td Agreement being attached hereto; and the proper City officers are authorized and di- rected to execute the Agreements on behalf of the City of Saint Paul. COUIVCILMEN Requested by Department of: Yeas ��'�nsen. un Finance and Management Services - Accountin; 0 opatzki H�� `, In Favor vine Levine � �'� / edith Roedler Against By . (�t/ pr ka gylvester Director Tede o eSCO y Mme.President But� president Hunt SEP 5 �97� Form Approve y C' Attor ey /�! Adopted by Council: Date Cert' ' asse by Council Secretary BY i ' Y � Appro by Maxor: Da Appro, d by o or io 0 ouncil By BY PUBLISH�D SEP 10 i97� . ,, . � � 26�1`�5 � $500,000 CITY OF SATNT PAUL llOL�TNTOWN DEVELOPMENT DISTRICT NO. 1, � BONDS, SERIES 1974 Datc:d O�tober 1, 1974 AGREE.�NT RELATING TO PAYING AGENCY - � T�?IS !-�GREE�MENT, PR.�,.de this day of , 1974s by an3 between THE FIRST i�ATIONAL BAi�IK OF SAINT PAUL (the � Bank) and the CITY OF SA�.NT PAULP a tnunic.ipal Gorporat�on of the State of -r�innesota (the MuxSiczpality) ; . WITNESSETH, THAT WHEREAS� . � � - A. mhe Muni.cipa.lity Yias authorized the issua.nce of $500,000 :. - -.,, Ci4y of Saint Paul_Downtown Development District No. 1' Bonds, Series 1-974, (CC-1 �to CC-100 inclusive) , hereinafter r.eferred ta as O�ligations; B. The Bank and Mu.nicipality desire to state the terms and conditions by which the Bank shall serve as paying agent for the . Obligations; � - � � � . NOtid, THEREFORE, In considexat�on of the premises and of the mutual agz�aements herein contained, it is agreed by the Ba.nk and � the NiuiLi.cipality as f ol lows: 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 wi11 enter into a Co-Paying Agency Let�er Agx'eement with the Chase Manhattan Ba.nk of New York, which Letter Agreement will provide that the Cha.se Ma.�nhattan Bank, N.A. of New York, will pay principal and interest on the Ob"�igat�ons as they . are due and "will receive payment therefor from the Ba.nk, the terms and conditions for such services to be set forth in the said Co- Paying Agency Letter Agreernent, 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 ac�urate 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 statemeni, 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, iipon presentation of the Obligations or coupons i� f or pa.yment: . (d) Forthwith upon presentation and payment of Obligations or coupons, cancel the same by per- fora�ion or other appropriate means, and forward to Municipality all cancelled bonds and coupons at least once monthly. � (e) At least once monthly, forward to the Municipa.lity a statement showing remaining balances, receipts and disbursements for the payment of the principal, interest and call premiums, if any, of the Obligations. , 2. . . - . . . . . , ._ .. ....._ . _. . _ ,. ._. - ._. _ . . _. .. . . _.. . . .._ . _ _. . . _ .. . . � • �6��� • � 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 on the Obligat.ions 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 Ba.nk its fees and cha.rges for services perforr�led which are ten cents ($0. 10) per coupon due and onP dollar and twenty-five cents ($1.25} per f ive thousand dollar bond due. The fees and charges of sa3.d Ba.nk sha11 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 sha.Il not be required to pay interest on any funds of the Municipa.lity for any period during which such funds are held by the Bank ativaiting presentation of Obligations or coupons for payment. 6. In �he event that the Municipality sha.11 call any �Obligations for redemption, the responsibility for notifying the holders o£ the Obligations of such call shall rest solely with the Municipa.lity, and Ba.nk does not by this Agreement 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 pa.yable to Learer, 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 whether or not any other person ma.y 3. 264��� � assert a claim to, or awnership of, or an interest in any such Obligatzon or coupon. 8 . The Municipa.lity may issue registered bonds to -replace any existing bearer bonds and the registration sha.11 be as to both principal and interest. In the event registered bonds are issued, Municipality sha.11 ma.intain the registration books and shail pay principal and interest to such registered holder. Any principal and interest which sha11 be shown as registered in the b�oks of Municipality sha.11 be reduced from the statements to be submitted by the Ba.nk to Municipa?ity as set forth in Paragraph 3(b) above, and the Bank shall not be acco�.ntable for such principal � and interest. � 9. The Bank sha.11 not be liable for any loss aris�ng aut of � �any act or omission of the Municipality or any officer, employee or agent thereof. � 10. �he Bank sha.11 not pa.y any claims for alleged lost or destroyed Obligations or coupons unless duplicates ha.ve been . � issued by the Municipa.lity in accordance wi_th the' law and the Bank has been notified by the Municipa.lity of such issua.nce of said duplicates. The Bank sha.11 not be responsible for any duplicate payment resulting from the issuance of such duplicates . 1�. The Ba.nk shall not pa.y any Obligation or coupo� after the statute of limitations for the payment thereof has barred the claim therefor, and any funds remaining in the possession of the 4. , - ' . • �. . � � � ������ Bank for payment of Obli�ations or coupons on which the statute of lzmitations has run shall be returned to the Municipality upon the execution by the Municipality of an indemnity agreement in form satisfactory to the Bank. IN WITNESS WHEREOF, The Municipa.lity and the Bank ha.ve caused this Agreem�nt to be executed in their respective names by their duly_ authorzzed representat�ves in two counterparts, each of whi.ch shall be deezred an original. - Apprave�i as �o Fc�rm: ,- CITY OF SAINT PAUL � � _ � ' . ; . ' , ��,� �y. �ssi ta ,t- Ci�o�� e `7a or . � ._ Y �F , Y y ' � Director, Department of F.inance . and Ma.na.genlent Servzces ��SEAL) . � 4.j . � ' '� � � � ' � . THE FIRST NATIONAL BANK OF SATNT P�,UL , . � . - , By• . In�estment Officer . (SEAL) ' . . � . S. .. �, . � . . � � .� �� 2641"75 CITY OF SAINT PAUL OF�ICE OF THE CITY ADMINISTRATOR FRANK D. MARZITELLI Se�icemi�er 4, 1974 � T0: Mayor Lawrence D. Cohen � Fk: Frank D. Marzitelli I i�'� RE: Agreement with the First National 3ank of St. Paul concerning Developnent District ,onds I have reviewed the above referenced resolution and am in agreement with same. Your approval and submission to the City Council for action is recommended. FDM/ca Attach. City Hall, Saint Paul, Minnesota 551a?