The URL can be used to link to this page

Home My WebLink About1983-094 ", San Bernardino ' 60,009-40-4 ~ . RESOLUTION NO. 83-94 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, APPROVING AN AGREEMENT FOR FISCAL AGENT SERVICES FOR THE $2,600,000 SEWER REVENUE REFUNDING BONDS, ISSUE OF 1983 WHEREAS, the City of San Bernardino (the "City") intends to issue its $2,600,000 City of San Bernardino, Sewer Revenue Refunding Bonds, Issue of 1983, (the "Bonds"); and WHEREAS, the City requires the services of a Fiscal Agent in connection with said issue of Bonds; and WHEREAS, Security Pacific National Bank has sub- mitted a proposal for furnishing such services. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE .ItAYOR AND CXJ.t.D< CDUNCIL OF TIiE CITY OF SAN IlffiNARDINO, CALIFORNIA, AS R>LLUWS: Section 1. The City hereby aqre.s to employ Security Pacific National Bank as Fiscal Avent for the Aqency 1n accordance with the t.rms of the Alrel..nt attached 1310.9(ab) 03/15/83 ~ San Bernardino 60,009-40-3 t to this Resolution and incorporated herein by reference and authorizes and directs the Mayor and City Clerk to execute the Agreement on behalf of the City. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Conunon ColDlcil of the City of San Bernardino at an adjourned re~~~fng thereof, held on the 24th day of March 1983, by the following vote, to wit: AYES: ColDlcil MenDers Castaneda, Reilly, Hernandez, Marks, Quiel, Strickler NAYS: None ABSENT: Council Member Hobbs A/~1?d/~AI/ CitY Clerk The foregoing resolution is hereby approved this c.Z Jl'7iL day of March , 1983. Approved as to form: ~ City Attorney San Bernardino 60,009-40-3 FISCAL AGENT AGREEMENT THIS AGREEMENT, made and entered into as of the d??'fi day of '-npi.-tL , 1983, by and between THE CITY OF SAN BERNARDINO (hereinafter called "City") and SECURITY PACIFIC NATIONAL BANK (hereinafter called "Bank"): WITNESSETH: . ':' WHEREAS, the Ci~y intends to issue Two Million Six Hundred Thousand Dollars ($2,600,000) principal amount of its City of San Bernardino, Sewer Revenue Refunding Bonds, Issue of 1983, (the "Bonds"); and WHEREAS, the Bank, upon request of the Agency, is willing to act as Fiscal Agent for said Bonds at the Bank's corporate trust office located in the City of. Los Angeles, California; and WHEREAS, the Bank will arrange for Co-Paying Agents in the Cities of New York, New York and Chicago, Illinois, to act as Co-Paying Agents; and .310.9(ab) 03/14/83 San Bernardino 60,009-40-4 WHEREAS, the Bank will compensate said Co-Paying Agents out of the fees paid to it by the City; and WHEREAS, it is mutally desirable that an agreement be entered into between the parties to provide for such fiscal and paying agent services. NOW, THEREFORE, the parties hereto, in considera- tion of the mutual covenants herein contained, agree as follows: Section 1. The Bank shall perform the duties as Fiscal Agent pursuant to the City's Resolution of Issuance for the Bonds adopted on March 24, 1983. Section 2. The Bank shall cause any or all of said Bonds and any coupons appertaining thereto to be honored in accordance with the terms thereof upon presentation of the s~e for payment or for collection upon maturity to the Bank or to the Co-Paying Agents in the Cities of New York, New York, or Chicago, Illinois. The City shall cause to be 2 .310.9(ab) 03/15/83 --, ,. ." San Bernardino, 60.009-40-3 . made available to the Bank all funds necessary in order to so honor said Bonds and coupons. provided that this paragraph shall not in any instance (1) require the City to make available funds other than from The Net Revenues of the Enterprise as provided in said Resolution of Issuance. or (2) require payment or disbursement of any funds in excess of the amount then on deposit for payment of said Bonds and coupons. Section 3. The Fiscal Agent shall establish the appropriate Funds and deposit funds therein all as provided in the Resolution of Issuance. The funds so deposited shall be held by the Bank in its corporate trust office and applied solely as provided in the Resolution of Issuance. Section 4. The Bank shall render to the City monthly statements showing amounts deposited," paid or disbursed, and shall, from time to time, cremate all cancelled Bonds and coupons and furnish a cremation certificate to the City. Section 5. The City shall pay to the Bank, on a semiannual basis, the fees set forth in "Exhibit A" attached hereto, plus all incidental expenses for which reimbursement . 3 '310.9(ab) 03/14/83 . . ~ San Bernardino 60,009-40-3 . .' . is claimed pursuant to Paragraph 6 hereof. The schedule of fees attached hereto as "Exhibit A" is subject to renegotia- tion should conditions warrant. Section 6. In addition to the fees provided in Section 5, the City shall reimburse the Bank for postage, express, insurance and other out-of-pocket expenses neces- sarily incurred by the Bank in the performance of its duties hereunder. Section 7. At least ten (10) days prior to the first payment or disbursement of principal or interest on the Bonds under the provisions of this Agreement, the City shall furnish the Bank with three (3) specimen Bonds. Section 8. The terms and conditions of this Agreement are intended for the mutual benefit. of the City and the Bank exclusively, and are not intended to give any third party any rights or claims, contractual or otherwise, hereunder. Section 9. The City agrees that the Bank shall not be required to honor any request made by anyone other than the City itself to stop payment on any lost, destroyed. 4 .310.9(ab) 03/14/83 ,.,. San Bernardino - 60,009-40-3 mutilated, or stolen Bond and/or coupon, or to pay any such Bond or coupon upon which there may be an adverse claim. The Agency will in such instances give the Bank written instructions as to the disposition of such adverse claim as the circumstances may warrant, and hereby agrees to hold the Bank harmless from any and all claims whenever the Bank acts in accordance with such instructions. IN WITNESS WHEREOF the parties hereto have caused "', these presents to be dul~ executed as of the day and year first above written. (SEAL) AP1~;;;C~ ~y A orney ATTEST: BY~/d4l~ City Clerk :-n~ONAL-- thorized Officer (BANI< SEAL) 5 .310.9(ab) 03/14/83 . . . sa::tlRl'l'Y PJlCIFIC NM'ICGU. BANK ~1LE OF FEES fUR JlCT]N; AS FI9:AL AGENr FOR THE CITlt' OF SAN BERNMDIN:> $2,600,000 $oiER REVENUE REFUNDING B:lNDS, ISSlJE OF 1983 ~FEE '... : J\n initial .ar""Xec:ur.ring charge that covers review of :relate::1 c30cuments in liai!lOn with issuer attm::neys and undenIriters and par- t.;...;pUon in 1:ond closing. .:~ $500.00 .~~FEE Jb......l an the principal a:ro.mt of Ix:mds out- st:arxllng at the !:e;iJming of each aJ'Il'IUil:L ~. .' ".0:';.. en the first $5,000,000 prioc,;p'" am:lllnt en the next $5,000,000 principal arromt en the next: $25,000,000 principal am:lllnt en the next $1,000,000 in excess of $35,000,000 $)50.00 per ,m''';''''' 250.00 per J'IInHon 125.00 per JIlnHon 15.00 per 17'nHnn MiniJmm armual fee $1.,loo.0D N01'E: If the Fi~J ~1t.'s duties include Jl'aZJa~a...At. ofaxe1ate::1 c:cnstructicm f&m;l, the alxwe rates will ~ inc:r:eased ~ 151. .. PA!MEN'l' CR Ilv~t Per C'iOl1parl Jl&t::ur.iDg . Per ("~tr h"'~ for xegistere:1 i..t;....e5t Minim.= dBrge ~ each interest pa)'DClt PA!MEN'l' CR PRIlCPAL Per b:md JlBturlng JtilUm:m cbaxge far each pr.incipal p.y.:ent ". .25 .50 SO.OO 2.50 SO.OO' )ciI-'''''J:MTICN SERVICES (If Jle("'-~ Per b::n1 xegiste:r:ed . Per b::n1 canceller:l Per laJaholder ~ JlBintainSl per III'JDl,l:IL Per each IOsth19 Jtinh:m amual fee . )..CIO .so 1.20 .20 100.00 .at: (bst CI11'-O'~ ~.cS