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Home My WebLink About1981-029 '/ San Bernardino 60,00'9..21-'3_ t - RESOLUTION NO. ?/-c1'T RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING A CERTAIN AGREEMENT FOR FISCAL AGENT SERVICES AND APPOINTING PAYING AGENT AND/OR FISCAL AGENT ASSESS~mNT DISTRICT NO. 5861 THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: section 1. The Mayor and Common Council have . . authorized issuance of improvemeri-f-bonds ~derOrd:lnance No. 3902, as amended, and the Improvement Bond Act of 1915 of the State of California for Assessment District No. 5861. Section 2. The city has received a proposal by , which it would enter into an agreement with the. Bank of America National Trust and Savings Association for said Bank to act as Paying Agent and/or Fiscal Agent for the Bonds for Assessment District No. 5861. Section 3. Bank of America National Trust and savings Association, is hereby appointed Paying Agent and/or Fiscal Agent for Bonds issued in said Assessment District, and said Bank shall be paid in accordance with the Fiscal Agent Agreement between the City and said Bank of America #150-1 1/15/81 Cab) ~ San Bernardino 60,009-21":3. ." National Trust and Savings Association, attached hereto as Exhibit A and by this reference made a part hereof. section 4. The city Clerk of the City is hereby authorized and directed to file a certified copy of this Resolution with the Bank of America National Trust and Savings Association, Corporate Agency Division, Main Office, 555 South Flower Street, Los Angeles, California 90071. 2 #150-1 1/15/81 (ab) <, ,.. ". San BernarClino 60,009-21-1' I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and Common Council of the City of . J'l//",I!,u meeting thereof, held on the , 19B1, by the following vote, to e\foregoing Resolution is hereby approved this i it'!!: day of wit: AYES: NAYS: ABSENT: <></ day APPROVED AS TO FORM: Councilmen: df~,L, c;MLf -jLh';;Y< YiL,~~ ~/~"y .&;;~~i . t . . ~. .' :t- JA~.-<-, ~4"~~ oAt?//4VI/~~ / City Clerk , 19B1. of San Bernardino &~-4J ty A t ney P21 Cap) 1/15/Bl -3- -_._.._...+ ~ San Bernardino 60,009-21-4 PAYING AGENCY AGREEMENT THIS AGREEMENT, made and entered into this ;5$ day of ~~ , 191L, between the CITY OF SAN BERNARDINO . / (hereJ.nafter called the "City") and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking association, (hereinafter called the "Bank"). WIT N E SSE T H: WHEREAS, the City has authorized and may from time to time issue three million dollars ($3,000,000) principal amount of bonds designated Improvement Bonds for Assessment District No. 5861 (the "Bonds") and wishes the Bank to act .as Agent to pay and if applicable register said Bonds. The City may from time to time include other existing or future bond issues under the terms of this Agreement by notifying the Bank in writing that it wishes the Bank to act as Agent therefor. The Bank, as a Paying Agent, is to pay said Bonds and Coupons and shall arrange for their payment in the City of Los Angeles, California. If so designated by the 1 #152.1 ph 2/9/81 , San Bernardino 60,009~2l-4 City, the Bank shall also arrange for payments to be made in the cities of San Francisco, California, New York, New York and Chicago, Illinois. Section 1. The City hereby appoints the Bank as its Agent to pay and if applicable register the Bonds and Coupons referred to above. Unless otherwise agreed, the Bonds, if registered, will be registrable as to principal and interest only. Section 2. The City will deposit with the t principal office of the Bank in Los Angeles, California, on or before the maturity date of Bonds and Coupons to be paid, or otherwise by their terms becoming payable, funds for payment of said Bonds and Coupons. Section 3. The Bank will cause all of said Bonds and Coupons pertaining thereto to be honored in accordance with their terms upon presentation at maturity or when by their terms they otherwise become payable to the Bank. The Bank will hold and apply any monies deposited with it solely for the payment of the Bonds and Coupons. 2 #152.1 ph 2/9/81 San Bernardino 60,009-21-4 Section 4. The City will deliver to the Bank, at least sixty (60) days prior to the payment date of the first Bonds and Coupons to be paid, the following documents: 3 Specimen Bond(s) of each interest rate 3 Bond Resolution(s) 30 Bond Legal Opinion(s) 3 Debt Service Schedule(s) Section 5. The City will pay to the Bank fees when monies for maturing Bonds and Coupons are payable under Paragraph 2 of this Agreement, as follows: Annual Administration Fee Payment of Bonds at maturity or when entire principal amount is called for redemption Payment of Coupons Payment of Bonds prior to maturity by partial call Registration of Bonds (exchange or transfer) Payment of interest on Registered Bonds by check $50.00 2.00 each .17 each 2.00 each 2.00 each .42 per check Annual safekeeping charges of'$.02 per $1,000 bond value or sheet of coupons attached therefrom Note: The above fees include the destruction or return to principal of all Bonds and Coupons paid; and the normal reimbursement to the Bank of postage (first class rate - $.15), express and insurance charges. Charges for performing any services not contemplated at the time of the execution of this Agreement or not specifically covered elsewhere in the above schedule will be determined by appraisal in amounts commensurate with the service. 3 1152.1 ph 2/9/81 San Bernardino 60,009~21-4 Section 6. The foregoing schedule is subject to renegotiation should conditions warrant. Section 7. In the event the City designates Co-Paying Agents in the cities of New York, New York and Chicago, Illinois, the Bank will compensate said Co-Paying Agents out of fees paid to it by the City. Section 8. The Bank will destroy all Bonds and Coupons paid and will submit monthly statements of destruction reflecting the monies deposited and the monies paid, and specifying the destroyed Bonds by bond number and the destroyed Coupons in bulk. Section 9. The Bank will not be required to honor any request made by anyone other than the City to stop payment on any lost, destroyed, mutilated, or stolen Bearer Bond or to pay any Bond or Coupon the ownership of which is disputed. The City may instruct the Bank what to do in these circumstances, and hereby agrees to hold the Bank harm- less from any and all claims resulting from acts of the Bank in accordance with such instructions upon request therefor by said Bank. 4 #152.1 ph 2/9/81 San Bernardino 60,009'-21-3 Section 10. The Bank will submit its statement for fees and expenses due the Bank and the City will pay said statement in accordance with Paragraph 5 of this Agree- ment. Statements for fees and expenses unpaid after thirty (30) days are subject to a handling charge of 2%. All notices, documents and other Section 11. correspondence.will be mailed or delivered to the Bank at Bank of America, Corporate Agency Division, 555 South Flower Street, Los Angeles, California 90071, and to the City at 300 North "0" Street, San Bernardino, California 92418, or to such other address as either party shall from time to ~ time indicate in writing to the other. Section 12. The City upon ninety (90) days' written notice to the Bank, may terminate this Agreement. section 13. The Bank upon ninety (90) days' written notice to the City, may terminate this Agreement, provided, however, that upon default by the City under any provision of this Agreement or upon failure of the City to deposit monies with the Bank for payment of Bonds and Coupons which the Bank has agreed to pay, the Bank may immediately 5 #152.1 ph 2/9/81 San Bernardino 60,009:"21-4 terminate this Agreement by giving written notice to the City Clerk of the City. THE TERMS AND CONDITIONS OF THIS Agreement are intended for the mutual benefit of the City and the Bank exclus~ely, and are not intended to give any third party any right or claim, contractual or otherwise, hereunder. IN WITNESS WHEREOF, the parties have caused these presents to be duly executed, the day and year first above written. City of no, California [SEAL] ATTEST: ~/4?d/~M City Clerk of the City of San Bernardino, California BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION By -f e.eT .kAh iT Title TRUST OFFICER 1~J~ 7;:d tU~~ By Title h '/!l<;?l nh ?/7/Rl