HomeMy WebLinkAbout1986-508
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SBE077-24/2054S/de
11/24/86
RESOLUTION NO. ~08
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPOINTING A
FISCAL AGENT AND APPROVING A FISCAL AGENT
AGREEMENT FOR PURPOSES OF SERVICING CERTAIN
ASSESSMENT BONDS
WHEREAS, the Mayor and Common Council of the City of
San Bernardino, California (the "Mayor and Common Council"), intend
to refund the $13,400,000 City of San Bernardino, Improvement Bonds,
Assessment District No. 961, Series 1985 (Park Centre) (the "1985
Bonds"),
by issuing its
City of
San Bernardino,
California,
Improvement Refunding Bonds, Assessment District No. 961, Series
1986, in an aggregate principal amount equal to $12,450,000 (the
"Bonds") pursuant to the terms and provisions of the Refunding Act
of 1984 for 1915 Improvement Act Bonds, being Streets and Highways
Code of the State of California, Section 9500, et seq. (the "1984
Act"); and
WHEREAS,
at
this
time
the
City
of
San Bernardino,
California (the "City"), desires to appoint a qualified fiscal agent
for purposes of servicing the Bonds it proposes to issue for
Assessment District No. 961 (the "Assessment District"); and
WHEREAS, First Interstate Bank of California has submitted
a proposal for furnishing such services.
- 1 -
D,
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
That the above recitals are all true and
correct.
Section 2. That First Interstate Bank of California is
hereby appointed to act as Fiscal Agent for the purposes of
servicing the Bonds issued under the provisions of the 1984 Act for
the Assessment District.
Section 3. The City hereby agrees to employ First
Interstate Bank of California as Fiscal Agent for the City in
accordance with the terms of the Fiscal Agent Agreement attached to
this Resolution as Exhibit "A" and incorporated herein by reference
and all of the terms and conditions contained therein are hereby
approved and accepted, and the City hereby authorizes and directs
the Mayor, the City Treasurer, the City Clerk or any other
authorized officer of the City to execute the Fiscal Agent Agreement
on behalf of the City.
Section 4.
adoption.
This
Resolution shall take effect upon
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"
I HEREBY
adopted by the
San Bernardino at
held on the 8th
the following vote,
CERTIFY that the foregoing
Mayor and Common Counci 1
an ad;ourned regulAr
day of Der.p.mher
to wit:
resolution
of the
meeting
was duly
Ci ty of
. thereof,
1986, by
AYES:
Council Members Estrada Rp.i lly Onip.l Strir.klp.r
NAYS:
Cnl]n~il MAmhAT FrR~iAr
ABSENT:
COllnr.il MAmhpr~ HArnAnnp.7. M.FIrk~
i~~~
San Bernardino
~~~~4tt
Ci12j Clerk
day of
The foregoing
December
resolution is hereby approved this
, 1986.
Approved as to form:
L ..1 1i4#f.1f.~
/II~ Ci ty Attorney
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ge~
SAMPLE FISCAL AGREEMENT
========-=----=========
THE CITY OF SAN BERNARDINO
FISCAL AGENCY AGREEMENT
(Assessment District No. 961, Series 1986)
THIS AGREEMENT is dated for convenience as of the (date) day of
(month), 1985 between THE CITY OF SAN BERNARDINO herein called
liThe city" and FIRST INTERSTATE BANK OF CALIFORNIA, herein
called "The Bank".
WITNESSETH:
WHEREAS, The city has authorized and provided for the issuance
of $ (amount) principal value of its (tvpe of securities)
, herein called" ", and wishes The Bank to act as Fiscal
Agent with respect to the issue.
NOW, THEREFORE, in consideration of the premises, the parties
hereto agree as follows:
1. The Bank has reviewed and is familiar with Resolution
No. __ of The City authorizing the issuance of
$ (amount) aggregate principal amount of (tvpe of
securities) , which Resolution No. ___ names The Bank
as Fiscal Agent thereunder. The Bank agrees to
perform the duties of Fiscal Agent as provided for in
this Resolution.
2. Investment of funds shall be made in accordance with
the provisions of the Resolution.
3. The city will deliver to The Bank, not later than date
of closing, the following documents:
a) Two signed copies of the Fiscal Agency Agreement;
b) One Specimen certificate of each series;
c) One copy of Resolution No. ___;
d) One copy of Bond Counsels legal opinion;
e) One copy of the Official Statement; and
f) Such other documents as The Bank may request.
4. All notices, documents and other correspondence will
be mailed or delivered to First Interstate Bank of
California, corporate Trust Department, 707 Wilshire
Blvd. (W10-2), Los Angeles, CA 90017 and
to
or to such other address as either party shall from
time to time indicate in writing to the other.
/" ,..
5) This agreement shall remain in effect until the
(tvce of securitiesl mature and all funds are
disbursed or until this agreement is amended or
terminated. This agreement may be terminated by
written notice of either party to the other.
6) The City will compensate First Interstate Bank for its
services as Fiscal Agent in accordance with the terms
and conditions of the fee proposal attached hereto.
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 right of claim,
contractual or otherwise, hereunder.
IN WITNESS WHEREOF, the parties have caused these presents to
be duly executed, as of the day and year first above written.
THE CITY OF SAN BERNARDINO
By:
Title:
Date:
FIRST INTERSTATE BANK OF CALIFORNIA
By:
Title:
Date:
By:
Title:
Date:
Page 2 of 2
fl &::::"ate
Bank
Flro! Interolate IlIInk
01 Call1ornlo
Corporate Trust Department
707 Wilshire Blvd.
Los Angeles, CA 90017
213614-2946
Peggy Eckroth
Assistant Vice President
November 24r 1986
Mr. Allen Briggs
Senior Assistant city Attorney
City of San Bernardino
300 North "0" Street, Room 668
San Bernardino, CA 92418
Re: THE CITY OF SAN BERNARDINO, CALIFORNIA
Improvement Refunding Bonds
Assessment District No. 961, Series 1986
$12.450.000
Dear Mr. Briggs:
Thank you for appointing First Interstate Bank as Fiscal Agent,
Registrar and Paying Agent on the above referenced issue. Our
fees for these services are as follows:
Acceptance Fee
$5,000
This one-time charge includes acceptance of the account,
review of the Trust Agreement and supporting documents,
liaison with agency officials, counsel and underwriters and
attendance at the closing by your First Interstate Account
Administrator. First Interstate Bank will bill separately,
at cost, for legal fees incurred in this transaction.
Should documents be clearly drafted to the standards of
First Interstate's counsel, our legal fee billing will not
exceed $4,500.
Annual Administration Fee
$5,000
$3,500
the life of the
outlined below in
Escrow Aaent Fee
This fee will be charged annually during
escrow as well as transaction charges as
the Security Transactions paragraph.
At the closing, fees for the following services are due and
payable:
a) Acceptance Fee,
b) Annual Administration Fee for the first year,
c) charge for the original certificate issuance, and
d) First Year Escrow Fee.
Allen Briggs
November 24, 1986
Page Two
Thereafter, our Annual Administration Fee will be payable in
advance at the beginning of each annual period commencing with
the first anniversary of this Agreement.
Reaistration Services
Per certificate issued
Each bondholder account maintained,
per annum
Each interest check issued
Per certificate paid at maturity
Per certificate paid prior to maturity
$ 2.00
$ 3.00
$ 0.50
$ 2.75
$ 3.75
Securitv Transactions
A charge will be made for such transactions as the
purchase, sale, redemption, tender, maturity, delivery
or receipt of bonds or stocks and for transactions with
financial institutions to include savings
deposits/withdrawals, certificates of deposit,
Eurodollar Certificates and Repurchase Agreements.
Security Transaction rates are subject to periodic
review and change but are presently quoted as follows:
Bonds, stock, other personal
property
Eurodollar Certificate
Repurchase Agreement
Payment of a Construction
Fund Requisition
$ 25.00/transaction
$125.00/transaction
$ 50.00/transaction
$ 50.00/transaction
Out-of-Pocket Exoenses
As Billed
These expenses are those incurred by us on your behalf
to effectively service your account on a day-to-day
basis. They include but are not limited to the
following items:
Postage, wire transfers, insurance, stationery,
express mail charges, and telephone and
telegraph.
A charge, at our cost, will be made to cover
expenses incurred for travel, lodging and meals
to attend the closing for this issue and or any
other special meetings required.
.'
Allen Briggs
November 24, 1986
Page Three
These fees are based on the standard responsibilities for
this type of issue. With further review of preliminary and
final documents, we reserve the right to amend our fee
pricing.
The information contained in this proposal is confidential
and proprietary in nature. By receiving this proposal, the
city of San Bernardino agrees that none of its employees or
agents without the prior written consent of First Interstate
Bank will make accessible to any third party other than
parties to this issue, any part of this proposal or
information in connection with it. Our quoted proposal
pricing will remain in effect for 60 days from the date of
this letter and extended thereafter at the option of
First Interstate Bank.
Our acceptance as Fiscal Agent, Registrar and Paying Agent is
conditional upon our approval of the appointing documents.
If you have any questions, please call either me at
213/614-2946 or Donald C. Ruby the Manager, Corporate Trust
Marketing at 213/614-4926.
Sincerely, ~.
p7~'
Assistant Vice President
Corporate Trust Marketing
PJE:vv
ce: Donald C. Ruby
Vice President and Manager
Corporate Trust Marketing
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