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HomeMy WebLinkAboutR08-Redevelopment Agency - " 1 ,0 0 0 0 REDI!~'AOENCY'.RllQUEST FOR co.IlS8ION/COUNCIL ACTION O Glenda Saul, Executive Director m: Dept: Redevelopment Agency O July 29, 1986 a~: Sub' APPROVAL OF A CERTAIN FEE SCHEDULE IN lect: CONNECTION WITH CERTAIN TRUST ACCOUNTS WITH THE CITY AND THE AGENCY. Synopsis of Previous Commission/Council action: 1979-1983 Various Fiscal Agent Agreements approved with Security Pacific National Bank. Recommended motion: (MAYOR. AND COMMON COUNCIL) o a) MOVE TO ADOPT RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN FEE SCHEDULE IN CONNECTION WITH CERTAIN TRUST ACCOUNTS. (COMMUNITY DEVELOPMENT COMMISSION) b) MOVE TO ADOPT RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN FEE SCHEDULE IN CONNECTION WITH CERTAIN TRUST ACCOUNTS. ,Ad~4uJ" Signature Con~ penon: Glenda Saul Supporting ds~ attached: YES Phona: 383-5081 Ward: 1,2,3,5 & 6 FUNDING REQUIREMENTS: Amount: $ Approx. 10% incIjrfflJa:t:SEIP ,TC, SC & CCS Ds~: August 4, 1986 No edverse Impact on City: ,OCil Notas: 1332G/JAT nA/nA/AIi ._u~_ .___ ..J;d;i A - ~ - 'cIR OF SAN BERNARD~ - REQUEA- FOR COUNCIL AC,QN o o o 75.02.. STAFF REPORT The Agency has entered into numerous fiscal agent agreements with Security Pacific National Bank over the years. The Agency has been notified by Security Pacific National Bank that their fiscal agent fees have increased effective January 1, 1986 for the following bond issues which closed prior to 1983: 1979 Single Family Mortgage Revenue Bond 1980 Single Family Mortgage Revenue Bond (Series A) 1981 SEIP (Series A) , 1983 SEIP (Series B) 1980 Golf Course Lease Mortgage Revenue Bonds 1982 Public FacUities Lease Revenue Bond 1982 CCS, Tax Allocation Bond (Series B) 1983 SC Project No. 4 Tax Allocation Refunding Bond . . . . . * . . . * Description of Fiscal Agent Services A fiscal agent receives revenues, establishes and maintains specific accounts, invests funds as authorized and performs other duties including acting as paying agent, transfer agent and authenticatiI1g agent. The additional duties more specifically include: receiving bonds presented for payment and issuing checks in payment of principal and interest to the bondholders; delivering bonds in registered form and maintaining a list of registered owners on behalf of the issuer; and being responsible for the administration of all aspects of the operative documents, including the determination of defaults, interpreting bondholders rights and maintaining investment reports for the issuer. Staff has been advised by bond counsel that it is appropriate to approve certain fee increases, as listed in the'fee schedule, attached hereto as Exhibit nAn, in connection with the administration of certain trust accounts, attached hereto as Exhibit nBn, by Security Pacific National Bank on behalf of the Redevelopment Agency or City, as appropriate. In comparing the fees with current schedule, it appears that there is an overall increase of approximately 10% annually. According to Sabo & Dietsch, the fees of Security Pacific National Bank as fiscal agent are the most competitive based on proposals submitted for recent transactions. *City Bond Issues 1332G/JAT 08/04/86 o o o o o o o SBEOOl-134/l792S/kl 07117186 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING A CERTAIN FEE SCHEDULE IN CONNECTION WITH CERTAIN TRUST ACCOUNTS WHEREAS, the City of San Bernardino (the "City") has entered into certain fiscal agent, trustee, registrar and paying agent agreements with Security Pacific National Bank in connection with certain financings of the City; and WHEREAS, the City has been notified by Security Pacific National Bank that their fiscal agent, trustee, registrar and paying agent fees have increased effective January 1, 1986; and WHEREAS, it is appropriate at this time for the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council") to approve certain fee increases, as listed in the fee schedule as attached hereto as Exhibit "A" and incorporated herein by this reference (the "Fee Schedule"), in connection with the administration of certain trust accounts by Security Pacific National Bank on behalf of the Redevelopment Agency of the City of San Bernardino (the "Agency") or City, as appropriate, which trust accounts are listed in Exhibit "B" attached hereto and incorporated herein by this reference (the "Trust Accounts"). - 1 - " o o o o o 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. The Mayor and Common Council hereby approve the Fee Schedule in connection with the Trust Accounts. Section 2. The Mayor and Common Counci I hereby authorize and direct the Mayor, City Clerk or such other appropriate City official to execute any and all necessary documentation in order to implement the Fee Schedule. Section 3. This Resolution shall take effect upon o adoption. ADOPTED: Approved as to Legal Form and Adequacy: By: ~ -#f ~~ }1. W: City Attorney ?/ o - 2 - o o o o o I HEREBY CERTIFY that the foregoing adopted by the Mayor and Common Council San Bernardino at a held on the day of the following vote, to wit: resolution was duly of the City of meeting thereof, , 1986, by AYES: Council Members NAYS: ABSENT: City Clerk day of The foregoing resolution is hereby approved this , 1986. o Mayor of the City of San Bernardino Approved as to form: ~~~ )t 4/City Attorney o - 3 - o o o - o o o STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF SAN BERNARDINO ) ss I, SHAUNA CLARK, City Clerk in and for the San Bernardino, DO HEREBY CERTIFY that the foregoing and copy of San Bernardino City Resolution No. is true and correct copy of that now on file in this office. IN WITNESS WHEREOF, I have hereunto set my hand the official seal of the City of San Bernardino this , 1986. o City of attached a full, and affixed day of City Clerk - 4 - o c o lIll - o o o EXHIBIT "A" FEE SCHEDULE _ Administration fees increased by 10% _ Bond redemptions to $500 plus $2.90 per Bond _ Bondholder maintenance annual minimum to $100 _ Payment of registered interest to $.55 per check and payment of coupons to $.27 per coupon (minimum per payment period $150) o o o EXHIBIT "B'O o . o TRUST ACCOUNTS WITH SECURITY PACIFIC NATIONAL BANK NUMBER AGREEMENT 7-80510-0-4 <1981 SerIes A) SEIP <1983 SerIes B) 7-82360-0-6 FIRE STATION 7-79070-0 GOLF COURSE ISSUE - 1980 7-80400-0 CENTRAL CITY SOUTH 7-76410-0 SINGLEFAMILY - 1979 0 7-80180-0 STATE COLLEGE - 1983 7-79080-0 SINGLEFAMILY - 1980 1282G o o o o t!l o o o o SBEOOl-133/l791S/sg 07/17/86 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, APPROVING A CERTAIN FEE SCHEDULE IN CONNECTION WITH CERTAIN TRUST ACCOUNTS WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") has entered into certain fiscal agent agreements with Security Pacific National Bank in connection with certain financings of the Agency; and WHEREAS, the Agency has been notified by Security Pacific National Bank that their fiscal agent fees have increased effective January 1, 1986; and WHEREAS, it is appropriate at this time for the Community Development Commission of the Ci ty of (the San Bernardino "Commission"), on behalf of the Agency, to approve certain fee increases, as listed in the fee schedule as attached hereto as Exhibit "A" and incorporated herein by this reference (the "Fee Schedule"), in connection with the administration of certain trust accounts by Security Pacific National Bank on behalf of the Agency or City of San Bernardino (the "City"), as appropriate, which trust accounts are listed in Exhibit "B" attached hereto and incorporated herein by this reference (the "Trust Accounts"). NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: - 1 - o o o Jl ill JJL III o 0 o o Section 1. The Commission, on behalf of the Agency, hereby approves the Fee Schedule in connection with the Trust Accounts. Section 2. Commission hereby authorizes The and directs the Agency Chairman, Agency Secretary or such other appropriate Agency official to execute any and all necessary documentation in order to implement the Fee Schedule. Section 3. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: /f?E/V c. y C e:' ~ /t" .5 c. L By: ~1f~~ Counsel to the Co~. sion - 2 - o o o ~ ~ - - JL o o o EXHIBIT "A" FEE SCHEDULE _ Administration fees increased by 10% _ Bond redemptions to $500 plus $2.90 per Bond _ Bondholder maintenance annual minimum to $100 _ Payment of registered interest to $.55 per check and payment of coupons to $.27 per coupon (minimum per payment period $150) , o ~l. llJ. - JII , , o o EXHIBIT "B'O o o TRUST ACCOUNTS WITH SECURITY PACIFIC NATIONAL BANK NUMBER AGREEMENT 7-80510-0-4 (1981 SerIes A) SEIP (1983 SerIes B) 7-82360-0-6 FIRE STATION 7-79070-0 GOLF COURSE ISSUE - 1980 7-80400-0 CENTRAL CITY SOUTH 7-76410-0 SINGLEFAMILY - 1979 7-80180-0 STATE COLLEGE - 1983 0 7-79080-0 SINGLEFAMILY - 1980 1282G o