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Home My WebLink About1980-175 San Bernardino 60 ,005-3911 RESOLUTION NO. PCESOLUTIOw OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AN AGREEMENT FOR TRUSTEE SERVICES WHEREAS, the City of San Bernardino, California (t.he "City") , intends to issue its Revenue Bonds designated City of San Bernardino, Single Family Residential Mortgage Revenue Bonds, 1980 Series A (the "Bonds") ; and WHEREAS, the City requires the services of a Trustee in connection with said issue of Bonds; and WHEREAS, , Security Pacific National Bank has submitted a proposal for furnishing such services . NOW, THEREFORE, BE IT RESOLVED, DETERMINED A14D ORDERED BY THE MAYOR AND C014MON COU14CIL OF THE CITY OF SA14 BERNARDINO, CALIFORi1IA, AS FOLLOWS : Section 1 . The City hereby agrees to employ Security Pacific National Bank as Trustee for the City in accordance with the terms of the Agreement attached to this Resolution and incorporated herein by reference. E114-1 (ds) 4/29/80 _Z 7 z I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a e meeting thereof, held on the day of 1980 , by the following vote, to-wit: AYES : Councilmen {f � �, 'AAI L NAYS : ABSENT: � i City Clerk The foregoing resolution is hereby approved this ' day of h04 19 80 . z-- Mayor 6f e City oV San Bernardino Approved as to form: City At orney San Bernardino " .` 60 ,005-39-1 AGREEMENT TO RENDER SERVICES AS TRUSTEE, REGISTRAR AND PAYING AGENT , THIS AGREEMENT made and entered into this day of _, 1980 , by and between the CITY OF SAN BERNARDINO, CALIFORNIA (hereinafter called the "City") , and SECURITY PACIFIC NATIONAL BANK (hereinafter called the "Bank") : WITNESSETH: WHEREAS, the City intends to issue Revenue Bonds in the approximate principal amount presently estimated to be $41, 590 ,000 designated City of San Bernardino, Single Family Residential Mortgage Revenue Bonds, 1980 Series A (the "Bonds") ; and WHEREAS, the Bank, upon request of the City, is willing to act as Trustee and as Paying Agent for said Bonds at the Bank 's offices located in the City of Los Angeles, California; and WHEREAS, the Bank will arrange for Manufacturers Hanover ."rust Company, in the City of New York , State of New York, and Harris Trust and Savings Bank, in the City of Chicago, State of Illinois, to act as Co-Paying Agents; and E114-4 (ds) 4/29/80 San Bernardino 60 ,005-39-1 WHEREAS, the Bank will compensate said Co-Paying Agents out of the fees paid to it by the City; and WHEREAS, it is mutually desirable that an Agree-ment be entered into between the parties to provide for such trustee 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 such duties as are imposed on it as Trustee pursuant to the General Reso- lution and the Series Resolution to be adopted by the City for the issuance of the Bonds . Section 2. The Bank shall cause any or all of the Bonds and any coupons appertaining thereto to be honored in accordance with the terms thereof upon presentation of the same for payment or for collection upon maturity to the Bank or to Manufacturers Hanover Trust Company, in the City of New York, State of New York, or to Harris Trust and Savings Bank in the City of Chicago, State of Illinois . The City shall cause to be made available to the Bank all funds necessary in order to so honor the Bonds and coupons, provided that this -2- E114-5 (ds) 4/29/80 San Bernardino 60 ,005-39-1 paragraph shall not in any instance (1) require the City to make available funds other than from Pledged Revenues from the Program, or (2) require payment or disbursement of any funds in excess of the amount then on deposit for payment of the Bonds and coupons . Section 3 . The City will cause all Pledged Revenues, when received, to be promptly deposited, on or before the fifteenth (15th) day of every month with the Corporate Trust Department of the Bank to the credit of the Revenue Fund, which shall be promptly identified by the Trustee as being either Recoveries of Principal or Pledged Receipts, funds for payment of maturing coupons and/or Bonds . The funds so deposited shall be held by the Bank in its Corporate Trust Department and applied solely to the payment of maturing coupons and/or Bonds . From said funds the Bank agrees to pay at maturity thereof interest coupons and/or Bonds presented to it, or to any Co-Paying Agent, for payment, and to cancel them when paid. Section 4 . The Bank shall render to the City monthly statements showing amounts deposited, paid or disbursed, and annually shall deliver all cancelled Bonds -3- E114-6 (ds) 4/29/80 San Bernardino 60 , 005-39-1 and coupons to the City or cremate them and furnish a cremation certificate as directed by the City. in addi- tion, the Bank specifically agrees to comply with. the provisions of Section 8 . 09 of the General Resolution regarding accounts and reports, Article IX thereof, and the general provisions of the General Resolution and the Series Resolution for the issuance of the Bonds . Section 5 . The Bank agrees to accept the assign- ment of the Mortgage Loans purchased by or originated for the account of the City, to hold such Mortgage Loans on behalf of the City, and to maintain actual custody of such Mortgage Loans for the City. Section 6 . The City shall pay to the Bank, uron acceptance hereof or on a semia.-nual basis, as applicable , the fees set forth in Exhibit "I" attached hereto, plus all incidental expenses for which reimbursement is claired pursuant to Paragraph 7 hereof . The schedule of fees attached hereto as Exhibit "I" is subject to renegotiation should conditions warrant. Section 7 . In addition to the fees provided in Section 6, the City shall reimburse the Bank for postage , -4- E114-7 (ds) 4/30/80 San Bernardino 60, 005-39-1 express, insurance and other out-of-pocket expenses neces- sarily incurred by the Bank in the performance of, its duties hereunder. Section 8. 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 9 . 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 10 . 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, mutilated, or stolen Bond and/or coupon, or to pay any such Bond or coupon upon which there may be an adverse claim. The City 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 frog: any and all claims whenever the Bank acts in accordance with such instructions . -5- E114-8 (ds) 4/30/80 San Bernardino ' 60, 005-39-1 Section 11. The Trustee and the City shall review the monthly reports submitted by the Servicer with respect to the City' s Mortgage Loans . In the event that it is the opinion of the Trustee and the City that material chances in the delinquency ratios with respect to the City' s Mortgage Loans arise, the Trustee shall cooperate with the City in undertaking to determine the cause for such change and action being taken by the Servicer to correct any delinquency problem; and it shall be the respon- sibility of the City to take any such affirmative action as it deems necessary. Section 12 . Upon receipt of an Officers ' Certifi- cate and Request for Release of Documents signed by an authorized officer of the Servicer stating that a Mortgage Loan held by the Trustee has been paid in full (including principal, premium, if any, and interest) or that such payment in full will be placed in escrou, in the manner normal for such purpose; or that a Mortgage Loan is in default, such default is continuing and the Servicer intends to recover upon the security therefor or pursuant to any related FHA or other Mortgage Insurance or VA guarantee, as the case may be, or otherwise pursue remedies or take action thereunder, the Trustee shall promptly release, reassign and deliver and shall execute and deliver evidence of such -6- E114-9 (ds) 4/30/80 San Bernardino 60 ,005-39-1 release, reassignment and delivery in such form as the Servicer may request, such Mortgage Loan and the Mortgage serving as security therefor to the Servicer. I14 WITNESS WHEREOF the parties hereto have cause these presents to be duly executed as of the day and year first above written. CITY OF SAN BERNARDII , CALIF'OPi�IA ,r "t yor By ice- t7/a "i�f/ City Clerk [SEAL) APPROVED AS TO LEGAL FORM AND ADEQUACY: (flto4y Attforney SECURITY PACIFIC NATIONAL BANI: C��- - BY D. R. McEachren Xice Preshim By ti- ( vtit- [SEAL] -7- E114-10 (ds) 4/30/80 ° i Exhibit "I" SECURITY PACIFIC NATIONAL BANK HEAD OFFICE • TRUST DEPARTMENT - CORPORAIE TRUST ADMINISTRATION DIVISION 333 SOUTH HOPE STREET, LOS ANGELES, CALIFORNIA ' MAILING ADDRESS: P. 0. BOX 30376, TERMINAL ANNEX, LOS ANGELES, CALIFORNIA 90030 FEE PROPOSAL TO ACT AS TRUSTEE, REGISTRAR AND PAYING AGENT FOR PROPOSED ISSUANCE BY THE CITY OF SAN BERNARDINO $41,590,000 SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS, 1980, SERIES A ACCEPTANCE FEE Estimated Fee (1) A one-time fee that includes review of documentation, conferences relating to original issuance of the bonds, authen- tication and delivery of the original issue of bonds and participation in the bond closing. This fee also includes the review of mortgage files. 3,4 Basis Points (.034%) , or $14,140 ANNUAL ADMINISTRATION FEE Includes all duties associated with administration of the Trust, including custody of the mortgage files and investment of funds. First Year, 1.7 Basis Points, (.018%), or 7,070 Total Due at Bond Closing: $21,210 Second and Ensuing Years, 3.2 Basis Points, (.032%) , or $13,303 (1) Based on par value of bonds outstanding. OUT-OF-POCKET EXPENSES At cost