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'CITY: OF SAN BER(ARDINO - REQUES..oOR COUNCIL ACTION
From: ANDREW GRBElII, DlREC'l'OR OP PIJIAIIICB Subject: Authorization to. continue with
security Pacific Bank as piscal
Dept: PIJIAIIICB Agent.
Date: MAY 13, 1992
Synopsis of Previous Council action:
Recommended motion:
Adopt Resolution
Signature
Contect person:
Andrew Green, Director of Pinance
Phone: 384-5242
Supporting date attached:
Ward:
FUNDING REQUIREMENTS:
Amount:
Source: (Acct. No.l
(Acct. DescriDtion)
Finance;~~~~.;~
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Council Notes:
Aoenda Item No /~
Clt~ OF SAN BEIOARDINO - REQUES"lC)OR COUNCIL ACTION
STAFF REPORT
Security Pacific National Bank, who is currently the Fiscal Agent
for the city of San Bernardino's 1915 Act United Obligation
Improvement Bonds for District 977B, is merging with Bank of
America.
I received notification from Security Pacific Bank that in order to
continue as fiscal agent, authorization will need to be provided by
the city. Security Pacific has sent an approval form that will
need to be signed and returned to them. It was recommended by the
city Attorney's Office that I request authorization from the Mayor
and Common Council to sign the attached approval on behalf of the
City. The action is a simple formality as a result of the bank
merger.
I recommend that authorization be given to the Director of Finance
to sign the approval form.
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RESOLUTION NO.
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
DIRECTOR OF FINANCE TO SIGN THE APPROVAL TO MAINTAIN THE FISCAL
AGENT ON ASSESSMENT DISTRICT 977B AFTER THE MERGER OF SECURITY
PACIFIC NATIONAL BANK AND BANK OF AMERICA.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
SECTION 1.
The Director of Finance of the city of San
Bernardino is hereby authorized and directed to sign on behalf of
said city the approval form to maintain the Fiscal Agent on
Assessment District 977B after the merger of Security Pacific
National Bank and Bank of America, a copy of which is attached
hereto marked Exhibit "A".
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RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
DIRECTOR OF FINANCE TO SIGN THE APPROVAL TO MAINTAIN THE FISCAL
AGENT ON ASSESSMENT DISTRICT 977B AFTER THE MERGER OF SECURITY
PACIFIC BANK AND BANK OF AMERICA.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the city of San
Bernardino at a
meeting thereof, held on the
, 1992, by the following vote, to wit:
day of
COUNCIL MEMBERS
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ABSTAIN ABSENT
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ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
CITY CLERK
The foregoing resolution is hereby approved this
of , 1992.
day
W.R. Holcomb, Mayor
City of San Bernardino
Approved as to form
and legal content:
JAMES F. PENMAN
City Attorney
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EXHIBIT
"A" 0
II
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SECURITY PACIFIC NATIONAL BANK
CORPORATE TRUST DIVISION
600 Wilshire Bou1oY8III. Los Angeles, California 90017
Maling Add....: P ,0, Box 30376, Tarminal Annax. Los Angala.. CA 90030
April 9. 1992
City of San Bernardino
300 North "D" Street
Finance Department. 4th Floor
San Bernardino. California 12418
Attention: Andrew Green
RE: Appointment of Resulting Piscal Agent - City of San Bernardino
1915 Act Limited Obligation Improvement Bonds Dist. #977B
Ladies and Gentlemen:
As you are no doubt aware, Security Pacific National Bank (the "Bank")
has filed an application with the regulators to obtain consent to merge
into Bank of America NT & SA (the "Resulting Bank"). The Bank acts as
your fiscal agent in the above-referenced financing and wishes to continue
to do so in the Resulting Bank.
To facilitate this transition. we kindly ask that you acknowledge on
the additional copy of this letter that the Resulting Bank shall continue
to act as fiscal agent following the merger. We have also enclosed a
self-addressed stamped envelope for your convenience.
We at Security Pacific value our continued relationship and urge you
to call if you have any questions.
Very truly yours.
BANK
t Officer
ACKNOWLEDGEMENT THAT THE RESULTING ANK
SHALL CONTINUE TO ACT AS PISCAL AGENT
FOLLOWING MERGER THIS DAY OF
1992.
By City of San Bernardino
By:
Title: