HomeMy WebLinkAboutR08-Redevelopment Agency
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REDI!~'AOENCY'.RllQUEST FOR co.IlS8ION/COUNCIL ACTION
O Glenda Saul, Executive Director
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Dept: Redevelopment Agency
O July 29, 1986
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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)
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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:
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'cIR OF SAN BERNARD~ - REQUEA- FOR COUNCIL AC,QN
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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
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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
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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").
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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 ?/
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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.
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Mayor of the City of
San Bernardino
Approved as to form:
~~~
)t 4/City Attorney
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
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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.
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City of
attached
a full,
and affixed
day of
City Clerk
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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)
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EXHIBIT "B'O
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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
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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:
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III
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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
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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)
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EXHIBIT "B'O
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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
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