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Home My WebLink AboutCC Resolution 6908 (Kerner Blvd Assessment District)RESOLUTION NO. 6908 RESOLUTION APPROVING AGREEMENT WITH BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION KERNER BOULEVARD ASSESSMENT DISTRICT The City Council of the City of San Rafael resolves: As a part of the proceedings for improvements in the Kerner Boulevard Assessment District, this Council approves that certain agreement between the City of San Rafael and Bank of America National Trust and Savings Association, dated August 20, 1984, and attached to this resolution. The Mayor is authorized to sign the agreement and the City Clerk is authorized to attest its execution. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, California, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City held on the 20th day of August, 1984, by the following vote, to wit: AYES: COUNCILMEMBERS: Frugoli, Nave, Russom & Mayor Mulryan NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Breiner J N M. LEONCINI, City Clerk R ,- N,kL -- pod' KERNER BOULEVARD ASSESSMENT DISTRICT FEE AGREEMENT THIS AGREEMENT, made and entered into this 20th day of AUGUST, 1984, between CITY OF SAN RAFAEL, California, hereinafter called "CITY" and the BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking association, hereinafter called "BANK". W I T N E S S E T H: WHEREAS, CITY has authorized and may from time to time issue Special Assessment District Bonds and may authorize and issue additional bonds and wishes BANK to act as Agent to register, transfer ownership and pay principal and interest on said bonds. CITY may from time to time include other bond issues under the terms of this Agreement. BANK, as a Registrar, Transfer Agent and Paying Agent, wishes to register, transfer ownership and pay said bonds and additional bonds and interest thereon. 1. CITY hereby appoints BANK its Agent to register, transfer ownership and pay bonds and interest thereon. 2. CITY will, on or before the date bonds and interest is to be paid, deposit immediately available funds with the Corporate Agency Division of BANK in San Francisco; otherwise BANK will not be required to make any disbursement. 3. BANK will cause all of said bonds to be honored in accordance with their terms for registration, transfer of ownership or payment at maturity or when by their terms they otherwise become payable upon presentation to BANK. BANK will hold and apply any monies deposited with it solely for the payment of the bonds and interest thereon. 4. CITY will deliver or cause to be delivered to the BANK, at least six (6) days prior to the original issue date of the bonds the following documents: - Original issuance instructions from Underwriters - Supply of bond certificate(s) - Specimen bond certificate(s) - Bond resolution(s) - Bond legal opinion(s) - Semiannual Debt service schedule(s) cr%�y BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION -1- 5. CITY will pay to BANK fees as set forth below: INITIAL ACCEPTANCE FEE: Set up original issue by separate maturities and rates and prepare bonds for delivery for closing. Authentication of bonds on original issue - Each Bond: ANNUAL ADMINISTRATION FEE: (billed semiannually) For each additional issue: MINIMUM MAINTENANCE AND SERVICING FEE: (billed semiannually) This fee includes the Annual Maintenance of and servicing of 100 bondholder accounts or any portion thereof, the issuance and registration of bonds (except original issuance) postings, semiannual interest disbursement, stop payment and replacement of lost or missing interest checks, correspondence and research required, documentary transfer, replacement of lost or stolen bonds, and one bondholder list. Should the annual bondholder account base exceed 100 accounts, then in addition to the minimum annual maintenance and servicing fee of $500.00, a charge of $3.00 per bondholder account will be charged for the excess of 100 bondholder accounts. ADDITIONAL FEES - Issuance and Registration of over 100 bonds per year - each bond: - Payment of bonds upon maturity or call - Each Bond: - Bondholder list over one - each holder: minimum charge per List: MAILINGS - PREPARE LABELS - Label production - each: minimum charge: - Mail processing by machine - each: - Mail processing by hand - each: minimum charge: BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION -2- $500.00 $.35 $500.00 $100.00 $500.00 $.95 $3.00 $.05 $50.00 $.05 $50.00 $.10 $.25 $75.00 SINKING FUNDS AND REDEMPTION (If Applicable) Selection of bonds for redemption and preparation of Notice of Redemption: $500.00 ANNUAL ADMINISTRATION FEE FOR RESERVE FUND (If Applicable) Per Reserve Fund: $100.00 INVESTMENT OF FUNDS (If Applicable) Each transaction: $75.00 Each investment other than Bank of America issued securities or Bank of America Certificates of Deposit. This service charge will cover costs of placement of an investment, settlement, safekeeping of the security, collection of interim interest and the costs of redemption. OUT -OF -POCKET -EXPENSE Fees do not include out-of-pocket expense such as, but not limited to, counsel fees, postage, insurance, wires, stationery, co -agent fees (if any), costs of printing forms or letters, publication of notices of redemption, expenses of BANK personnel traveling to attend closings or meetings, etc. These out-of-pocket expenses will be charged at the actual cost incurred. ADDITIONAL SERVICES The above schedule of fees are for the ordinary services in connection with the items mentioned, and should BANK be called upon to render any additional services in connection with the items mentioned, or any services not set forth in the above schedule, or services during default, a reasonable charge, depending upon the services rendered, will be made. 6. The foregoing schedule is subject to change upon providing at least ninety (90) days advance written notice. 7. BANK will submit its statement for fees and expenses due BANK and CITY will pay said statement in accordance with Paragraph 2 of this Agreement. Statements for fees and expenses unpaid after 30 days are subject to a handling charge of 2% per month. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION -3- 8. All notices, documents and other correspondence will be mailed or delivered to BANK at Bank of America, Corporate Agency Division, Department #9528, P. 0. Box 37002, San Francisco, California 94137 and to CITY at P.O. BOX 60, SAN RAFAEL, CA 94915-0060 , or to such other address as either party shall from time to time indicate in writing to the other. 9. CITY upon ninety (90) days written notice to BANK, may terminate this Agreement. 10. BANK upon ninety (90) days written notice to CITY, may terminate this Agreement. THE TERMS AND CONDITIONS OF THIS Agreement are intended for the mutual benefit of CITY and BANK exclusively, and are not intended to give any third party any right or claim, contractual or otherwise, hereunder. IN WITNESS WHEREOF, the parties have caused these presents to be duly executed, the day and year first above written. CITY OF SAN RAFAEL 8 P LAWRENCE E. MULRY N Approved as to form: - Title MAYOR ,�� R ._C—,—k�,ATTEST: JEANNE M. LEONCINI Title CITY CLERK BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION By Title By( Title BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION 0013F