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Home My WebLink AboutResolution No. 6340 (Bank of America Paying Agency Agreement)RESOLUTION NO. 6340 RESOLUTION APPROVING AGREEMENT WITH BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION Francisco Boulevard East Assessment District The City Council of the City of San Rafael resolves: As part of the proceedings for improvements in Fran- cisco Boulevard East Assessment District, City of San Rafael, Marin County, California, this Council approves that certain agreement between the City of San Rafael and Bank of America National Trust and Savings Association, a national banking association, dated June 21, 1982, and attached to this resolu- tion. 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 adopted at a regular meeting of the Coun- cil of said City held on the 21st day of June, 1982, by the following vote, to wit: AYES: COUNCILMEMBERS: Breiner, Frugoli, Jensen, Miskimen & Mayor Mulrya.n NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None l J NE M. LEONCINI, City Clerk qV �3 LAW OFFICES OF 5-1-'URGIS, NESS, BRUNSELL 3 SPERRI' A PROFESSIONAL CORPORATION EUGENE K.STURGIS (1892-1976) SUITE- 1150,VVATE-RGATE TOWER ED%V N N. NE55 EMERYVILLE, CALIFORNIA 94608 MAILING ADDRESS: ROBERT BRUN5ELL TELEPHONE (:.115) 652-7588 BOX 8808 SAM 11ELA.511ERKY EMERYVILLE-, CA 9466? July 21, 1982 Mrs. Jeanne M. Leoncini City Clerk, City of San Rafael 1400 Fifth Avenue San Rafael, CA 94915 Re: Francisco Boulevard East Assessment District Dear Jeanne: Enclosed is a copy of the Paying Agency Agreement between the City and the Bank of America for Francisco Boulevard East Assessment District. When we sent this to the Bank of America for execution, they changed page 2 of the document in accordance with their present fee schedule. The annual administration fee went from $50 to $100 and the cost of paying interest on registered bonds by check went from 49G to 54�. On the other hand, they reduced the cost of paying bonds at maturity, the payment of coupons and payment of bonds prior to maturity. All of this adds up to much ado about nothing and I don't think it is necessary to re -circulate the contract to the Council but, at any rate, I wanted you to know that those changes have been made in it. If you or Randy have any questions on this, please let me know. Yours very truly, STURGIS.y- NPSS, BRUNSELL & SPERRY a pro),E`e5,----i'onal corporation Edwin N. ess ENN:mc Enclosure cc: Ransom Coleman, Finance Director PAYING AGENCY AGREEMENT This agreement, made and entered into this 21st day of June , 1982, by and between the CITY OF SAN RAFAEL, State of California, hereinafter called "City" and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking associa- tion, hereinafter called "Bank," W I T N E S S E T H: WHEREAS, City has authorized and issued $75,965.10 principal amount of bonds designated Improvement Bonds, City of San Rafael, Francisco Boulevard East Assessment District, and wishes Bank to act as Agent to pay and register said bonds. WHEREAS, City may from time to time include other existing or future bond issues under the terms of this Agreement by notifying Bank in writing it wishes Bank to act as agent therefor. 1. City hereby appoints Bank its Agent to pay and register bonds and coupons referred to above. 2. City will deposit with the principal office of Bank in San Francisco on or before the maturity date of bonds and coupons to be paid, or otherwise by their terms become payable, funds avail- able for payment of the bonds and coupons. 3. Bank will cause all of said bonds and coupons pertaining thereto to be honored in accordance with their terms upon presenta- tion at matthrity or when by their terms they otherwise become payable to Bank. Bank will hold and apply monies deposited with it solely 1 for the payment of the bonds and coupons. 4. City will deliver to the Bank, at least sixty (60) days prior to the payment date of the first bonds and coupons to be paid, the following documents: 1 Specimen bond(s) of each interest rate 2 Bond resolution(s) 3 Bond legal opinion 4 Debt service schedule 5. City will pay to Bank fees for such services as follows: Fees: Annual administration fee Payment of bonds at maturity or when entire principal amount is called for redemption Payment of coupons Payment of bonds prior to maturity by partial call Registration of, bonds (exchange or transfer) Payment of interest on registered bonds by check Annual safekeeping charges of $0.02 per $1,000 bond value or sheet of coupons attached therefrom $100.00 each issue or series $ 1.60 each $ .15 each $ 1.60 each $ 2.00 each $ .54 per check Note: The above fees include the destruction or return to principal of all bonds and coupons paid; and the normal reimbursement to Bank of postage (first class rate - $.20), express and insurance charges. PA for the payment of the bonds and coupons. 4. City will deliver to the Bank, at least sixty (60) days prior to the payment date of the first bonds and coupons to be paid, the following documents: 1 _.Specimen bond(s) of each interest rate 2 Bond resolutions) 3 Bond legal opinion 4 Debt service schedule 5. City will pay to Bank fees for such services as follows: Fees: Annual administration fee \'100,00 �5D 00 each Payment of bonds at maturity or when entire principal amount is called for redemption Payment of coupons Payment of bonds prior to maturity by partial call Registration of bonds (exchange or transfer) Payment of interest on registered bonds by check Annual safekeeping charges of $0.02 per $1,000 bond value or sheet of coupons attached therefrom 1 ,U0 2.00 each I: -.17 each 1 •�: -2.-00 each 2.00 each ..-. 9 per check Note: The above fees include the destruction or return to principal of all bonds and coupons paid; and the normal reimbursement to Bank of postage (first class rate - $.20), express and insurance charges. 2 Charges for performing any services not contemplated at the time of the execution of this agreement or not specifically covered elsewhere in the above schedule will be determined by appraisal in amounts com- mensurate with the service. 6. The foregoing schedule is subject to negotiation should conditions warrant. 7. Bank will destroy all bonds and coupons paid and will submit monthly statements of destruction reflecting the monies de- posited and the monies paid, and specifying the destroyed bonds by bond number and the destroyed coupons in bulk. 8. Bank will not be required to honor any request made by anyone other than City to stop payment on any lost, destroyed, muti- lated, or stolen bearer bond or to pay any bond or coupon the ownership of which is disputed. City may instruct Bank what to do in these circumstances, and hereby agrees to hold Bank harmless from any and all claims resulting from acts of Bank in accordance with such in- structions upon request therefor by Bank. 9. Bank will submit its statement for fees and expenses due Bank and City will pay said statement in accordance with para- graph 5 of this agreement. Statements for fees and expenses unpaid after thirty (30) days are subject to a handling charge of two per- cent (2%) . 10. All notices, documents and other correspondence will be mailed or delivered to Bank at Bank of America, Corporate Agency Division, 555 California Street, San Francisco, California 94104, and to the City of San Rafael, 1400 Fifth Avenue, San Rafael, Calif- ornia 94901, or to such other address as either party shall from time to time indicate in writing to the other. 3 11. City, upon ninety (90) days' written notice to Bank, may terminate this agreement. 12. Bank upon ninety (90) days' written notice to City may terminate this agreement, provided, however, that upon default by City under any provision of this agreement, or upon failure of City to deposit monies with Bank for payment of bonds and coupons which Bank has agreed to pay, Bank may immediately ter- minate this agreement by giving written notice to City. THE TERMS AND CONDITIONS OF THIS AGREEMENT are intended for the mutual benefit of City and Bank exclusively, and are not in- tended 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, a municipal corporation of the State of California ATTEST: LAWRENCE E. MULRYAN, Mayor E NE M. LEONCINI City Clerk BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION A.PEGUUROS �-- --- — - B� �- Trust Administrator Title X Title M. J. BARRETT Assistant Vice President A 4