HomeMy WebLinkAboutResolution 6273 N.C.S. 05/07/1973 ' EER:mi 4-24-73 r.
_)Resolution No 627 3
RESOLUTION AUTHORIZING THE MAYOR TO O .IG'bc° 4 ,
ENTER',INTO AGREEMENT WITH WELLS, FARGO
BANK, 'N:.A. , TO ACT. AS 'PAYING AGENT
INTRODUCED BY COUNCILMAN f t/' 7 - C(a ' A Regular
At A$l liiie� Meeting of
the City Council of the City of Petaluma on the 7th day of May 19 73
BE IT RESOLVED THAT the Mayor be; and she is, hereby authorized to execute
an agreement. with Wells. Fargo Bank; N.A. , :to 'act as paying agent; the
agreement is to be executed in .the formal 'attached hereto and made a
part :hereof and labeled Exhibit A.
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under the power and'authority,Conferred upon this Council by the Charter of said City:
in COUNCILMEN VOTE
Seconded by ! - . Ayes Noes Absent
I hereby certify that the foregoing resolution was duly and
Councilman Robert A. Brunner /
regularly introduced and adopted by the Council'of the City of John W. Cavanagh, Jr. /
Petaluma, on the 7th_ day of May - 19 73 , by - Richard Richard W. Clecak
the following vote:
' /�r �� " Robert E. Daly ✓
(SEAL) �. -'k .„,i..L L-iC (' 12
Mayor of the City of Petaluma Fred V. Mattei. ✓
—\ /
�% — / William A. Perry, Jr. /
Attest _�.L_c Lt L✓ /i;ti'-2, .,n� (! _.�.,-
-✓�, CityClerk Mayor. Helen Putnam /
r
/ % ') 7 --
may/ .,., - , i2 --/;'• ii.. //-"i;-).
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AGREEMENT
THIS AGREEMENT , made and entered into this _ day of
, 19 , by and between
, hereinafter called
'Obligor' and Wells Fargo Bank , National Associatidn, hereinafter called 'Bank';
WITN ESSETH: •
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WHEREAS, Obligor has authorized the issue of bonds more fully described •
in Exhibit "A" hereto , for which Obligor desires to. name Bank as Paying Agent;
and •
• WHEREAS , Bank desires to act as Paying Agent on said Securities at its
office located in the City of San Francisco; and
WHEREAS , 'it is mutually desirable that an AgreemenLbe entered into
between .Bank and Obligor to provide for such paying agency services;
NOW, THEREFORE, 'the parties above named, in consideration of the mutual
covenants herein contained , agree as follows:
1 . Bank shall honor said securities of the Obligor and any coupons
pertaining thereto , in accordance'with the terms thereof upon presentation of
the same to it for payment or for collection upon maturity: Obligor shall assure
that sufficient funds are provided to Bank to enable it to honor such securities . •
This paragraph shall not in any instance require payment or disbursement of any
funds in excess of the amount then on deposit in the "Bond Principal and Interest °
Account" referred to hereinafter.
2 . Obligor ( ) agrees to deposit at least five (5) days prior to the next
maturity date of bonds _and -c'oupon's with the Corporate 'Trust Department of the
Bank funds sufficient for the payment thereof, or ( ) authorizes Bank to charge
its commercial account number maintained at the
Office of Bank , in the name of
, at least five (5) days
prior to each interest and/or principal maturity date,of bonds and coupons , for
funds sufficient for the payment thereof. The said funds are to be deposited to
ST 103-(11.71)-813
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an account or accounts maintained by us for the benefit of the holders . Such funds
shall be held and applied by the Bank in its Corporate Trust Department solely
for the payment of said maturing bonds and coupons . From the said funds , Bank
agrees to pay at the maturity thereof interest coupons and bonds presented to .it
or to Obligor for payment.
3 . Bank shall render to Obligor semi-annual cash end destruction certificates
showing all amounts dep'os'ited, paid or disbursed, detailing the disposed
securities by bond number and the disposed coupons in bulk .
4. The Obligor shall pay to Bank fees in accordance with Banks Fee •
Schedule dated , annexed Hereto as Exhibit "B" and
incorporated herein by reference.
5 . In addition to the fees indicated in Paragraph 4,_the Obligor shall
reimburse Bank for out-of-pocket expenses•necessarily incurred in the performance
of Bank's duties herein provided , to include postage , express , insurance and
other incidental expenses . Obligor shall also reimburse Dank for any charges .
of Co-Paying Agents , relating to their duties as such, which exceed those
charged by Bank to include any minimum fees Co-Paying Agents might impose. .
6 . The Bank shall render a semi-annual statement for the amount of fees
due said Bank under this Agreement, and all incidental expenses for which .
reimbursement is claimed pursuant to Paragraph 5 hereof. Upon receipt of such
statement , the Obligor shall pay to Bank all fees under this Agreement and shall
reimburse said Bank. in accordance with Paragraph 5. hereof.
7 . At least ten (10) days prior to the first payment or disbursement of
principal 'or interest on, any issue of bonds under the provisions of this Agreement ,
the Obligor shall furnish one specimen bond of each interest rate of such issue
to the Bank and one additional specimen bond of each interest rate for each Co-
Paying Agent appointed. •
8 . The Obligor upon six (6) months written notice to Bank may terminate
, this Agreement. •
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.5T 103-01-71)-813
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9 The Bank upon six (6) months written Notice 'to Obligor may terminate
this Agreement , provided , however, that upon any default in The payment of
principal or interest of any issue or issues with respect to which Bank has
undertaken to perform any Services , Bank shall immediately terminate this
Agreement in its entirety upon giving written notice to the Obligor.
10 . The terms and. conditions of this Agreement are intended for the mutual
benefit of Obligor and Bank exclusively, and are not intended to give any third
party any rights or claim , contractual or otherwise , hereunder.
11. Obligor agrees that Bank shall not be required to honor any request
made by anyone other than Obligor itself to stop payment on any lost , destroyed,
mutilated, or stolen bond or coupon, or to pay any such security the ownership
of which is disputed . The Obligor may in such instances instruct Bank as to
what Bank shall do under the circumstances , and hereby agrees to hold Bank
harmless from any and all claims whenever Bank acts in accordance with such
instructions .
IN WITNESS WHEREOF, the parties hereto have caused these presents to
be duly executed, the day and year first above written.
OBLIGOR
By
By
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WELLS FARGO BANK , NATIONAL ASSOCIATION
By
By
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ST 103-(11-71)-013
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WELLS FARGO 'RANK, NMTIONAL ASSOCIATION
CORPORATE TRUST DEPARTMENT
SCHEDULE OF CHARGES
PAYING AGENCY SERVICES
Annual administrative fee $ 100. 00
Payment of coupons
First 2 , 500 each
Excess over 2 , 500 15 each '
Payment of bonds at Maturity or
call as a whole $ 1 .25 each
Payment of bonds called i.n ,part $ 2 . 50 each . •
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Destruction
bonds , per 100 ,pieces or fraction thereof $ 10 . 00
coupons, per 1 , 000 piece's or fraction thereof $ 10. 00
Checks or credit letters issued in payment
of bonds orcoupons $ 1 .00 each
Registration and Interchange •
Each boncl issued $ 1 . 00
Each bond cancelled so
Custody of bond. forms 10¢ per piece
per annum
In addition to the foregoing ; out-of-pocket expenses , such as po- .-,ge ,
insurance , telephone., and 'telegraph expense willbo charged on the basis
of the actual amount thereof. If the Bank is required to assume duties or
responsibilities not included in this schedule , a. reasonable charge will .
be,made,, determined by the nature of the service and the responsibility
involved .
• • The charges in this schedule are quoted with.the understanding that , should
they appear: unreasonable from the standpoint of Obligor or Bank subsequent.
to acceptance hereof,, they would be subJedt to revision from time to time by
mutual agreement.
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EXI-IIBIT •
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AMOUNT CURRENTLY
TITLE_OF ISSUE RATE OUTSTANDING
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ST 103-C1-71)-1313 •