HomeMy WebLinkAboutResolution - 1695 San Jacinto
60, 035-3-2
RESOLUTION NO. 1595
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SAN JACINTO APPROVING
PAYING AGENT AGREEMENT RE IMPROVEMENT
BONDS FOR ASSESSMENT DISTRICT NO. 87-1.
WHEREAS, the City Council of the City of San
Jacinto (the "City") has adopted, on March 17, 1987,
Resolution No. 1685 (the "Resolution") authorizing the
issuance and sale of $1, 415, 000 principal amount of
"Improvement Bonds, City of San Jacinto, California,
Assessment District No. 87-1, Series 1987A (the "Bonds") ; and
WHEREAS, the Resolution has appointed First
Interstate Bank of California (the "Paying Agent") as paying
agent for the Bonds; and
WHEREAS, it is necessary to enter into with the
Paying Agent an Agreement to Provide Registrar and Paying
Agency Services for Fully Registered Municipal Bonds (the
"Paying Agent Agreement") in the form attached hereto as
Exhibit A.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF SAN JACINTO AS
FOLLOWS:
Section 1. The Paying Agent Agreement, attached
hereto as Exhibit A, is hereby approved with such
corrections, changes, modifications, additions or deletions
as may be proposed and approved by the City Attorney and Bond
Counsel to the Mayor (or such other officer or employee of
the city as the Mayor may designate) , and approved by the
Mayor or such designated officer or employee.
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03--25-87 (JAS.:ld)
San Jacinto
60,035-3-2
The Mayor, or such designated officer or employee, as the
case may be, is hereby authorized and directed to execute the
Paying Agent Agreement, and such execution shall be
conclusive evidence of the Mayor's or such designated
officer's or employee' s, as the case may be, approval .
Section 2. This Resolution shall take effect
immediately upon adoption.
MOVED, PASSED AND ADOPTED this 21st day of. April
1987, by the following roll call vote:
AYES: Councilmen Redding, Stevens, Ford
Divine and Stuart
NOES: None
ABSENT: None
ABSTAIN: None
AP O D:
4
By•
ATTEST: MaY
By,
� �. °
7 uty Clerk Clerk
CERTIFICATE
The foregoing is certified to be a true copy of
Resolution, No. 1695 duly adopted by the said City Council
of t e "City of San Jacinto on the date therein set forth.
ep#y City Clerk
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03-25-87 (JAS: ld)_
AGREEMENT TO PROVIDE REGISTRAR AND
PAYING AGENCY SERVICES FOR
FULLY REGISTERED MUNICIPAL BONDS
This Agreement has been entered into by and between the City of
San Jacinto (Issuer) and First Interstate Bank of California
(Bank) .
Issuer has authorized the issuance of $1,415, 000 principal
amount of fully registered Improvement Bonds designated City of
San Jacinto Assessment District No. 87-1.
Issuer, by resolution, has appointed Bank to act as Registrar
and Paying Agent for the Bonds. This Agreement sets out the
terms and conditions of said appointment.
Issuer and Bank agree as follows:
1. Bank as Registrar will issue and deliver Bonds on
original issue at the written direction of Issuer.
2 . Bank as Registrar will manually countersign all Bonds
issued.
3. Bank as Registrar will maintain records as to the
identity of the registered holders of the Bonds.
4 Bank as Registrar will effect transfers of registered
ownership of Bonds upon surrender of validly issued
Bonds to Bank accompanied by such instruments of
transfer and other documents as Bank may require.
5. Bank as _Registrar will maintain in safekeeping an
inventory of unissued Bonds, it being recognized that
it is the responsibility of Issuer to ensure that Bank
is provided with adequate supply of unissued Bonds to
accommodate normal transfer activity.
6. Bank as Registrar will cancel all Bonds surrendered to
it for transfer or payment and will dispose of said
cancelled Bonds at the written direction of Issuer.
7. - Bank as Paying Agent will (a) prepare and mail
semi-annual- registered interest checks on each interest
payment date to bondholders of record on respective
record dates (b) ,upon; presentation of the Bond, prepare
and mail or deliver checks in payment of the principal
of Bonds maturing or called for redemption.
8. Issuer will deposit with Bank as Paying Agent funds,
which will be available to Bank on said payment dates,
sufficient to pay; all interest and principal; payable on
the Bonds as said interest and principal become due.
Any money deposited with Bank for the payment of the
principal of or interest on any Bonds and remaining;
unclaimed for seven years after such principal or
interest has become due and payable,shall be paid to
the Issuer and all liability of the Bank shall
thereupon cease.
9. Bank shall have no duties with respect to the
investment of funds deposited with it nor shall Bank be
required to pay interest on said funds.
10. Should Bank be notified of the loss, destruction or
theft of any Bond, Bank will place a stop transfer
order against said Bond and shall consult with Issuer
with respect to issuance of any replacement Bond.
11. _ This agreement, with th exception of the covenants
contained in Section 12 , -which shall continue until
payment in full of all fees coming due in accordance
with the -Bank' s fee schedule attached hereto, and
Section 13, which shall continue, indefinitely, shall
remain in effect until the Bonds mature and_all_ funds
are disbursed or until this Agreement is amended or
terminated. This Agreement may be terminated by
written notice of either, party to the other.
12 . Issuer will compensate Bank for its services as
Registrar and Paying Agent in accordance with the terms
and conditions of the fee 'schedule attached hereto.
13 . Issuer agrees to indemnify and hold harmlessthe Paying
Agent against any liabilities, costs or claims, arising
out of:
a. the breach, by the Issuer, of any covenant on its
part contained in the resolution authorizing the
issuance of the Bonds; and
b the performance by the Paying Agent of its duties
under the resolution authorizing the issuance of
the Bonds and this Paying Agent Agreement.
Notwithstanding the foregoing, no indemnification shall
be made hereunder for any liabilities, costs or claims
which are due to the Bank' s gross negligence or willful '
misconduct.
14. Issuer shall furnish Bank with the following documents
to support this appointment (a) Certified copy of
Resolution authorizing issuance of Bonds and
appointment of 'Bank as Registrar and Paying Agent (b)
Specimen Bonds ; (c) signed copy of Bond;Counsel Legal
Opinion (d) Official Statement (e) such other documents
as Bank may reasonably request.
CITY OF SAN JACINTO
By:
Title:
Date:
FIRST INTERSTATE- BANK OF CALIFORNIA
By:
Title: Trust Officer
Date: March 19 1987
ATTACHMENT TO PAYING"AGENCY
AND REGISTRAR AGREEMENT"
CITY OF SAN JACINTO
IMPROVEMENT BONDS
ASSESSMENT DISTRICT NO. 87-1
SERIES 1987A_
Acceptance Fee $ None
Annual Administration Fee 2 , 500
Registration Services
Per certificate issued 2 . 00
Each Bondholder Account maintained, annually 3 . 00 '
Per interest check issued . 50
_ Per certificate paid at maturity 2 . 75
Per certificate paid prior to maturity 3 . 75
Security Transactions
Bonds, stocks and other personal property
(Per transaction) 25.00
Euro dollar Certificate (per transaction) 125.00
Repurchase Agreement (per transaction) 50.00
Payment of Construction Fund Requisition
(Per transaction) 50. 00
Out-of-Pocket Expenses
Expenses relating to Closing
including travel, lodging, etc. (Only if applicable)
Expenses relating to Review of Legal Document
by Paying,Agent Counsel not to exceed 2,200. 00