HomeMy WebLinkAboutContracts & Agreements_18-1971A G R E E M E N T
THIS AGREEMENT, made and entered into this 20 th day of July
1971, by and between the CITY OF REDLANDS, State of California, hereinafter
called "City" and BAI\q� OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION,
hereinafter called "Bank";
W I T N E S S E T H
WHEREAS, City contemplates the issuance of OtNE MILLION, FIVE
HUNDRED THOUSAND DOLLARS ($1,500,000.00) principal amount of its 1971
Water Revenue Bonds, and
WHEREAS, Bank will arrange for Harris Trust and Savings Bank in
the City of Chicago, State of Illinois, and First National City Bank of
New York, State of New York, to act as Co -Paying Agents; and
WHEREAS, Bank will arrange to compensate the said Co --Paying Agents
out of the fees paid to it by City; and
WHEREAS, it is mutually desirable that an Agreement be entered into
by the parties to provide for such Fiscal Agency services; and
NOW, THEREFORE, the parties above named in consideration of the mutual
covenants herein, agree as follows:
1. Bank shall perform the duties imposed on it by City Resolution
No. 2887, adopted ,tune 1, 1971.
2. Bank shall cause all bonds of the City and any coupons pertaining
to such bonds to be honored in accordance with the terms thereof upon the
presentation of the same for payment or for collection upon maturity to Bank or
to The First National City Bank of New York in the City of New York, or to
Harris Trust and Savings Bank in the City of Chicago or to City. City small
cause to be made available to Bank the monies called for under the terms of the
bond resolution.
3. Bank shall render to City monthly statements as of the close of
business of each calendar month, statements of receipt and disbursements of all
funds received by it. Bank shall also zender to City semi-annual statements as
of the close of business at the end of each interest payment date reflecting
amounts disbursed in payment of coupons and bonds and shall therewith surrender
all canceled coupons and bonds.
4. Agency shall pay Bank fees for its services in accordzi.)ce with
the following schedule.
A. The opening fee for the acceptance of the account:, including
the review of the Resolution and supportihhg documents; registration
and delivery of the bonds; and the setting up of all required.
records:
$350.00
B. The annual administration fee for performing all the duties
assigned to or imposed upon the Fiscal Agent in the Resolution;
for investing funds; and for receiving and allocating the
revenues:
$500.00 .for the first $1,000,000 principal amount outstanding
$250.00 per million on the next $4,000,000 principal amount
outstanding
The annual administration fee is based on the principal amount
of bonds outstanding at the beginning of each billing year. The
initial fee is:
$625.00
C. The fee for paying bonds of $5,000 denomination and semi-annual
coupons thereon:'
for each bond $2.00
for each coupon .17
D. The fee for the destruction or cremation of bonds and coupons
is included in our annual administration fee.
E. The fee for bond registration services:
for each registration $2.00
F. The fees to the Co --Paying Agents will be paid out of our fees in
accord to the number of bonds and coupons paid by each of them.
However, if the fee generated by the activity on any interest
payment date does not reach a minimum of $25.00 for each of the
Agents, the amount necessary to provide them with the stated
minimum will. be added to your bill.
G. The fee for the execution of documents to evidence release and
closing of all accounts is included in our annual administration
fee.
II. The cost of normal out--of--pocket expenses such as stationery,
postage and insurance, telephone and telegraph charges, etc. is
included in our annual administration fee.
Should a default occur requiring special action to be taken by
the Trustee, a reasonable fee will be charged depending upon the
amount and Nature ofthe service involved. The foregoing schedule
is subject to renegotiation should conditions warrant.
5. Bank shall render a semi-annual statement as of February 1, and
August 1, of each year for the amount of fees due Bank pursuant to this Agreement.
Upon receipt of such statement, City shall pay Bank the amount -of such statement.
IN WITINLSS WHEI1ZEO ti,ie part? es hereto have cap tscd Lliese p.-esents
to be duly executed the day and year first above written.
CITY OF RLDLAITDS
By
City Treasurer
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
Byt.-
Trust Officer
By
As ist Ztt Trust Officcr-
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