HomeMy WebLinkAboutRDA Res 75-15 1975-09-22
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" SEAL BEACH RDA
62,002-2
RESOLUTION NO. J~/~
A RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SEAL BEACH
APPROVING AN AGREEMENT
FOR FISCAL AG~NT SERVICES
WHEREAS, the Redevelopment Agency of the City of
Seal Beach intends to issue its "Redevelopment Agency of the
City of Seal Beach, Riverfront Redevelopment Project, Tax
Allocation Negotiable Promissory Notes, Issue of 1975", and
WHEREAS, the Agency requires the services of a
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Fiscal Agent in connection with said issue of Notes,
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL
BEACH AS FOLLOWS:
Section 1. The Redevelopment Agency of the City
of Seal Beach hereby agrees to employ Bank of America
National Trust and Savings Association as Fiscal Agent
for the Agency substantially in accordance with the terms
of the Fiscal Agent Agreement, attached hereto and incorpo-
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rated herein by reference.
AND APPROVED this ;;:f!:-~day o~ rt)i!,~
SIGNED
1975.
~~'63 ~
Cha~rman
ATTEST: /'
~~~~k
Secretary [SEAL]
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SEAL BEACH )
SEAL BEACH RDA
62 ,,002-2
SECRETARY'S CERTIFICATE
RE ADOPTION OF AGENCY
RESOLUTION
I, Dennis Courtemarche, Secretary of the Redevelopment
Agency of the City of Seal Beach California, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted by the said
Age~y of said City at a meeting of said Agency held on the
'.4::Jn'-~day Ofd.t4k"'~(:1I, 1975, and that the same was passed and
-adOpted by ~ fol owing vote, to wit:
AYES: Members.e.:.t~.I.3.(ukt~7~{~t7Jf.Au~
- .:4r-
NOES: Members ~ lL4,
ABSENT: Member~~
,
[SEAL]-
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SEAL BEACH )
Secretary of the Redevelopment
Agency of the City of Seal Beach,
California
By ~A LL~k
Secretary
SECRETARY'S CERTIFICATE
OF AUTHENTICATION
I, Dennis Courtemarche, Secretary of the Redevelopment
Agency of the City of Seal Beach, Calfiornia, DO HEREBY CERTIFY
that the above and foregoing is a full, true and correct copy
of Resolution No. 7S'-/S' of said Agency and that said Resolution
was adopted at the time and by the vote stated on the certificate
attached thereto, and has not been amended or repealed.
m~(l~L~4
Secretary of the Redevelopment-
Agency of the City of Seal Beach,
California
[SEAL]
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Seal Beach
, .62, Q92-2
FISCAL AGENT AGREEMENT
THIS AGREEMENT, made and entered into this 30th
day of September, 1975, by and between the Redevelopment
Agency of the City of Seal Beach, hereinafter referred to
as "Agency" and Bank of America National Trust and Savings
Association, hereinafter called "Bank"
WIT N E SSE T H
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WHEREAS, Agency proposes to issue notes as follows:
Redev~lopment Agency of the City of Seal Beach, Riverfront
Redevelopment Project, Tax Allocation Negotiable Promissory
Notes, Issue of 1975, ("Notes"), and
WHEREAS, Bank has been designated as Fiscal Agent
for said Notes, and
WHEREAS, Bank will arrange for Bankers Trust Company
of New York, in the City of New York, State of New York, and
Continental Illinois National Bank and Trust Company, in the
City of Chicago, State of Illinois, to act as Co-Paying
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Agents., an~
WHEREAS, Bank will compensate the said Co-Paying
Agents out of the fees paid to it by Agency, and
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WHEREAS, it is mutually desirable that an Agree-
ment be entered into by the parties hereto to provide for
the Fiscal Agent's services,
NOW, THEREFORE, the parties hereto in considera-
tion of the mutual covenants herein contained agree as
follows:
1. Bank shall perform such duties as are imposed
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on it as Fiscal Agent pursuant to Agency's Resolution No.
75-10, as amended, adopted on September 8, 1975.
2.' Bank shall cause all Notes of the Agency and
any coupons appertaining to such Notes issued pursuant
to said Resolution No. 75-10, as amended, to be paid in
accordance with their terms uP9n the presentation of the
same for payment or for collection upon maturity to Bank
or to the Co-Paying Agents, and Agency shall cause to be
made available to Bank on or before any interest payment
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date all funds necessary in order to so pay such Notes
and coupons, provided that this, paragraph shall in no
instance require Agency to make available any funds other
than those designated therefor in said Resolution No. 75-10,
as amended.
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3.
Bank shall surrender semi-annually to the
Agency all cancelled Notes and interest coupons held by
Bank hereunder.
4. Agency shall pay Bank fees for its services
in accordance with the following schedule:
,A. The opening fee for the acceptance
of the account including the review
of the Resolution and supporting
documents, registration and delivery
of the Notes, and the setting up of
all required records: $750.00.
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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 receiving and allocating
the revenues:
$500.00 for the first $1,000,000
principal amount or any part
thereof,
$250.00 per million on the next
$4,000,000 principal amount
outstanding,
$150.00 per million on the next
$20,000,000 principal amount
outstanding. .
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The annual administration fee is
based on the principal amount of
Notes outstanding at the beginning
of each billing year.
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The initial fee, computed as shown
above, is $448.61 (9/30/75-2/29/76).
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D.
E.
F.
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The fee for the destruction or
cremation of Notes and coupons is
included in our annual adminis-
tration fee, if requested.
The fees to the Co-Paying Agents
will be paid out of our fees in
accordance with the number of
Notes and coupons paid by each
of them.
The fee for retirement of Notes
prior to scheduled maturity:
per Call
each Purchase
$100.00
$ 25.00
Safekeeping charges include:
Storage of coupon Notes held
for fully registered Notes,
Storage of sheets of coupons
from fully registered 'Nc,tes,
to be determined by denomina-
tion of Notes;
The fee is 02jl! per $1,.0.00
Note value per year.
G. Investment of Funds:
Each transaction $8.00
Each purchase, sale or redemption
of a ,security shall be con-
sidered as a transaction.
H. The fee for the execution of documents
to evidence release and closing of all
accounts is $750.00.
I.
The cost of normal out-of-pocket
expenses such as stationery, postage
and insurance, telephone and tele-
graph charges, etc., is in addition
to our annual administration fee.
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Should a default occur requiring
special action to be taken by the
Fiscal Agent, a reasonable fee will
be charged depending upon the amount
and nature of the services involved.
5. *Fees for Paying Agents are in accordance
with 'the following:
A. The fee for paying Notes of any
denomination and semi-annual coupons
thereon:
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for each Note
for each coupon
$2.00
$ .17
B. The fee for Note registration
services:
for each registration $2.00
(Large issues where many Notes
are or may be registered:
Fully Registerd Notes:
Minimum fee $150.00 (per year)
Registration as to Principal Only:
Minimum fee $100.00 (per year))
C. The fee for payment on interest on
registered Notes:
for each check $ .42
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D.
The fee for payment of Notes prior to
maturity by partial call:
for each Note $2.00
*Includes out-of-pocket expenses.
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6.
The foregoing schedule is subject to renegotia-
tion should conditions warrant.
7. Bank shall render a semi-annual statement as
of March 1 and September 1 of each year for the amount of
fees due Bank pursuant to this Agreement. Upon receipt
of such statement, Agency shall pay Bank the Amount of
such statement.
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8. Bank shall render a semi-annual statement as
of the months ending December and June of each year of the
cash and/or investments held by it as such Fiscal Agent.
9. This Agreement may be terminated by either
party hereto on any interest payment date, upon written
notice to the other party hereto given at least 60 days
prior to such interest payment date.
IN WITNESS WHEREOF, the parties hereto have caused
th~s Agreement to be duly executed, the day and year first
above written.'
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ATTEST:
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sea.L Beach
62,002-:-2
REDEVELOPMENT AGENCY OF THE CITY
OF SEAL BF;ACH
By~lJd~
r Chairman
~~~U~~
Secretary
[SEAL]
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[SEAL]
BANK OF AMERICA NATIONAL TRU~T
AND SAVINGS ASSOCIATION
By
Authorized Off~cer
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