HomeMy WebLinkAbout1969-10-07; Parking Authority; Resolution 9RESOLUTION NO.
RESOLUTION OF THE PARKING AUTHORITY OF
THE CITY OF CARLSBAD, CALIFORNIA, APPROV-
ING AND AUTHORIZING THE EXECUTION OP AN
AGREEMENT ENTITLED "FISCAL AGENCY
AGREEMENT."
WHEREAS, this Parking Authority has undertaken proceed-
ings for the issuance and sale of $1,535,000 of bonds entitled
"1969 Parking Revenue Bonds;" and
WHEREAS, in the documentation relating to the issuance
and sale of said bonds it is provided that the payment of princi-
pal and interest on said bonds and the administration of certain
funds established in connection with said bonds would be undertaken
by Security Pacific National Bank as Fiscal Agent for the Authority;
and
WHEREAS, said Security Pacific National Bank has
provided to the Authority a form of agreement entitled "Fiscal
Agency Agreement" pursuant to which said bank would undertake
said payment and administrative responsibility; and
WHEREAS, said agreement has been reviewed by members
of the Authority and has been found to be satisfactory in all
respects;
NOW, THEREFORE, the Parking Authority of the City of
Carlsbad, California does hereby FIND, RESOLVE, DETERMINE AND
ORDER as follows:
Section 1. That said Fiscal Agency Agreement referred
to in the recitals hereof and attached hereto as Exhibit A be
and the same is hereby approved.
Section 2. That the Chairman and Clerk of the
Authority are hereby authorized and directed to execute said
agreement on behalf of the Authority.
ADOPTED, SIGNED AND APPROVED this 7th day of
October, I969.
the City of Gd/lsbad, GTallfornia
ATTEST:
cietk the Parklnfe Authority of
the City of Carlsbad, California
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STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
ss
I, MARGARET ADAMS, Clerk of the Parking Authority
of the City of Carlsbad, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Parking Authority
of the City of Carlsbad at a meeting of said Parking Authority
held on the 7th day of October , 1969, and that
it was so adopted by the following vote:
AYES:
NOES:
ABSENT;
Directors Killen, Snedeker, Cannon
and Sugg .
None
Director Daugherty
Lei?k/6T the Parking*' Authority of the
City bT Carlsbad, California
(SEAL)
FISCAL AGENCY AGREEMENT
Security Pacific National Bank
Corporate Trust Division
124 West Fourth Street
Los Angeles, California
Gentlemen:
The Parking Authority of The City of Carlsbad has
heretofore authorized the issuance of bonds as
follows:
Principal Amount Description Interest Rates
$1,535,000 1969 Parking Varied
Revenue
Bonds
Interest is payable semi-annually on the first
days of April and October each year until the
maturity of the respective bonds. Said bonds
state they are payable at the office of Security
Pacific National Bank in the City of Los Angeles,
California, or, at the option of the holder, at
any paying agency of the Authority in Chicago,
Illinois, or New York, New York.
We confirm our agreement with you as follows:
1. You are hereby appointed Fiscal Agent of the
Authority in Los Angeles for the payment
of principal and interest on said bonds and
you are hereby authorized and requested to
arrange with Bankers Trust Company in New
York and Harris Trust and Savings Bank in
Chicago to act as Paying Agents, charging
your account for the payment of bonds and
coupons which may be presented to them for
payment.
2. The Authority will deposit with you not
less than two banking days prior to each
principal or Interest date, funds sufficient
to meet the maturing principal and premium,
if any, and interest.
3. The Authority will pay your fees and expenses
as such Paying Agent promptly upon presentation
of your bill therefor in accordance with the
schedule of fees agreed upon. Said schedule
of fees is shown on the attached "Responsibili-
ties and Duties and Schedule of Fees in Connec-
tion with Appointment as Fiscal Agent and
Trustee," attached hereto as Exhibit A and
incorporated herein.
4. Concurrently with the deposit of funds with
you as hereinbefore provided, the Auditor of
the Authority will file with you a certificate
showing the principal amount of bonds out-
standing and the amount and particular bonds,
if any, which are to be redeemed with the
funds deposited therewith.
5. You shall pay for the account of the Authority
such bonds and coupons presented to you for
that purpose in compliance with the terms of
the bonds as they mature or otherwise be-
come payable. All bonds and coupons paid by
you shall be handled in accordance with the
provisions for "Optional Services" as shown
on Exhibit A attached hereto and incorporated
herein.
6. The District will compensate you for services
rendered by you as Paying Agent in accordance
with the foregoing instructions.
Yours very truly.
Parking Authority of the City
of Carl^bJ
BY
3haOTan \)y^, Daugherty
ATTEST:
Accepted: Deputy
SECURITY PACIFIC NATIONAL BANK
BY
EXHIBIT A
SECURITY PACIFTC NATIONAL BANK
RESPONSIBILITIES AND DUTIES & SCHEDULE OF FEES
IN CONNECTION WITH APPOINTNTENT
AS
FISCAL AGENT & TRUSTEE
RESPONSIBILITIES AND DUTIES
1. Revenues from the project will be deposited with the Fiscal Agent and Trustee.
2. The Fiscal Agent and Trustee will have no duty or responsibility for collecting
any such revenue.
3. The Fiscal Agent and Trustee will establish and maintain certain funds for the
payment of principal and interest, etc.
4. Moneys deposited with the Fiscal Agent and Trustee will be invested in approved
securities, as directed.
5. Provisions can be made for the payment of bonds and coupons in New York and
Chicago, if desired.
6. The Fiscal Agent and Trustee will furnish monthly statements of moneys received
and disbursed in the several funds.
7. The Fiscal Agent and Trustee will furnish monthly reports of bonds and coupons
paid, such report to show the total coupons paid by maturity and amount, and
the total bonds paid by serial number and amount.
8. Moneys in the hands of the Fiscal Agent and Trustee will be secured by deposit
of collateral as required by law.
, OPTIONAL SERVICES
1. Retain all bonds and coupons paid for a period of one year.
2. Destroy paid bonds and coupons.
3. Furnish destruction certificate showing details of items destroyed.
SCHEDULE OF FEES
Acceptance Fee
Minimum charge - ^ ^ 200.00
Annual Charge
On each $1,000,000 principal amount (or fraction thereof) of
bonds outstanding at the beginning of each year 225.00
Registration of Bonds
Per piece registered $ -75
Per piece discharged from registration .25
Maintenance of Accounts
For each account maintained (based on the number of accounts
at the beginning of the year and all accounts opened during
the year) -^^
Processing of Irregular Transfers & Bonds of Indemnity
Each
Investment of Funds
For each series, per annum
3.00
For each purchase or exchange 7.50
For each collection due to sale or a maturing investment 2.50
^Payment of Coupons
Detached from bonds of $1,000 denomination - per coupon .05
Detached from bonds of $5,000 denomination - per coupon .125
^Payment of Principal at Maturity or by Call as a Whole
$1,000 denomination - per bond l-OO
$5,000 denomination - per bond 3.25
"Payment of Principal Upon Call in Part
$1,000 denomination - per bond 1-25
$5,000 denomination - per bond '3.23 "
Payment of Interest on Fully Registered Bonds
Per check issued '25
Minimum Charge for Each Principal or Interest Maturity 25.00
For the Maintenance "Live" of Coupon Bonds Surrendered for
Registered Pieces
For each bond, per annum •^0
Minimum annual charge 50.00
For the Maintenance "Live" of Series of Coupons Applicable
to a Specific Bond
,025
Minimum annual charge 10.00
2 -
Special Services
Charges for any services not contemplated herein will be based on an
appraisal of the work and responsibility involved.
Expenses
Expenses for postage, insurance, telephone calls, etc., will be in
addition to the foregoing and will be charged for at cost.
*We will absorb the fees of the co-paying agents provided we are permitted to select
such agents.
SCHEDULE OF FEES FOR OPTIONAL SERVICES
Accounting, Storage and Destruction of Bonds and Coupons
Coupons - pertaining to bonds of $1,000 denomination - each $ .01
pertaining to bonds of $5,000 denomination - each .025
Bonds - $1,000 denomination - each .05
$5,000 denomination - each •
100.00
Minimum aggregate annual charge for paying and accounting
services for all issues -
The above rates include storage for one year. If longer storage is required
an additional charge may be made based upon the additional time required.
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