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HomeMy WebLinkAbout1982-12-21; Housing & Redevelopment Commission; 5; Authorization of a Depositary AgreementHOUSING ANb, .,.dEDEVELOPMENT COMMISS; -.9 - AGENDA BILL -?t @ hB# 00*’ = AUTHORIZATION OF A DEPOSITARY MTG.12/2? AGREEMENT BETWEEN GIBRALTAR DEPT. HSG. SAVINGS AND LOAN AND THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSIO;1 RECOMMENDED ACTION: DEPT. ClTY AFfw~ CITY MO IQ&?& Adopt a resolution authorizing the execution of a General Depositary Agreement with Gibraltar Savings and Loan Association for the direct deposit of funds received from the Department of Housing and Urban Development to operate Carlsbad's Section 8 Low-Rent Housing Pro- gram. ITEM EXPLArJATION: Resolution completes the set of documents necessary for the Housing and Urban Development (HUD) files in Los Angeles. HUD recommends segregating Housing funds from the General Fund monies to avoid commingling. Use of Gibraltar Savings and Loan gives absolute segregation plus the convenience of a repo account for immediate availability versus time deposits or certificates of deposit. This action recommended by the Housing and Redevelopment Advisory Committee at their meeting of July 26, 1982. FISCAL IMPACT: None. EXHIBITS: 1. Resolution No. 1 lo , authorizing execution of General Depositary Agreement. - --**;1, _ ..‘,j ,,,._ -c -. .,I . . - r : .’ , ‘1. ;.I ’ k GENERAL DEPOSITARY AGREEMENT THIS AGREEMENT, entered into this q* day of April, 1982) by and between the CARLSBAD HOUSING AUTHORITY (herein called the "Local Authority"), a duly organized and existing public body corporate and politic of the City of Carlsbad, California, and. GIBRALTAR SAVINGS AND LOAN ASSOCIATION (herein called the "ASSO- ciation"), located at 2530 El Camino Real, Carlsbad, California. FVITNESSETH: WHEREAS, the Local Authority is undertaking the development and/or operation of certain housing pursuant to the terms of one or more contracts which may be amended or superseded (herein indi- vidually and collectively called.the "Contract") between the Local Authority and the United States of America (herein called the "Government"), which projects are identified as follows: Project No. I Name of Project CA16-E077-001,003,004 Carlsbad Low Rent Housing ; and WHEREAS, under the terms of the Contract the Local Authority has agreed to deposit certain monies received by the Local Author- ity in connection with the aforesaid projects with one or more- banks or savings and loan associations under the terms and conditions specified in this General Depositary A-greement and may also deposit under the terms hereof certain amounts received in connection with any other project or enterprise of the Local Authority, including any project or enterprise in which the Government has no financial interest, NOW FURTHER WITNESSETH: In consideration of the mutual covenants hereinafter set forth, the parties hereto do agree as follows: 1. The Association is and shall continue to be a member of the Federal Savings and Loan Insurance Corporation as long as this Agreement is in force and effect. 2. All monies deposited by the Local Authority with the Asso- ciation under the terms of this Agreement shall be credited to the Local Authority in a separate account, designated "City of Carlsbadl HUD Account #84-0011038-9" (herein called the "Account"). All mon- ies in the Account in excess of the amounts insured by the Federal Savings and Loan Insurance Corporation shall be fully and continu- ously secured by a'secucitp interest in obligations, or fully guar- anteed &s to principal and interest by the United States of America or an agency thereof (herein called the "Collateral"). Said Colla- teral shall at all times be of a market value at least equal to the amount of the monies so secured. 3. The Association shall honor any check or order drawn by 'the Local Authority upon the Account if such check, order, or direc- tive is signed on behalf of the Local Authority by an officer or member designated by resolution, a certified copy of. which resolu- -. tion or certification by a proper officer of the Local Authority as to the adoption of such resolution, shall be furnished by the Local Authority to the Association. . ..a>,, . , i. F 4. If the Association receives written notice from the Govern- ment that no withdrawals by the Local Authority from the Account are to be permitted until thereafter authorized by the Government, the Association shall not honor any check or order of the Local. Authori- ty from said Account un-til expressly authorized so to do by written notice from the Government. 5. The Association is not obligated to be familiar, and shall not be charged, with knowledge of the provisions of the Contract, and shall be under no duty to investigate or determine whether any action taken by either the Local Authority or the Government in re- spect of the Account is consistent with or is authorized by the Con- tract or whether either the Local Authority or the Government is in default under the provisions of the Contract. The Association shall be fully justified in accepting and acting upon, without investiga- tion, any certificate or notice furnished to it pursuant to the pro- visions of this Agreement and which the Association shall in good faith believe to have been duly authorized and executed on behalf of the party in whose name the same purports to have been made or executed. 6. The rights and duties of the Association under this Agree- ment shall not be transferred or assigned by the Association without the prior written approval of the Local Authority. This Agreement may be terminated by either party hereto upon sixty days' written notice to the other party, a-copy of which notice shall be promptly furnished to the Government. The rights and duties of the Associa- tion hereunder shall not be transferred or assigned nor shall this Agreement be terminated during any period in which the Association is required to refuse to permit withdrawals from the Account as pro- vided in Paragraph 4. 7. This Agreement may be'executed in several counterparts, each of which shall be deemed to be an original and such counter- . . parts shall constitute one and the same instrument. IN WITNESS WHEREOF, the Local Authority and the Associatfon have caused this Agreement to be executed in their 'respective names and their respective sea1.s to be impressed hereon and attested all as of the date and year first above written. (SEAL) ATTEST: CARLSBAD HOUSING AUTHORITY Local Authoritv I Ronald C. Packard, Chairman Secretary -h3aYtin Or GIBRALTAR SAVINGS AND LOAN ASSOCIATION Association I By: Assistant Vice President )’ ’ I 1 ! \ ‘, ’ . I . a, I ; 1 2 3 4 5 6 7 '8 9 10 11 12 13 14 15 16 17 . 18 19 20 21 22 23 24 25 26 . 27 ward said executed counterparts,'or any of them, to the Govern- , 28 ment together with such other documents evidencing the approval . . * r . I . RESOLUTION NO. 16 . A RESOLUTION OF THE HOUSING AND REDEVELOPMENT .COKMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, _ AUTHORIZING EXECUTION OF GENE'ILRL DEPOSITARY AGREEMENT WHEREAS, the Carlsbad Housing and Redevelopment Commission (herein called the "Local Authority") proposes to enter into an agreement (herein called the "General Depositary Agreement") with one or more banks, each of which is a member of the Federal depos- it or Savings and Loan Insurance Corporation, with respect to any "Project" as defined in the Annual Contribution Contracts and which any time now or hereafter is incorporated under the terms of such contracts; NOW, THEREFORE, BE IT RESOLVED by.the Local Authority as follows: 1. The Bank of America and the Local Authority previously entered into a General'Depositary Agreement dated.2/15/81 provid- ing for the deposit of monies pertaining to the projects speci- fied therein. The Agreement is hereby terminated and approval is hereby given to the form and substance of a substitute General Depositary Agreement substantially in the form of the current re- vision HUD-5199A to be entered into with Gibraltar Savings and Loan Association, Carlsbad, Ca., and the Chairman or Vice-Chair- man is'hereby authorized and directed to execute said.contract in triplicate on beh&.f of the Local Authority, and the Secretary is hereby authorized and directed to impress and attest the official seal of the Local Authority on each such counterpart and to for- . . 4 . . J ’ c 1 2 3 4 5 6 7 8 9 10 .11 12 13 34 i-5 -t. 36 17 18 19 20 21 22 23 24 25 26 27 28 _’ ., .c . ’ . . and authorizing the execution thereof as may be.required by the Government. 2. This Resolution shall take effect immediately. PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad held the 21st day of December by the following vote, to wit: AYES: Comnissioneri Casl,kr, Lewis, Kulchin, Chick and Prescott NOES : None ABSENT: None vtL.4.%- d. cIlz.d&... MARY H.JCASLER, Chairperson ATTEST: . ‘: Secretary KAREN R. KUNDTZ, Assistah Secretary . ) . . (SEAL) * . . . , . .