HomeMy WebLinkAbout00442 - SECURITY FIRST NATIONAL A G R E E M E K T NO. 442
THIS AGRE13iEIMTT, made and entered into this 14th day of April 1966, by and
between the City of Palm Springs, of the State o,: California, hereinafter called
the "City" and Security First National Bank, a national banking association,
hereinafter called the "Bank";
W I `I° N E S S E T H, T HA T
WDER LS, the 1965 Golf Course bonds issued by the City, in the principal a:aaoun-i;
of Moo,000.00, provide that the same are payable or collectible as to principal and
interest at the Office of the Treasurer of the City of Palm Springs or at designated
Paying .Agents in Los Angeles, California, Chicago, Illinois, or New 'fork, New York.
WDERI.A.S, it is desirable that there be an arrangement -,hereby such bonds, or
coupons pertaining thereto, may be presented for payment or collection at, and be
honored by, said Bank or said designated banks in the City of Nei•; ?rork or in the
City of Chicago; and to have the Bank provide certain accounting and reporting
services for bonds and coupons paid under this agreement, and also to crenate or
destroy such bonds and coupons and provide a cremation or destruction certificate
therefor to the City.
w-HEREAS, it is mutually desirable that an agreement be entered into between,
these parties to provide for such services;
Row, T EREFGRP, the parties above named in consideration of the mutual covenants
herein contained., agree as follows:
SECTION 1. Upon written request of the Treasurer of the City hereinafter called
the "Treasurer", the Bank shall cause any bonds of the City and any coupons pertaining
to such bonds to be honored, in accordance with the terms thereof, upon the presenta-
tion of the same for payment o-r for collection upon maturity, to the Bank or to the
banks in the City of New York, or in. the City of Chicago, named in this Section
whichh may be designated by the City for that purpose, and shall cause to be made
available, at any such hank so designated, all funds necessary in order so to honor
such bonds and coupons; provided that this section shall not in any instance require
payment or disbursement of any funds in excess of the amount then on deposit in the
"Bond" and Coupon Redemption Account", hereinafter referred to, nor Shall this section
require payment or disbursement of interest on bonds registered as to principal and
interest. Such interest on bonds registered as to principal and interest shall_ be
paid by the Treasurer and the Treasurer shall be reimbursed by. the Bank upon w itter!
request of the `lreasuw°er, from :Funds deposited pursuant to Section 3 hereof. The
banks in this Section referred to are the following: Bankers Trust Company, iia the
City of New York, and Harris Trust and Savings Bank, in the City of Chicago.
SECTION 2. W-hon any bond or coupon is honored pursuant to Section 1 hereof,
the Bank forthwith shall cause such bond or coupon to be cancelled, or shall cause
payment of interest to be noted on the bond in accordance with the terms thereof.
SECTION 3. The City shall semlaannually deposit in trust with the Bank in all
account designated "Bond and Coupon Redemption Accoi Lni;" sums in cash sufficient to
pay bonds and interest maturing. The City shall certify to the Bank in detail its
bonds and coupons to be presented for payment. The funds required to pay the bonds
and coupons, as shown by the certi.fica;te, of the City, shall be deposited by the
Treasurer in the "Bond and Coupon Redemption Account".
The Bank will secure the balance :in said "Bond and Coupon Redemption Account„
from time to time as required by Part 9, Chapter I, Title 12 of the Code of Federal
Regulations of the United States of America,
SECTION 4. when any money has been paid or disbursed by the Bank pursuant to
Section 1 hereof, the: Bank shall forthwith reimburse to itself the amount- thereof
by charge against said "Bond and Coupon Redemption Account".
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SECTION 5• The Bank shall notify the Treasurer prorngtly of all charges
against the Bond and Coupon Redemption Account and. slake monthly reports of the
details of redemptions. The report shall include bond nuLbe-.rs, maturity dates,
denominations and amount of bonds paid as well as the coupon maturity dates and
maturity numbers, the number of coupons pa.i.d., the denaminati.on of .Such Coupons
and the amount of coupons paid.
SECTION 6. The Bank shall maintain records according to each bond issue and
shall report to the City monthly the following information as to both bonds and
interest: previous balance matured and outstanding, lnatu-i.ties during -the month,
payments made during the month and new balance of matured and outstanding at the
end of the month, The total of said new balances so reported shall balance to
the cash on hand in the "Bond and Coupon Redemption Account".
SECTION 9, The Bank will maintain the "Bond and Coupon Redemption Account"
under its control, subject to the right of the City to have refunds made as
requested; provided, that funds will only be claimed for bonds not presented for
payment after the expiration of five years from the maturity of the bonds and for
coupons not presented for payment after the expiration of five yeasts from the
final maturity date of the _related bond issue. The request from the City for
refund shall designate the amount and the particular maturity on maturities and
the particular issue or issues and the amount With respect to bonds and coupons,
in order that the Bain' and its co-paying agents will know Which bonds and coupons
they are no longer authorized to pay.
SECTION 8. The Bank shall periodically cremate or destroy the bonds and
coupons as theretofore reported to the Treasurer under Section 5 and furnish a
cremation or destruction certificate to the City,
SECTION 9. The Bank shall assume full liability for.' incorrect payments and
errors in reporting payments made by it, to the end that the City will not be
called upon to deposit additional funds, once sufficient- funds have been deposited
to cover maturing bonds and coupons and not withdrawn pursuant to Section. 7 above.
SECTION 10, The City shall nay to the Bank fees pursuant, to this agreement
at the rates set forth in the following schedules.
SCHEDULE A
For the payment of bonds of $5,000.00 denomination and coupons therefrom:
$2.50 for each bond paid at maturity;
.1.25 for each coupon paid at m.ai;urity,
3.125 for each bond -maid prior: to maturity by partial call.
SCHEDULE B
For accounting, storage and cremating or destroying bonds and coupons:
$,10 for each bond cremated or destroyed.;
,025 for each coupon cremated or destroyed,
SECTION 11. ID addition to the fees provided in Section 10, the City shall.,
reimburse the Bank for stationery, postage, empress, a.nsurance and other incidental
out-•ofmpocket expenses necessarily incurred by said Bank in the performance of its
duties as herein provided.
SECTION 12. The Bank shall render a monthly statement to the Treasurer shooing
the amount of interest; paid or disbursed pursuant- to Section 1 hereof., and the
principal amount of the bonds honored pursuant to Section 1 hereof.
SECTION 13. During the term of this agreement, the City may change the
designatioin of the banks in the City of New `.York and the City of Chicago, at which
bonds of said City or coupons pertaining to such. bonds may be payable and thereupon
the Bank, shall cause such bonds or coupons to be paid or honored as provided by
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Section 1 of this a.greem.enc; provided, however, that no bank in the City of
New :Yore, State of ilea; York, or in the City of Chicago, Stare of Illinois, shall
be designated unless said. Bank has satisfactory arrangements with such New York
hauls or such Chicago bank to enable it to perform the services provided by this
agreement, and provided further that such designation shall not be made until
such time as a satisfactory agreement has been entered into by the said Bank and
such New York bank or, Chicago bank with respect to the services to be performed
under this agreement,
SECTION 14. At least ten (10) days prior to the first payment or disbursement
of principal or interest on any issue of bonds under the provisions of this agreement,
the City shall furnish one specimen bond to the Bank and to the designated bade or
banks in the City of New York and City of Chicago.
SECTION 15, The Treasurer, upon six months written notice to the Bank inay
terminate any request for the performance of services pursuant to this ag:ccement.
SECTION 16. The Bank, upon six months smitten notice to the Treasm,.,er:T, quay
terminate this agreement, provided, however, that upon de:fouit by the City undo-r any
of the provisions of this agreement, or upon default by the City in the payment of
principal or interest of any issue or issues with respect `to uhi.ch the Bank has
undertaken or performed any services as required to be rendered by Section 1 hereof,
the Bank. array immediately terminate this agreement in its entirety .-oon giving -the
Treasurer written notice,
SECTION 17. Upon termination of this agreement by either party hereto aayy
funds remaining in the "Bond and Coupon Redemption Account" shall be paid to the
Treasurer. Bonds and coupons paid prior to termination shah_ be, cremated or destroyed
and a cremation or destruction. certificate furnished to the City as specified ''•n
Section B hereof.
IN WITNESS THEREOF, the parties hereto have caused these presents to be duly
executed, the day and year first above written.
CITY OF PALM SPRINGS
BY � __..Cam.
ATTEST: City Treasurer.
i
F. D. A"LESHTk�L'
City Clerk
SECURITY FIRST 14TSOITA:N'PAiII�
BY
Vice P.residenBY
t—
fl •f . N
Assistant Secretary
Ph7)rZT-,VED AS TO FOR10
City F;:ioM �
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