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Home My WebLink About01257A - WELLS FARGO BANK AD 121 1915 BONDS j�.is Fargo Bank - Paying Agent �r A.D. 121 ;� AGREEMENT #1257A-ORIG 10-6-76 A G R E E N E N T NO. %�j 71i Res #11955, 10-6-76 THIS AGREEMENT, made and entered into this 6th day of October, 1976, by and between the City of Palm Springs , of the State of California , hereinafter called the "City" , and Wells Fargo Bank, National Association, hereinafter called "Bank". W I T N E S S E T H, T H A T WHEREAS, City has issued City of Palm Springs Assessment District No. 121 , 1915 Act Improvement Bonds, Series No. 106, Bonds numbered 1 to 203 inclusive, dated August 8, 1976, in the aggregate amount of $1 ,040,187.11 , for which City desires to name Bank as Paying Agent; and WHEREAS, Bank desires to act as Paying Agent on said Securities at its offices located in the City of Los Angeles and San Francisco; and WHEREAS, it is mutually desirable that an Agreement be entered into between Bank and City to provide for such paying agency services; NOW, THEREFORE, the parties above named, in consideration of the mutual covenants herein contained, agree as follows : SECTION 1 . Bank shall honor said securities of the City and any coupons pertaining thereto, in accordance with the terms thereof upon presentation of the same to it for payment or for collection upon maturity. City shall assure that sufficient funds are provided to Bank to enable it to honor such securities. This paragraph shall not in any instance require payment or disbursement of any funds in excess of the amount then on deposit in the "Bond Principal and Interest Account" referred to hereinafter. SECTION 2. City agrees to deposit at least five (5) days prior to the next maturity date of bonds and coupons with the Corporate Agency Department of the Bank funds sufficient for the payment thereof. The said funds are to be deposited in trust with the Bank to an account designated "Bond Principal and Interest Account" , maintained by Bank for the benefit of the holders. Such funds shall be held and applied by the Bank in its Corporate Agency Department solely for the payment of said maturing bonds and coupons. From the said funds, Bank agrees to pay at the maturity thereof interest coupons and bonds presented to it or to City for payment. SECTION 3. The Bank shall maintain records and shall report to the City monthly the following information as to both bonds and interest: Previous balance matured and outstanding, maturities 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 Principal and Interest Account". SECTION 4. Bank shall render to City semi-annual destruction certificates detailing the disposed securities by bond number and the disposed coupons in bulk. SECTION 5. The Bank will maintain the "Bond Principal and Interest 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 years from the final maturity date of the related bond. The request From the City for refund shall designate the amount and the particular maturity or maturities and the amount with respect to bonds and coupons , in order that the Bank will know which bonds and coupons it is no longer authorized to pay. SECTION 6. The Bank shall assume Full liability for incorrect payments made by it and errors in reporting payments made by it which result from Bank's negligence. 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 5 above. -1- SECTION 7. The City shall pay to Bank fees in accordance with Bank's Fee Schedule dated July 15, 1976, annexed hereto as Exhibit "A" and incorporated herein by reference. SECTION 8. In addition to the fees indicated in Paragraph 7, the City shall reimburse Bank for out-of-pocket expenses necessarily incurred in the performance of Barik's duties herein provided, to include postage, express , insurance and other incidental expenses. SECTION 9. The Bank shall render a semi-annual statement for the amount of fees due said Bank under this Agreement, and all incidental expenses for which reimbursement is claimed pursuant to Paragraph 8 hereof. Upon receipt of such statement, the City shall pay to Bank all fees under this Agreement and shall reimburse said Bank in accordance with Paragraph 8 hereof. SECTION 10. 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 of each interest rate of such issue to the Bank. SECTION 11 . The Treasurer of the City, upon six (6) months written notice to Bank, may terminate this Agreement. SECTION 12. The Bank, upon six (6) months written notice to City, may terminate this Agreement, provided, however, that upon any default in the payment of principal or interest of any issue or issues with respect to which Bank has undertaken to perform any services, as required to be rendered by this Agreement, Bank may immediately terminate this Agreement in its entirety upon giving written notice to the City. SECTION 13. Upon termination of this agreement by either party hereto any funds remaining in the "Bond Principal and Interest Account" shall be paid to the Treasurer of the City. Bonds and Coupons paid prior to termination shall be cremated or destroyed and a cremation or destruction certificate Furnished to the City as specified in Section 4 hereof. SECTION 14. The terms and conditions of this agreement are intended for the mutual benefit of City and Bank, exclusively, and are not intended to give any third party any rights or claims , contractual or otherwise, hereunder. SECTION 15. City agrees that Bank shall not be required to honor any request made by anyone other than the City to make payment or to stop payment on any lost, destroyed, mutilated or stolen bearer Bond or coupon, or to pay any bond or coupon, the ownership of which is disputed. The City may in such instances instruct Bank as to what Bank should do under the circumstances, and hereby agrees to hold Bank harmless From any and all claims whenever Bank acts in accordance with such instructions. IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly executed, the day and year first above written. CITY OF PALM SPRINGS ATTEST: BYC %s � Dallas J. Flicek City Treasurer 8T�gttl�y Clerk WELLS FARGO BANK, NATION/AL 'ASSOCIATION By APPROVED AS TO FORM: RaymoV E. Ott City ttorney - ._— - - - - -- — ----- 17 a 4 WELLS FARGO BANK, NATIONAL ASSOCIATION CORPORATE AGENCY DEPARTMENT SCHEDULE OF CHARGES PAYING AGENCY SERVICES Payment of Coupons 122C each Payment of Bonds at maturity or call as a whole $ 1.25 each Payment of Bonds called in part $ 1.75 each Checks issued in payment of fully registered interest 35C each Registration and Interchange Each Bond issued 75C Each Bond cancelled 25C Destruction Bonds per 100 pieces or fraction thereof $ 5.00 Coupons per 1,000 pieces or fraction thereof $10.00 Minimum Charges Minimum charge is $25.00 per maturity of principal and/or interest. In addition to the foregoing, out-of-pocket expenses, such as postage, insurance, telephone, and telegraph expense will be charged on the basis of actual amount thereof. If the Bank is required to assume duties or responsibilities not included in this schedule, a reasonable charge will be made, determined by the nature of the service and the responsibility involved. g The charges in this schedule are quoted with the understanding that, should they appear unreasonable from the standpoint of Obligor or Bank subsequent to acceptance hereof, they would be subject to revision from,.time to time by mutual agreement. July 15, 1976 EXHIBIT A