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Home My WebLink About02205 - AD146 HANOVER BONDS Ma*acttfers xanoW f Trust Ca to be paying agent for bonds for A.D. 146 AGREEMENT #2205(Orig 2-21-85) per Res 15448, 2-20-85 AGREEMENT THIS AGREEMENT, made and entered into this 21st day of February, 1985, by and between City of Palm Springs, hereinafter called 'Obligor' and Manufacturers Hanover Trust Company of California, hereinafter called 'Trust Company ' ; WITNESSETH; WHEREAS, Obligor has authorized the issue of bonds more fully described in'Ezhibit "A" hereto, for which Obligor desires to name Trust Company as Paying Agent; and WHEREAS, Trust Company desires to act as Paying Agent on said Securites (Bonds) at its office located at 50 California Street, loth Floor, San Francisco, CA 94111 ; and WHEREAS, it is mutually desirable that an Agreement be entered into between Trust Company and Obligor to provide for such paying agency services; NOW, THEREFORE, the parties above named, in consideration of the mutual convenants herein contained, agree as follows : 1 . The Obligor will deliver to the Trust Company from time to time sufficient moneys to meet payments of principal and of interest on the bonds and the Trust Company agrees to receive the moneys, and to receive the bonds from the holders thereof, as and when presented to them for payment, and, to the extent that they are so placed in funds therefore by the Obligor to pay all moneys due and owing thereof to the holders presenting the same the payment. 2. The Trust Company in receiving and making payments on said bonds and interest acts only as agent of the Obligor for the purpose of paying said interest, and only undertakes to exercise reasonable care in receiving and making payment on said bonds and interest and they need not inquire into the right of any holder to present same for payment. 3. The Trust Company undertakes to pay to holders such sums as may be delivered to them by the Obligor, and assume no liability in respect to discharging the total indebtedness upon said bonds and interest becoming due and payable; and, in the event that the total face amount of any and all such bonds is not delivered to them, the Trust Company may make payment to holders in the order such bonds are presented. n. Upon the payment by the Trust Company of any bonds the Trust Company shall take into their custody the particular bonds paid and shall immediately cancel the same by punching holes through the bond, and shall further comply with such orders or rules as may be established by the State Comptroller with reference to cancellation of securities and records thereof. After cancellation the Trust Company shall further destroy the bonds by cremation or shredding and deliver to the Obligor a certificate of destruction. The certificate of destruction is to show the destroyed bonds by maturity and denomination in numerical list. 5. The Trust Company shall annually, in the month of July of each hereafter, render• to and file with the Obligor a verified and itemized statement of account of all moneys received and paid out during the year in their capacity as Paying Agent hereunder, showing dates of all receipts and payments, the particular bonds paid, and identifying the same by number and statement of the type and nature of bond paid, and showing 'the balance of the moneys remaining in their hands, or on deposit with them at the close of the fiscal ,year. 6. The Obligor shall pay to Trust Company fares in accordance with Trust Company Schedule dated December 17, 1984 annexed hereto as Exhibit "B" and incorporated herein by reference. 7. The Trust Company shall render an annual statement for the amount of fees due said Trust Company under this Agreement, and all incidental expenses for which reimbursement is claimed pursuant to Paragraph 6 hereof. Upon receipt of such statement, the Obligor shall pay Trust Company all fees under this Agreement and shall reimburse said Trust Company in accordance with Paragraph 6 hereof. 8. The Obligor upon six (6) months written notice to Trust Company may terminate this Agreement. 9. The Trust Company upon six (6) months written notice to Obligor 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 Trust Company has undertaken to perform any services, Trust Company shall immediately terminate this Agreement in its entirety upon giving written notice to the Obligor. 10. The terms and conditions of this Agreement are intended for the mutual benefit of Obligor and Trust Company exclusively, and are not intended to give any third party any rights or claim, contractual or otherwise, hereunder. 11 . Obligor agrees that Trust Company shall not be required to honor any request made by anyone other than Obligor itself to stop payment on any lost, destroyed, mutilated, or stolen bond, or to pay any such security the ownership of which is disputed. The Obligor may in such instances instruct Trust Company as to what Trust Company shall do under the circumstances, and hereby agrees to hold Trust Company harmless from any and all claims whenever Trust Company acts in acccrdance 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 —�06LT0 Title: Q _ MANUFACTURERS HANOVER TRUST COMPANY OF CALIFORNIA By: 0V i Title: Assistant Vice President /2319A 1W RES.. rf,40u /_5-qL4g • E=BIT A • IMPF(WEMENT BOND CITY OR PALM SPRINGS ASSESSMENT iDISTRICT NO. 145 Nnlunry opMlGl Mefunnq h1I6�E±] .Njt✓(N � .cvl1 ilxrvmy IvteOv ve Ica a sx Lsa la cao210 e-e ee25"aee : h:0 9 ?qe .25 X a 9 a y.H eau a:a o_ ea:ca s s b }aa 3 iHl =5 cQQ :•ia 55 FO '0 H 999 )Oc0 -�i i5 NCO 'H9i ':X COO d 4 10 • EXHIBIT B . FE£ SCHEDUL£ PAYING AGENT SERVICES Proposed iszmance of $I.S 'Million City of halm Springs Limited Obligation Improvenl^ent Bcmds 'i l,SvG.JG 3 i,000.00 per ;year Pius 5:.7 5 per registered hoi_cer account maintainer- The number of ac::ounts mainta_n .—f is 5ase_ ,.n -ne numCe_- of acieU:nts on ',;e iste, at :he oe�zinnmg of -ac., o!1:1Rg , _ plus .all new u acconts :Jpenec curing the b,iiing ye`r r nis c^ar>e includes ail of il':e. 'cilowina services-. Dispurs!ns seni-annual !merest c!',eck, and Posting one certificate cancelled ad ..le result of each transier or denominauonal e-xc_iange. Excess certiilc tes cancelled will be charged for at tine rate $.25 per certificate. Maintaining stop transfer Orders. $7.5G for any transfers requiring supperting dec::mentation or special handling, per transaction. $7.5G for the placement of stop payment and transfer orders, plus issuance of replacement checks in lieu of interest checks reposed lost. S5.c0 for withholding Federal tax from interest payments for non-resident aliens, forwarding funds and submitting necessary reports, per holder. $ .05 per narne, for preparing a list of security of holder, with a $75.00 minimum. OTHER CH.-\RGES Bondholder Mailing (if required) $500.00 per mailing (excluding out-of-pocket costs) y Pale Two Payment of Bonds at Maturity or at $2.50 per certificate Optional Redemptions D SCTRUCTION CHARGES 20.00u per 100 pieces or fraction thereof. Out-of-pocket expenses wilt be charged at their cost. Dated December 17, 1984