HomeMy Public PortalAboutORD10330 BILL NO.
SPONSORED BY COUNCILMAN
ORDINA CE NO. 10
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A CONTRACT WITH EXCHANGE NATIONAL
BANK FOR SEWER REVENUE BOND SERVICES.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI,
AS FOLLOWS:
Section 1. The Mayor and City Clerk of the City of Jefferson
are hereby authorized to execute a contract with Exchange
National Bank for services as the registrar, transfer agent and
paying agent for the City of Jefferson $600,000 Sewer Revenue
Bond Issue.
Section 2. The contract shall be substantially the same in
form and content as that contract attached hereto as Exhibit A.
Section 3. This Ordinance shall be in full force and effect
from and after the date of its passage and approval.
Passed �/f-�� -'f`7 Approved
— — `
Fre .ding Offic d r Mayor
ATTEST:
City Clerk
a
AGREEMENT
This agreement is made and entered into by and between the City
low
of Jefferson, Missouri, a municipal corporation, hereinafter
referred to as the "City" , and Exchange National Bank,
hereinafter referred to as the "Bank" .
For the considerations herein expressed, it is agreed by and
between the City and the Bank as follows:
1. The Bank will serve as the registrar, transfer agent
and paying agent for the City of Jefferson $600,000
Sewer Revenue Bond Issue.
2 . City will pay the Bank according to the following
provisions :
a. Trustee Fee
( 1) Acceptance Charge, $600.00 ($1.00 per
thousand)
( 2 ) Administration Charge on initial issuance,
$360.00 ( $.60 per thousand)
b. Registrar
( l ) $2.00
per certificate registered on
initial issuance
( 2) $2.00 per account maintained (annual)
C. Paying Agent Services
Payment of registered interest, $1.00 per check
d. ( 1) Periodic charges for services rendered
(a) $2. 00 per certificate reregistered
(b) $5 .00 for each irregular transfer
(decedents , trusts, corporations , etc. )
(2 ) Payment of principal at - maturity 'on
redemption or cancellation without payment,
$1.00 per $1, 000.00 bond value cancelled
3. City will pay for the postage for mailing the
registered interest checks.
4 . City will provide the printed checks and the bond stock
required.
L4
Shia(//�(� agreement has bepn executed this day of
CITY OF JEFFERSON, MISSOURI
By
MAYOR
ATTEST:
CITY _CLERK
EXCHANGE NATIONAL BANK
B lea
OAK-
r Y
ATTEST:
111,; 1111111!illllll ::IWO
M E M O R A N D U M
TO: Cary J. Hamburg, City Administrator
FROM: Bobby L. Cox, Finance Director
DATE: November 2, 1984
RE: Recommendation on Services as Registrar, Transfer
Agent and Paying Agent on the $600,000 Sewer Revenue
Bonds
I have reviewed the proposals and have determined the
Exchange National Bank is the best proposal.
In my evaluation, I had to set certain criteria to be used
to compare the variable cost. The criteria is as follows:
Original issue 120 bonds
Re-registration of bonds 300 trans=actions
Number of interest checks
to be issued 2,368 checks
This criteria was discussed with the bond counsel.
Using the above criteria, the total cost of registration,
paying, and transferring would be as follows:
Exchange National. Bank $7, 256.00
Mercantile Trust Company,
St. Louis 7.; 750.00
Central Trust Bank 18,11040..00