HomeMy Public PortalAbout99.020 LRARESOLUTION NO. 99.20
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF TILE
CITY OF LYNWOOD APPROVING TAE SETTLEMENT AGREEMENT WITH
BANK OF AMERICA :RELATING TO TIIE BANK'S ACTIVITIES AS
TRUSTEE,. TRANSFER AGENT, FISCAL AGENT AND PAYING AGENT AND
AUTORIZING STAFF TO SUBMIT CLAIM FORMS RELATING TO TAE
VARIOUS BOND ISSUES.
WHEREAS, the Lynwood Redevelopment Agency and other municipal entities
filed complaints with the State Attorney General regarding the Bank of America's
V mishandling of corporate Trust Accounts; and
WHEREAS, the Bank had denied any and all wrongdoing liability and violation
of any law, and
WHEREAS', a settlement has been proposed by the Bank's entities (including
Bank of America Corporation, Bank of America NT & SA, Bank America State Trust
Company, Bank of America FSB, and their past and present affiliations, subsidiaries, and
divisions) ;and
WHEREAS, the settlement agreement will bind the settlement class comprised of
all California municipalities for which Bank of America acted as corporate trust agent;
and
WHEREAS, claim forms will be submitted for reimbursement of expenses
relating to Bond Issues.
NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby find,
determine, and resolve as follows:
` ,Section 1. That the Chairman and Members of the Redevelopment Agency
approve the Settlement Agreement with the Bank of America.
Section 2. That the Chairman is authorized to sign the Agreement and submit
claim forms relating to.the various bond issues.
Section 3. That this resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED this 19th day of Apri 1 , 1.999.
r
SANCAEZ, ~
~ ~ ~TEQST: 1
ANDREA L. AOOPER, SECRETARY
APPR®VED AS '>c0 FO:RM:
y Attorney
APP120VED AS T'® C®N'i'EIrT'I':
Ralph vis III, nterim Executive _
Director
Section 1. That the City Clerk shall certify to the adoption of this resolution and
shall deliver a certified copy thereof in his own records.
APPROVED and ADOPTED this 19th day of April, 1999.
ATTEST:
~2.~~~L ,
ANDREA L. HOOPER, City Clerk
I certify that the above and foregoing resolution was duly adopted by the City of
Lynwood at a regular meeting thereof held on the 6th day of April, 1999 and passed
by the following vote:
AYES: DIRECTOR BYRD, REYES, RICHARDS, SANCHEZ
NOES: NONE
ABSENT: DIRECTOR REA
resolution/resobp
G~-~..,
City Clerk
BOFA/1~4LT