HomeMy Public PortalAbout1974-06-18 Agreement - Parking Authority AGREEMENT
TIIIS AGREEMENT, made and entered into this 18th _ day of
June 19 74 , by and between Parking Authority.
City of Fullerton ~ hereinafter called
'Obligor. ' and Wells Fargo Bank, National Association, hereinafter called 'Bank' ;
WITNESSETH:
WHEREAS, Obligor has authorized the issue of 'bonds '"more fully described in
Exhibit "A" hereto, for which Obligor desires to name Bank as Fiscal and Paying
Agent; and
VAIEREAS, Bank desires to act as Fiscal and Paying Agent on said Securities
at its office located in the City of Los Angeles; and
WHEREAS, it is mutually desirable that an Agreement be entered into between
Bank and Obligor to provide for such fiscal and paying agency services;
NOW, THEREFORE, the parties above named, in consideration of the mutual
covenants herein contained, agree as follows :
1. Bank shall honor said securities of the Obligor and any coupons pertaining
theretu, in accordance with the terms thereof upon presentation of the same to it
for payment or for collection upon maturity. Obligor 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. account or accounts referred to hereinafter. .
2. Obligor ( ) agrees to deposit at least five (5) days prior to the next
maturity date of bonds and coupons with the Corporate Trust Department of the
Bank funds sufficient for the payment thereof, or ( ) authorizes Bank to charge
its commercial account number maintained at the
Office of Bank, in the name of
at least five (5) days
prior to each interest and/or principal maturity date of bonds and coupons, for
funds sufficient for the payment thereof. The said funds are to be deposited to
an account or accounts maintained by Bank for the benefit of the holders . Such
funds shall be held and applied by Bank in its Corporate Trust 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 Obligor for payment.
Bank shall maintain the funds established by the creating resolution and
W411 invest and disburse monies in accordance with' the terms of said resolution.
3. Batik shall render to Obligor semi-annual cash and destruction certificates
showing all amounts deposited, paid or disbursed, detailing the disposed securities_
by bond number and the disposed coupons in bulk.
4. Obligor shall pay to Bank fees in accordance with Banks Fee Schedule
dated MAR 2 9 1974 annexed hereto as Exhibit "B" and incorporated
herein by reference.
5. In addition to the fees indicated in Paragraph 4, the Obligor shall
reimburse Bank for out-of-pocket expenses necessarily incurred in the performance
of Bank's duties herein provided, to include postage, express , insurance and other
incidental expenses. Obligor shall also reimburse Bank for any charges of
. 3/4 of
Co-Paying Agents, relating to their duties as such, which exceed/those charged by
Bank to include any minimum fees Co-Paying Agents might impose.
6. 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 5 hereof. Upon receipt of such statement, the
Obligor shall pay to Bank all fees under this Agreement and shall reimburse said
Bank in accordance with Paragraph 5 hereof.
7. At least ten (10) days prior to the first payment or disbursement of,'r ,
principal or interest on any issue of bonds under the provisions of this
Agreement, the Obligor shall furnish one specimen bond of each interest rate
of such issue to the Bank and one additional specimen bond of each interest
rate ,`.or each Co-Paying Agent appointed.
8. Obligor upon six (6) months written notice to Bank may terminate this
Agreement.
_ 2 _
I
9. The Bank upon six (6) months written notice to .Obligor may terminate
this Agreement, provided, however, that upon any default in the payment of
principal cr interest of any issue or issues with respect to which Bank has
undertaken to perform any services, Bank 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 Bank exclusively, and are not intended to give
any third party any rights or claim, contractual or otherwise, hereunder.
11. Obligor agrees that Bank shall not be required to honor any request
made by any one other than Obligor itself to stop payment on any lost,
destroyed, mutilated, or stolen bond or coupon, or to pay any such security
the ownership of which is disputed. The Obligor may in such instances instruct
Bank as to what Bank shall 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 IMEREOF, the parties hereto have caused these presents to
be duly executed,= the day and year first above written.
PARKING AUTHORITY CITY OF FULLERTON
OBLIGOR -
By
Chairman
BY ' J
WELLS FARGO BANK, NATIQ AL ASSOCIATION
By
ASSISTANT TRUST VICE PRESIDENT
TRUST pp�� � & TRUST OFFICER
BY Jam. ice./`k A'ceTCTeF�M prrorlyl"
3 _
• r
EXHIBIT "A"
AMOUNT CURRENTLY
TITLE OF ISSUE RATE OUTSTANDING
-4-
ST 103-(11-71)-813
�r
EXHIBIT "B"
WELLS FARGO BANK, NATIONAL ASSOCIATION
CORPORATE TRUST DEPARTMENT
SCHEDULE OF CHARGES
PARKING AUTHORITY CITY OF FULLERTON,
PARKING REVENUE BONDS
SERIES OF 1974 DUE '94
The initial fee for acceptance of the trusteeship,
including the review of appropriate legal documents,
the authentication and delivery of the Bonds, and the
setting-up of all required records and funds -
Basic Charge. . . . . . . . . . . . . . . . . . . . . . . . . $750.00
Plus $.20 per $1,000 face value. (This charge
waived in event trustee does not authenticate
Bonds) .
The fee for disbursement of Bond proceeds to the Debt
Service Fund, to the Reserve Fund, to Acquisition and
Construction Fund, and for prompt investment of monies
in such Funds $150.00
The Administration fee for the first six months during
which interest is capitalized and monies in Funds are
invested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200.00
The annual administration fee beginning after the
first six months for surveillance in compliance with
the Bond Resolution, for receipt of rent payments
and disbursements thereof semiannually between Funds.$400.00
For monies received into the various Funds, invested
and disbursed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/10 of 1%
(one time charge - each dollar counted only once).
For payment of prinicpal and interest upon maturity,
including cremation charges:
Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.25 Each
Coupons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12' C Each
Expenses: postage, insurance, counsel fees, and other
out-of-pocket expenses incurred to be reimbursed in the
actual amount incurred.
March 29, 1974
i
U
C
OG r `�� f t T i.• -
A
r CITY HALL o 303;WEST COMMONWEALTH AVENUE a =t
FULLERTON;.CALIFORNIA 92632 a PH '(714)M54171,
'qC/FORt,- i
•
June 17 1974
L cx
t
f
A V. Prink z
,r Aeeietsnt_'Vice -President &'Trait Officer
h!e114:Oargo Bank
P 0 ` Box 30407, Terminal Annex #"
Los 'Anggles,'. California 90030 >
Re .Parki'ng'Authority, 'City of"_Fullerton, `
Agreement , -
�a ..F4r.<:Prink
We are engloeing two copies of egieemenC• and attached 8xhibit "B"
covering:disbursement'of'•,funds,.for ,the',Parking Authority;-`for ..the' `11
City of- Fullerton'.
IIpon completion agd ;execution of ,Chi� 'agrcement, ve. vill 'appraciate
your returaing!.one,copy'snowing origin sigoituree to t5e office =
of 'our° City'Clerk:
Thank you-very muoh'.
very truly yours,i z
Y _
i
'E. W.•.Greus ":: ;'� '
Director: of Finance .
s
MS
Enc
cc : : V • Fitzeimmone'°�/
City, :Clerk-
. .�
r •
P
d A