HomeMy Public PortalAbout99.4 LPFARESOLUTION NO. 99.4
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A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY OF
THE CITY OF LYNWOOD APPROVING THE SETTLEMENT AGREEMENT
WITH BANK OF AMERICA RELATING TO THE 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 Finance Authority and other municipal entities filed
complaints with the State Attorney General regarding the Bank of America's
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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 Finance Authority does hereby find,
determine, and resolve as follows:
Section 1. That the President and Members of the Finance Authority approve the
Settlement Agreement with the Bank of America.
Section 2. That the President 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 F~pri 1 , 1999.
ATTEST:
~~-~- ~~
ANDREA L. HOOPER, SECRETARY
SANCHEZ,
APPROVED AS TO FORM:
C~~"" ~
ity Attorne
APPROVED AS TO CONTENT:
vt_ ` /
Ra h Davis nterim Chief
Administrative Officer
t
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Public
Finannin} Dt~iahnri t~l ;T.PFZZ1 do horer.y ra ri_i}1, }}~a} }}lp ahove and
foregoing resolution was duly adopted by the said Agency at a
regular meeting thereof held in the City Hall of the City of
Lynwood on the 19th day of April 19 99 and
passed by the following vote:
AYES: COUNCILMEMBER BYRD, RICHARDS, SANCHEZ
NOES: COUNCILMEMBER REYES
ABSENT: COUNCILMEMBER REA
~~,~-rte ~, ~!~-~,~i
Secretary ~
Public Financing Authority
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Public
Financing Authority, do hereby certify that the above and
foregoing is a full, true and correct copy of Resolution No.
LFA 99.4 on file in my office and that said resolution was
adopted on the date and by the vote therein stated.
DATED this 19th day of April 19 99.
Cl~-C- jc.~ i ~~zc ~~
Secretary
Public Financing Authority