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RESOLUTION NO. 106-85
RESOLUTION APPROVING AGREEMENT WITH
BANK OF AMERICAN NATIONAL TRUST AND SAVINGS ASSOCIATION
ASSESSMENT DISTRICT NO. 1985-1, SYCAMORE VALLEY
The City Council of the City of Danville resolves:
As a part of the proceedings for improvements in Assessment
District No. 1985-1, Sycamore Valley, City of Danville, Contra
Costa County, California, this Council approves that certain
agreement between the City of Danville and Bank of America
National Trust and Savings Association, dated December 10, 1985,
and attached to this resolution.
The City Manager is authorized to sign the agreement and the
City Clerk is authorized to attest its execution.
PASSED, APPROVED AND ADOPTED on this 10thday of December,
1985 by the following votes:
AYES: Lane, Kennett, McNeely, Schlendorf
NOES: None
ABSENT: None
ABSTAIN: 0ffenhartz
Mayor
ATTEST:
~ /
~ /~C~ity Clerk
542 San Ramon Valley Blvd. · Danville, CA * 94526 * (415) 820-6337
FEE AGREEMENT
THIS AGREEMENT, made and entered into this ]0~h day of
D~mh~r, 1985 , between the CITY OF DANVILLE, here-
inafter called "CITY" and BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION, a national banking association,
hereinafter called "BANK".
WI TNE S SETH:
WHEREAS, CITY has authorized and may from time to
time issue Various Local Improvement Bond issues and
authorize and issue additional bonds and wishes BANK to
act as Agent to register, transfer ownership and pay
principal and interest on said bonds.
CITY may from time to time include other bond issues
under the terms of this Agreement.
BANK, as a Registrar, Transfer Agent, and Paying
Agent, wishes to register, transfer ownership and pay said
bonds and additional bonds and interest thereon.
1. CITY hereby appoints BANK its Agent to
register, transfer ownership and pay bonds and interest
thereon.
2. CITY will, on or before the date bonds and
interest is to be paid, deposit immediately available funds
with the Corporate Agency Division of BANK in San
Francisco; otherwise BANK will not be required to make
any disbursement.
3. BANK will cause all of said bonds to be honored
in accordance with their terms for registration, transfer
of ownership or payment at maturity or when by their terms
they otherwise become payable upon presentation to BANK.
BANK will hold and apply any monies deposited.
4. CITY will deliver or cause to be delivered to
the BANK, at least six (6) days prior to the original
issue date of the bonds the following documents:
- Original issuance instructions from Underwriters
- Supply of bond certificate(s)
- Specimen bond certificate(s)
- Certified bond resolution(s)
- Bond legal opinion(s)
- Debt service schedules
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATTON
.
CITY will pay to BANK fees as set forth below:
INITIAL ACCEPTANCE FEE:
$500.00
Set up original issue by separate maturities and
rates and prepare bonds for delivery for closing.
ANNUAL ADMINISTRATION FEE:
For each issue:
(billed annually)
$500.00
REGISTRAR MAINTENANCE AND SERVICING FEE:
(billed semiannually)
Annual minimum
$500.00
This fee includes the Annual Maintenance of and
servicing of 100 bondholder accounts or any
portion thereof; postings; semiannual interest
disbursement; stop payment and replacement of
lost or missing interest checks; correspondence
and research required, documentary transfers;
replacement of lost or stolen bonds; and one
bondholder list.
Should the annual bondholder account base exceed
100 accounts, then in addition to the minimum
annual maintenance and servicing fee of $500.00,
a charge of $5.00 per bondholder account will be
charged for the excess of 100 bondholder accounts.
Issuance, Registration or Transfer
Each bond:
Payment of bonds upon maturity or call -
Each bond:
Bondholder list over one - each holder:
Minimum charge per list:
$ 1.50
$ 3.00
$ .05
$ 75.00
MAILINGS - PREPARE LABELS:
Label production - each:
Minimum charge:
Mail processing by machine - each:
Mail processing by hand - each:
Minimum charge:
$ .05
$ 50.00
$ .lO
$ .25
$ 75.00
SINKING FUND AND REDEMPTION: (if applicable)
Selection of bonds for redemption and
preparation of Notice of Redemption:
$500.00
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
ANNUAL ADMINISTRATION FRR FOR RESERVE FUND:
(if applicable)
Per Reserve Fund:
$100.00
INVESTMENT OF FUNDS:
Each Transaction:
(if applicable)
$ 75.00
If directed by other than trustee:
$150.00
Each investment other than Bank of America
issued securities or Bank of America Certi-
ficates of Deposit. This service charge
will cover costs of placement of an invest-
ment, settlement, safekeeping of the security,
collection of interim interest and the costs
of redemption.
OUT-OF-POCKET EXPENSE:
Fees do not include out-of-pocket expenses such
as, but not limited to, counsel fees, postage,
insurance,wires, stationery, costs of printing
forms or letters, publication of notices of
redemption, expenses of BANK personnel travel-
ing to attend closings or meetings, etc. These
out-of-pocket expenses will be charged at the
actual cost incurred.
ADDITIONAL SERVICES:
The above schedule of fees are for the ordinary
services in connection with the items mentioned,
andshould BANK be called upon to render any
additional services in connection with the items
mentioned or any services not set forth in the
above schedule, or services during default, a
reasonable charge depending upon the services
rendered will be made.
6. The foregoing schedule is subject to change upon
providing at least ninety (90) days advance written notice.
7. BANK will submit its statement for fees and
expenses due BANK, and CITY will pay said statement in
accordance with Paragraph 2 of this Agreement. Statements
for fees and expenses unpaid after 30 days are subject to a
handling charge of 2% per month.
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
8. All notices, documents and other correspondence
will be mailed or delivered to BANK at Bank of America,
Securities Services, Department 9528, 201 Mission Street,
15th Floor, San Francisco, CA 94105 and to CITY at
, or
to such other address as either party shall from time to
time indicate in writing to the other.
9. CITY upon ninety (90) days written notice to
BANK, may terminate this Agreement.
10. BANK upon ninety (90) days written notice to
CITY, may terminate this Agreement.
THE TERMS AND CONDITIONS OF THIS Agreement are intended
for the mutual benefit of CITY and BANK exclusively,
and are not intended to give any third party any right or
claim, contractual or otherwise, hereunder.
IN WITNESS WHEREOF, the parties have caused these
presents to be duly executed, the day and year first above
written.
CITY OF DANVILLE
By
Title
By
Title
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
Title ASSIST~'[ y~~[S~ENI
Title ASSISTANT VICF P,gF.?!D:NT,
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BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIAT!ON