Agenda - Council - 06/22/1982 - Laserfiche WebLink

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m AGRED~£NT RfLATING TO PAYING AGENCY m m THIS AGREEMENT made this . day of between THE FIRST NATIONAL BANK OF MINNEAPOLIS (the BANK) and , 19 __, by and (the ISSUER), WITNESSETlq that WHEREAS: A. The ISSUER has by resolution adopted , m (date) a certified copy of which is attached hereto as Exhibit A, authorized the issuance of 815// ~m~sey~ Hn. G/0 Improvement bonds of 1981~ dated 10/1/8! A~r & /)et. 1 (description of the bonds, certificates or warrants) m (the OBLIGATIONS). B. The ISSUER has designated the BANK as the paying agen~ for the OBLIGATIONS. I C. The BANK and the ISSUER desire to state the terms and conditions by which the BANK shall serve as paying agent for the ~BLIGATIONS, NOW ~tEREFOP-~, in consideration of the premises and of the agreements hezein contained, it is agreed by the BANK and the ISSLFER as followsl m 1. The ISSUER hereby appoints the BANK as agent to perfom the duties herein described, and the BANK hereby accepts such appointment. 2. In perfomance of 1ts duties as such paying agent, the BANK shallt (a) Keep true and accurate accounts of the outstanding principal bal- ances of the OBLIGATIONS. m (b) Not less than thirty (30) days before the due date of any princi- pal of or interest on the OBLIGATIONS, send a statement to the ISSUER of the amount which will be required to pay the principal ~ of and interest on the OBLIGATIONS on such date. m (c) With the funds received from the ISSUER, pay such of the principal of and interest on the OBLIGATIONS as are due on the stated pay- ment dates, upon presentation of OBLIGATIONS or coupons for payment. (d) Forthwith upon presentation and payment of OBLIGATIONS or coupons, cancel the same by perforation or other appropriate means. m 3. The ISSUER shall~ (a) Remit available funds to the BANK not later than fifteen (15) days prio~ to the payment date of any of the principal of or knte~e~t on the OBLIGATIONS in the sum declared by the BANK to be needed for payment of the OBLIGATIONS and coupons due on said date. m (b) Pay to the BANK reasonable fees and charges for services performed hereunder in accordance with 1ts schedule in effect at the ttrne of the service. The fees and charges of said BANK shall in no event become a charge against the funds remitted by the ISSUER for m payment of principal nE and interest on the OBLIGATIONS. (c) If available funds needed for payment do not reach the BANK by the payment date of the OBLIGATIONS~ payment of items w111 be refused and ISSUER w111 be charged fo~ reasonable expenses incurred and extra service performed tn accordance with BANK's schedule tn e[fect mat the time of the payment date, 4. The BANK shall not be required to pay Interest on any funds of the ISSUER for any period during which such funds are held by the BANK awaiting presentation of OBLIGATIONS or coupons for payment. 5. The BANK shall not pay any claims for alleged lost or destroyed IBLIGATIOHS or coupons unless duplicates have been issued by the ISSUEE in accordance ~tth law and notification of such issuance of said duplicates has been made to the BANK by the ISSUER. The BANK shall not be responslbl~ for any duplicate payment resulting frem the Issuance of such duplicates, nor for any loss arising out of any act or omission m ~f the IssuER of any officer, employee or agent thereof. ~he IVdi[ ~hn]l no~ be responsible for notifyLng bond holders of call dates for prepayment of bonds.