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HomeMy WebLinkAboutReso - CC - 020-1969RESOLUTION NO.ZO - � A RESOLUTION APPOINTING PAYING AGENT AND INCREASING THE PERCENTAGE CHARGE FOR COLLECTION EXPENSES TO PAY THE COST THEREOF BURLINGAME AVENUE STREET LIGHTING PROJECT RESOLVED, by the City Council of the City of Burlingame, California, that WHEREAS, this Council has conducted proceedings and issued bonds pursuant to the Improvement Bond Act of 1915 under Resolution of Intention No. 42-65 adopted May 3 119 65; WHEREAS, the Auditor's record for the use of the County Controller in collecting said assessments provided for the collection of a per- centage of 1/4 of 1,% of the amount of each installment of principal and interest to be collected on the regular tax rolls, which per- centage has been retained by the County to cover its expenses in connection with such collection; WHEREAS, it has been brought to the attention of this Council that the City is incurring additional expense in connection with the receipt of funds from the County Tax Collector and the applica- tion thereof to the payment of the bonds and coupons as they are presented for payment at maturity, and it is the desire of this Council to appoint a paying agent to provide such services and to increase the collection charges in order to cover the additional costs of such paying agent; WHEREAS, the Bank of America, N.T.&S.A., Trust Department, San Francisco, California, has offered to provide such services at the fees hereinafter set forth. NOW, THEREFORE, IT IS ORDERED as follows; 1. That the Bank of America, N.T.&S.A., Trust Department, San Francisco, California, be, and it is hereby, appointed to act as paying agent for the City of Burlingame in connection with the bonds issued to represent unpaid assessments in the Burlingame Avenue Street Lighting Project, being Bond Series 50 , issued in proceedings conducted pursuant to Resolution of intention No, 42-65 , adopted May 3 519 65. 2. That the duties of said paying agent shall include the receipt from the City of the funds necessary to make the bond principal and interest payments, the payment of said funds to the owners or holders of the bonds and the bond coupons upon the sur- render thereof and the destruction of said bonds and coupons in the manner provided by law. 3. That the compensation of said paying agent shall be 5¢ per coupon and $1.00 per bond with a minimum annual fee of $50.00, plus charges for destruction of said bonds and coupons computed at 1¢ per coupon and 1-1/20 per bond, with a minimum an- nual charge of $20.00. 4. That this appointment shall be subject to the terms and conditions set forth in the formal agreement between the City and said paying agent, in form a copy of which is hereto attached and made a part hereof by reference. 5. That this Council hereby finds that the expenses of col- lection exceed the 1/4 of 1% of the amount of principal install- ments and interest now being collected, and that said percentage is hereby increased to 1% of the amount of such principal install- ments and interest. 6. That an amount equal to 1/4 of 1% of the amount of such principal installments and interest shall continue to be retained by the County to cover the expenses of collection of said assess- ments and the remaining 3/4 of 1% shall be paid to the City. Any amounts due and payable to the paying agent under the terms of this Resolution shall be paid by the City to the Bank of America as they fall due, and any balance of said 3/4 of 1% shall be re- tained by the City to cover the costs of administration of said -2- payments. 7. That the City Clerk shall provide certified copies of this Resolution to the Bank of America, N.T.&S.A., "gust Depart- ment, San ]Francisco, California; the County Treasurer -'Pax Collector of the County of San Mato; and the County Controller of the County of San Mateo and the City Treasurer of the City of Burlingame. I hereby certify that the foregoing is a full, true and correct copy of a resolution passed and adopted by the City Council of the City of Burlingame at a meeting thereof held on the 17th day of March ,1969, by the following vote, AYES, and in favor thereof, Councilmen, Crosby -George -Johnson -Martin. NOES, Councilmen. None ABSENT, Councilmen. None APPROVED, - Mayor /1 City Clerk of the City of Burlingame -3-