HomeMy WebLinkAboutResolution - 316 - A Resolution Authorizing Cremation of Paid SSSD Obligations - First National Bank of St. Paul - 12/22/1969 VILLAGE OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 316
RESOLUTION AUTHORIZING THE CREMATION OF PAID SOUTHWEST
SANITARY SEWER DISTRICT OBLIGATIONS.
BE IT RESOLVED, by the Vi 1 l age Counci 1 of the Vi l Iage of
Eden Prairie, County of Hennepin, Minnesota, that the First
National Bank of St. Paul, designated by Resolution No. 263
as the paying agency for the $875,000 Southwest Sanitary
Sewer District bonds of 1969 be hereby also authorized to
cremate paid obligations of said issue.
ADOPTED by the Village Council on December 22, 1969.
David W. Osterhol t, Mayor
ATTEST : /
SEAL
Edna M. Hol mgren, C 1 erg
RFSOLU!ZOtJ i10 . �l h
AGREEM1?IT RELATING TO PAYING AGENCY
AB'D PROVIDING FOR CFEMATION OF OBLIGATIONS
THIS AGRFd2v NT made this 22nd day of December , 196 9 , by and between
THE FIRST NATIONAL HANK OF SAINT PAUL (the BANK) and. Village of Eden prairie
a municipal corporation (the MUNICIPALITY) , WITNESSETH that
WHF.F'RF.AS
A. The HJNICIPALITY has by resolution adopted December 22 1969 , a certi-
date)
fied copy of which is attached hereto as Exhibit A, authorized the issuance of
;87>,03) Southwest Sanitary Sevier District
description of the bonds, certificates or warrants the OBLIGATIONS) .
B. By resolution dated uc-cerrber 22, 1969 , a certified copy of
which is attached hereto as Exhibit B, the HINICIPALITY has designated the BAPiK as the
paying agent for the OBLIGATIONS, and authorized -the BANK to cremate OBLIGATIONS under
a
the conditions herein. stated.
G. The BANK and the MUNICIPALITY desire to state the terms and conditions by which
the BANK shall serve as paying agent for the OBLIGATIONS and to provide for cremation of
the OBLIGATIONS and the interest coupons therefor.
NOW TORE, in consideration of the premises and of the mutual agreements herein
contained,, it is agreed by the SANK and the MUNICIPALITY as follows:
1. The MUNICIPALITY hereby appoints the BANK as agent to perform the duties herein
described, and the BANK hereby accepts such appointment.
2. In performance of its duties as such paying agent, the BANK shall:
(a) Keep true and accurate accounts of the outstanding principal balances
of the OBLIGATIONS.
(b) Not less than thirty (30) days before the due date of any principal of
or interest on the OBLIGATIONS, send a statement to the MUNICIPALITY
of the amount which will be required to pay the principal of and in-
terest on the OBLIGATIONS on such date.
(c) With the funds received from the H NICIPALITY, pay such of the
principal of and interest on the OBLIGATIONS as are due on the
stated payment 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.
(e) 'Within 10 days after the 31 st day. of December (being
the close of the MUNICIPALITY'S fiscal year) prepare and forwmrd to
the MUNICIPAL= a report of all OBLIGATIONS paid and canceled by the
2 -
BAIiK during the preceding twelve (12) month period. Such report shall
include the description, date and total principal amount of the issue
and shell set forth separately, with respect to each coupon maturity
date, the foliowring information:
(i) Maturity date.
(ii) Coupon i ujiber.
/
b ii_i) kaCfz-: w!11C'.1tkL of 00upon.
(iv) Total number of coupons paid.
(v) Total. aggregate funds disbursed in payment of such coupons.
(vi) Balance on deposit for payment of coupons at the beginning
of the KJN1=AIJ-1M"S fiscal year.
(vii) Deposits by the MJNICIPALITY during the year.
(viii)Bal.ance or_ deposit at end of the year.
With respect to payment and cancellation of documents representing
principal of OBLIGATIONS, each such report shall set forth the
follovlrg information:
(i) Maturity date.
(ii) Denomination.
(iii) Number of OBLIGATIONS paid.
(iv) Total. funds disbursed in payment of OBLIGATIONS.
(v) Serial number of OBLIGATIONS paid, and in the case of registered
OBLIGATIONS, the name of the person in whose name the OBLIGATIONS
were registered.
(vi) Balances on deposit for payment of OBLIGATIONS at the beginning
of ?UNICIPALITY'S fiscal year.
(Vii) Deposits during the fiscal. year.
(Viii)Bal.ances on depoDa.t at the end of the KMICIPALrIlf S fiscal year.
3. The MNICIPALITY sha1.1 :
(a) Remit available funds to the BANK not later than the payment date of any
of the princip&l of or interest on the OBLIGATIONS in the sum declared
by the BANK to be needed for payment of the OBLIGATIONS and coupons due
on said date.
(b) Pay to the RAMC its .fees and charges for services performed hereunder in
accordance with the schedule in effect at the time of the charge. The
fees and charges of said BANK shall in no event become a charge against
the funds remitted by the MUNICIPALITY for payment of principal of and
interest on the OBLIGATIONS.
4. The SANK shall not be required to pay interest on any funds of the KMICIPALITY
for any period during which such Bands are held by the RANK awaiting presentation of
OBLIGATIONS or coupons for payment.
3
5. one (1) year the date of raatui7ity, payment or cancellation thereof which-
ever shall first occur, of each interest coupon and 0=GATIOX the BANK sho.1.1 forthwith
destroy the same by cremation. Inamed-iately upon such cremation the BA1QC sbALU prepare a
cremation certificate in du )__Licate, contafnhig the follaving information:
(a) With r-esp&-t to cremated:
C.
(:)f coupons.
(iv) T(-,t:1,_! of coupons
2
v 9e 1,12- Y ate number of cou:pon. s of the isoue cremated.
(b) With respect to cl-ecuments representing principal of obligations cremated:
(i) Matta-iry -Ircte.
f it)I ,
(iii) I nbt of documents cremated.
(iv) Total.. 2",,7ce -value of documents crenated.
(v) Sex,_Ial muliber of OBLIGATIONS cremated., and in the case of registered
the name of the person in whose name the OBLIGATIONS
wexv regA.,3'i;ered.
Each such shall specIfy in, detail the person or persona
canceliiig z:uud crematiig the same., the method of cancellation and
cremation, and shall certify that said OBLIGATIONS and coupons have
been totally destroyed. One such cc-. !.-Jj_ficate shall be retained by the
RAINK am3 the ot-hu:r ahall be serit to the clerk of the MUNICIPALITY to
be retained in t)ie official records of the HMCIPALITY.
6. The RAITK shall . indemnIfy and hold haannless the MLINICIPALITY from any loss to
the MUVICIPALITY occurrir4g, as a result of any cremation by the BANK of OBLIGATIONS or
coupons in the event of dup.l_icate payment; wrongful or improper payment to unauthori-
zed persons; or non-payme-nt -!Lo authorized persons; provided, however,, that:
(a) With rF-sj)ec-6 to coupons or OBLIGATIONS payable to bearer the RAMC may
treat. the bearer or presenter of any such coupon or OBLIGATION as -the
cm-ner thcreof, @.rid ,-..uch bearer or presenter shall be conclusively pre-
sumed to I)e a person authorized to receive pa,)nnent thereof regardless
of vheti-o .r or not any other person may assert a claim to, or ownership
of, or Intere,.-t- in any such OBLIGATTON or coupon;
(b) With OlffLIGATIONS registered as to principal, or as to both
principal and, inl,-�rest, the person in -whose name such OBLIGATION is
registered -j.s sho-,m by the registration books of the MLJNICIPAIXilf, or
the registration boaoks m&ini;ained by the EvVIK in the erent the RANK
acts as registrar for the MUNICIPAL=, shall be conclusively pre-
sumed to be the (x-mer of such ORTA(IATION. An "authorized person" for
purpose of receiving paZrment of any such OBLIGATION shall be deemed
to include each registered holder., the assignee of such registered
holder, provided a written assignment in form satisfactory to the BANK
and executed by the registered owner accompanies Entch OBLIGATION when
presented for payment or the bearer or presenter of any such OBLIGATION
if a written ki;.,slgnment in blar-1c., executed by such registered owner, in
form fiatlisfactcry 'to the BANK., accoppEuiles such OBLIGATION when presented
for pa tat, reeardless of whether or not any other person may assert a
claim ."'o, or ownership of., or an interest in any such OBLIGATION:
4 -
(c) The BANK sha11 not be liable for any loss arising out of any act or omis-
sion of the MUNICIPALITY of any officer, employee, or agent thereof.
7. The BANK shall not pay any claims for alleged lost or destroyed 0BL.IGATIONS or
coupons unless duplicates have been issued by the MUNICIPALITY in accordance with law and
notification of such issuance of said duplicates has been made to the BARK by the M=CI-
PA.;I,ITY. The BANK shall not be responsible for any duplicate payment resulting from the
issuance of such duplicates.
8. The BANK shall not pay any OBLIGATION or coupon after the statute of limitations
for the payment thereof has expired, and any funds remaining in the possession of the BANK
for payment of OBLIGATIONS or coupons on which the statute has run shall be returned to the
MUN2CIPALITY upon the execution by the MUNICIPALITY of an indemnity agreement in form satis-
factory to the BANK.
IN WM70SS WHERWF, the MUNICIPALITY and the BANK have caused this agreement to be
executed in their respective names by their duly authorized representatives in two counter--
pa.rts, each of which shall be deemed an original.
Village of Eden Prairie
10NICIPALITY
(SEAL) BY
THE FIRST NATIONAL BAW OF SAINT PAUL
r
(SEAT'•) By
Its
r