Contracts & Agreements_18-1971 - Laserfiche WebLink

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A G R E E M E N T THIS AGREEMENT, made and entered into this 20 th day of July 1971, by and between the CITY OF REDLANDS, State of California, hereinafter called "City" and BAI\q� OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, hereinafter called "Bank"; W I T N E S S E T H WHEREAS, City contemplates the issuance of OtNE MILLION, FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00) principal amount of its 1971 Water Revenue Bonds, and WHEREAS, Bank will arrange for Harris Trust and Savings Bank in the City of Chicago, State of Illinois, and First National City Bank of New York, State of New York, to act as Co -Paying Agents; and WHEREAS, Bank will arrange to compensate the said Co --Paying Agents out of the fees paid to it by City; and WHEREAS, it is mutually desirable that an Agreement be entered into by the parties to provide for such Fiscal Agency services; and NOW, THEREFORE, the parties above named in consideration of the mutual covenants herein, agree as follows: 1. Bank shall perform the duties imposed on it by City Resolution No. 2887, adopted ,tune 1, 1971. 2. Bank shall cause all bonds of the City and any coupons pertaining to such bonds to be honored in accordance with the terms thereof upon the presentation of the same for payment or for collection upon maturity to Bank or to The First National City Bank of New York in the City of New York, or to Harris Trust and Savings Bank in the City of Chicago or to City. City small cause to be made available to Bank the monies called for under the terms of the bond resolution. 3. Bank shall render to City monthly statements as of the close of business of each calendar month, statements of receipt and disbursements of all funds received by it. Bank shall also zender to City semi-annual statements as of the close of business at the end of each interest payment date reflecting amounts disbursed in payment of coupons and bonds and shall therewith surrender all canceled coupons and bonds.