Title
A Resolution Appointing a Successor Escrow Agent, Registrar and Paying Agent for the Federally Taxable Lease Purchase Certificates of Participation, Series 2013 Qualified Energy Conservation Bonds
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Sue Steigerwald/Finance - Regions Trust serves as Trustee for all other City bond issues, leases space at the RSA Tower in Mobile, and has a local bank branch in Foley. Regions Trust accepts checks, provides monthly on-line statements and will prepare the quarterly Form 8038-CP for submission to the IRS. US Bank requires wire transfers that cost $20 per each, do not provide monthly statements and have relinquished the responsibility of preparing the Form 8038-CP. The fee amount will not increase, up to $2,000 per year to include all expenses.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, the $2,975,000 Federally Taxable Lease Purchase Certificates of Participation, Series 2013 (Qualified Energy Conservation Bonds - Direct Pay) (City of Foley, Alabama) dated January 1, 2013 have been issued by the City of Foley and are currently outstanding;
WHEREAS, U. S. Bank, National Association, as successor to Deutsche Bank National Trust Company, is the Escrow Agent, Registrar and Paying Agent with respect to the Bonds;
WHEREAS, the City has determined that it is desirable and in the City's best interest to appoint a successor Escrow Agent, Registrar and Paying Agent for the Bonds.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY OF FOLEY, as follows:
SECTION 1. The City hereby appoints Regions Bank as successor Escrow Agent, Registrar and Paying Agent with respect to the Bonds. The appointment shall be effective on a date mutually agreed upon by the City, Prior Agent and Regions Bank, but shall be no later than January 15, 2015.
SECTION 2. The City hereby authorizes and designates the City's Mayor to take any and all actions that may be required in order to give effect to the intent of this resolution, and in connection therewith, to perform in the name of the City such actions and to execute, deliver, seal, attest and accept such documents and certificates to carry out fully the appointment authorized pursuant to this resolution.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.