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. ...
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