HomeMy WebLinkAboutRESOLUTION 1975-64`_ ~' r ~
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CITY OF KENAI
RESOLUTION NO. 75-64
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BE IT RESOLVED by the Council of the City of Kenai, 4laska, that the
City enter into an agreement with Rainier National Bank of Seattle,
Washington for said bank to act as the "prime paying agent" of those
bond issues presently being serviced bq the National Bank of Alaska
due to the fact that the National Bank of Alaska has withdrawn ae the
paying agent for all municipalities .
DATED this ~ daq of December, 1975.
CITY OF KENAI
S A. ELSON, MAYOR
ATTEST:
S C . Peter , City Clerk
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November 26, 1975
Finance Director
City of Kenai
P.O. Box 580
Kenai, Alaska 99611
Dear Sir:
You recently received correspondence from the National Bank of Alaska
stating they would be retiring as the paying agent on your band issues.
As you may be aware, Rainier Rank has been doing the "back office"
work on your issues for several years. This service included paying
items, consolidation of items paid by tl~e ca-agents, preparation of a
consolidated report to the National Rank of Alaska, providing balances
to the co-agents, paying the co-agent fees, cremation of paid iter~ts
(when requested), balancing all co-agent accounts, registering bonds
and paying registered interest.
Therefore, we are probably in the Lest position to continue to provide
you with the same service you have received from the National Bank of
Alaska. We have discussed this with the other co-agents and they
would like to continue with the same arrangement. The only chanf;e
that will be necessary on our records is to change the address from
the National Bank of Alaska to yours.
In most canes, the following fee schedule ~aill pre~~ail.:
Banks Named as Paying Agent Bondt3 Cou o~t_.
Rainier, Chemical or NBofA $1.00 .lOC
Most other banks $1.50 .15C
Our anly requirement is that we have call.ected or federal funds on
deposit by the due date to pay your items.
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RAINIER NATIONAL BANK i Fiscal Agency i P.O. Bor. 24407 ± Seattle. WA. 98124 (208) 557-3950
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RAINIER NATIONAL BANK
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tde would, however, like a letter frotu you requesting that Rainier
Bank act as your "prime paying agent", and that we are to continue
to furnish money to and consolidate reports from the co-agents, if
any.
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If you wish to lave your paid coupons and bonds retained by us and
destroyed ane year ~+ftrr date pair. please cor.+plete and return one
copy of the encased crpm4tion agree^+ent.
Please let us know as soon as possible if y<~++ w;sh to have Ratn+~~
Bank act as ycur priu+e paying agent.
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Sir ce ~
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Jack P. VanLeuven ~~
Assietrcnt Vice President ~ Y-
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