HomeMy WebLinkAbout0964 Resolution0, M.
RESOLUTION NO. 964
A RESOLUTION DESIGNATING A FISCAL AGENT
FOR THE CITY OF PASCO.
WHEREAS, R.C.W. 43.80 provides for a Fiscal Agent for the State of
Washington, whose services are also available to all other municipal treasurers
in the State, at no cost to the municipality; and
WHEREAS, the State Finance Committee did appoint the National Bank of
Commerce of Seattle to act as such Fiscal Agent for the State of Washington, ef-
fective April 8, 1971; and
WHEREAS, taking advantage of the availability of this service would re-
lieve the City Treasurer's Office of many clerical duties and details surrounding
the payment and verification of bonds and coupons, as well as providing storage
space for said paid bonds and coupons (since the above-cited R.C.W. also pro-
vides for the cremation after one year of paid Bonds and Coupons); and
WHEREAS, the City Council is in favor. of utilizing this opportunity; NOW,
THEREFORE
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1. That the City Treasurer of the City of Pasco be authorized to avail
herself of this service, and to proceed in the manner prescribed by the above -
referenced law.
Section 2. That the City Manager, City Attorney, City Treasurer and City Clerk
be and hereby are authorized to execute the Cremation Agreement between the National
Bank of Commerce of Seattle and the City of Pasco, a copy of which is attached
hereto.
day of
PASSED by the City Council and APPROVED as provided by law this 19
November
1974.
Attest: Donald D. Linton, Mayor
Leo E. Olney, City Clerk
Approved as to form:
Patrick T. Roach, City Attorney
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Cremation Agreement Between
THE NATIONAL BANK OF COMMERCE OF SEATTLE
and I
THE CITY OF PASCO, WASHINGTON
THIS AGREEMENT, entered into this day by and between the City of
Pasco, a Municipal Corporation of the State of Washington, hereinafter called
the "Corporation" and The National Bank of Commerce of Seattle, P. O. Box
24407, Seattle, Washington, 98124, a national banking association and the
Fiscal Agency for the State of Washington, hereinafter referred to as the "Bank",
WITNESSETH: That,
WHEREAS, the parties hereto have heretofore entered into an agreement
pursuant to Resolution No. 964 , which is now in full force and effect,
providing for the cremation of bonds and coupons;
NOW, THEREFORE, it is mutually PROMISED, UNDERSTOOD and AGREED
as follows:
1. The National Bank of Commerce of Seattle as Fiscal Agency for the
State of Washington and its municipal corporations is hereby also
designated as the cremating agency for the above said Corporation
until such time as this agreement is terminated as hereinafter pro-
vided.
2. The Bank shall, at the end of the month in which the bonds and/or
coupons are paid, provide the Corporation with a statement contain-
ing the coupon number for paid coupons, bond number for paid bonds,
bond or coupon due date, number of bonds or coupons, bond or cou-
pon.. value, and total dollars paid.
3. After one year, any bonds or interest coupons that have been cancel-
led'or paid by the Bank, may be destroyed by cremation as directed
by the Treasurer of the Corporation.
4. That one year after any statement described in paragraph 2 above has
been rendered, a certificate of destruction giving full descriptive
reference to the instruments destroyed shall be made by the Bank,
and one copy of such certificate shall be filed with the Treasurer
of the Corporation.
5. The Bank shall hold the Corporation harmless from losses resulting
from overpayment on bond coupons.
6. The Bank may rely upon any certificate or statement by the said
Treasurer a's to the total amount of any general obligation or revenue
bond or interest coupon of any particular maturity which has been
issued at any time or which may be outstanding at any time and may
accept for payment or cremation any such bond or interest coupon
which appears to have been duly and validly issued and executed
and otherwise appears to be genuine on its face; provided, how-
ever, that the Bank shall not be relieved of responsibility in the
event of any improper payment of any forged instrument.
7. This agreement shall take effect January 1, 1975 ,
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Agreement - 2 -
and thereafter may be terminated by either party upon thirty (30) days
written notice sent to the other party by registered or certified mail.
The period of thirty (30) days shall begin to run from the date of mail-
ing
8. This agreement shall automatically become void and unenforceable in
the event the Bank shall cease to be the Fiscal Agency for the State
of Washington and this Corporation.
DATED at Pasco Washington, this 19 day of
November 1974'.
Approved:
City Attorney
Countersigned:
City Treasurer
Attes
City Clerk
CITY OF PASCO, WASHINGTON
A Municipa Corporation of the State of
Washing
OHIO
UZ
9
CiJfManager
AL BANK OF COMMERCE OF SEATTLE
I. . F
November 21, 1974
National Bank of Commerce
P.O. Box 24407
Seattle, Washington 98124
Re: Cremation Agreement Between
City of Pasco and N.B.C.
Gentlemen:
Attached is a copy of Resolution No. 964, passed by the Pasco City
Council at their regular meeting on November 19, 1974, designating a
Fiscal Agent for the City. Also attached is original Cremation Agree-
ment between the National Bank of Commerce of Seattle and the City of
Pasco which we would like to have signed and a copy returned to us for
.our files.
If we can be of further assistance to you in this matter, please do not
hesitate to call on us.
Sincerely yours,
Leo E. Olney
Director of Finance
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