1982-28 Designating First American Bank as the Paying Agent for Improvement Revenue Bond Series 1968 & 1972. ~
RESOLUTION N0.28-82
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA, DESIGNATING FIRST AMERICAN BANK AS THE PAYING AGENT FOR
THE VILLAGE OF NORTH PALM BEACH $325,000 IMPROVEMENT REVENUE BOND
SERIES 1968 AND $150,000 IMPROVEMENT REVENUE BOND SERIES 1972.
' BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA:
Section 1. First American Bank is hereby designated as
the Paying Agent for the Village of North Palm Beach $325,000
Improvement Revenue Bond Series 1968 and $150,000 Improvement
Revenue Bond Series 1972.
Section 2. The Mayor is hereby authorized to sign the
First American Bank Paying Agent Agreement, copy of which is
attached hereto, marked Exhibit A, and by reference made a part
hereof.
Section 3. This Resolution shall take effect
' immediately upon passage.
PASSED AND ADOPTED THIS 27th DAY OF MAY, 1982.
~~. `\ =ems,-~,rt~_
MAYOR
ATTEST:
Kew-.cam °`~...~
L~N ~
VILLAGE CLERK
1
"EXHIBIT A"
PAYING AGENCY AGREEMENT
This Agreement, made as of,this__day of __ ,
19 between The Village of North Palm Beach ____,
having its principal offices at North Palm Beach, Florida
(hereinafter referred to as "Issuer") and FIRST AMERICAN BAN.<
of Palm Beach County (hereinafter called "FIRST AMERICAN BANK").
WHEREAS, the Issuer has heretofore duly authorized and
issued and there is now outstanding $91 000 and 60 000
Bonds dated ~y 1 ~196g~nd November ~, 1971 res ec ivel~•
WIIEREAS, the Issuer is desirous of appointing FIRST AMERICAN
BANK as Paying Agent for the payment of the principal of, and the
coupons for the interest on the Bonds as the same become due and
payable, and FIRST AMERICAN BANK is desirous of accepting such
an appointment; and
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. FIRST AMERICAN BANK is hereby appointed Paying Agent
for the Bonds upon the terms and subject to the con-
ditions herein set forth. The Paying Agent shall have
the powers and authority granted to and conferred upon
it in the Bonds and herein; and such further powers
and authority as the Issuer may hereafter grant to or
confer upon the Paying Agent as it may accept.
2. The Issuer will pay to FIRST AMERICAN BANK the amounts,
at the times, and for the purposes set forth in the
text of the Bonds; and the Issuer hereby authorizes
and directs the Paying Agent, from funds so paid to it,
to make payment of the principal of, and interest and
premiums (if any) un, the Bonds (including the making
of appropriate arrangements for payment through other
paying agents). All obligations for principal and
interest on the Bonds, paid by any other paying agents,
shall be cancelled and delivered to FIRST AMERICAN BANK
and FIRST AMERICAN BANK shall audit said obligations
paid by such other paying agents. FIRST AMERICAN BANK
shall render to the Issuer semi-annual accountings of
the funds placed with it for the payment of principal
and interest due on the Bonds. Periodically, at its
own discretion, FIRST AMERICAN BANK shall destroy
by burning, shredding or other means al"1 cancelled
obligations in its possession and shall render a
certificate of said destruction, in duplicate, to
the Issuer.
3. FIRST AMERICAN BANK hereby accepts its obligations
herein set forth, upon the terms and conditions
hereof, including the following, to all of which the
Issuer agrees:
a) FIRST AMERICAN BANK shall be entitled to com~
pensation as determined between the parties
hereto from time to time, for all services
rendered by it, and the Issuer agrees to promptly
pay such compensation and to reimburse FIRST
AMERICAN BANK for its reasonable out-of-pocket
expenses incurred by it in connection with the
services rendered hereunder. The Issuer also
agrees to indemnify FIRST AMERICAN BANK for,
and hold it harmless against any loss, liability
or expense incurred without negligence or bad
faith on the part of FIRST AMERICAN BANK, arising
out of or in connection with its acting hereunder,
as well as the costs and expenses of defending
against any claim or liability in the premises.
b) In acting under this Agreement, FIRST AMERICAN
BANK is acting solely as an agent of the Issuer
and shall hold all monies received by it from
the Issuer separately and subject to the direction
of the Issuer.
c) FIRST AMERICAN BANK shall be protected and incur
no liability for or in respect of the validity
of this agreement or of the Bonds or any action
taken, omitted to be taken, or things suffered
by it in reliance, without negligence or bad faith,
upon any Bond or coupon, notice, direction, consent,
certificate, affidavit, statement, or other paper
or document reasonably believed by it to be genuine
and to have been delivered or signed by the proper
parties.
4. This Agreement may be terminated by either party
upon the giving of sixty (60) days' toritten notice
to the other party.. Such sixty i60) day notice
requirement may be waived by the party receiving
such notice should such be agreed to by the p~xrty
giving notice.
5. Nothing contained in this Agreement shall in any way
affect the Issuer's obligations to holders of Bonds
under the terms and conditions of the Bonds.
6. This Agreement may be amended by the parties hereto,
without the consent of the holders of any Bond or
coupon.
7. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida.
IN WITNESS WHEREOF, the parties hereto have executed this
Paying Agency Agreement as of the date first written above.
BY ~ ~~ `~ ~/ ~. P7a nor
Issuer
By:
First American Bank of Palm Beach County