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Home My WebLink About94-17 Resolution No. 94-17 RESOLUTION ACCEPTING RESIGNATION OF CITIBANK, N.A. AND APPOINTING STATE STREET BANK AND TRUST COMPANY, N.A. AS PAYING AGENT UNDER THE TRUST INDENTURE DATED AS OF DECEMBER 1, 1989, TAX EXEMPT ADJUSTABLE MODE LIMITED OBLIGATION REVENUE BONDS (P & K PRODUCTS CO. PROJECT) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that it hereby accepts the resignation of Citibank, N.A. and appointing State Street Bank and Trust Company, N.A. as ,Paying Agent under the Trust Indenture dated as of December 1, 1989, Tax Exempt Adjustable Mode Limited Obligation Revenue Bonds (P & K Products Co. Project) . BE IT FURTHER RESOLVED that George VanDeVoorde, Mayor, is hereby authorized and directed to execute forms of written acceptance of said resignation and appointment of a successor paying agent, copies of which are attached hereto. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: January 26, 1994 Adopted: January 26, 1994 Vote: Yeas 6 Nays 0 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk • Ur- Elam. r- TELEPHONE 708/931-6100 �� FAX 708/931-5610 FOR HEARING IMPAIRED `�_4 or �� TDD 708/931-5616 i � \ CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 b pp 0 Agrfo ttt,1 January 31, 1994 Mr. Romano I . Peluso Vice President State Street Bank and Trust Company, N.A. 20 Exchange Place - 16th Floor New York, NY 10005 RE: Paying Agent under the Trust Indenture dated December 1, 1989 (the Indenture) Tax Exempt Adjustable Mode Limited Obligation Revenue Bonds (P&K Products Co. Project) Dear Mr. Peluso: Enclosed find the Resignation and Appointment Agreement executed in duplicate for the above referenced project. Very truly yours, Erwin W. Jentsch Corporation Counsel EWJ/nr Enclosures (i) Printed on recycled paper Resignation and Appointment Agreement dated January 5, 1994,among the City of Elgin, Illinois("Issuer"),Citibank,N.A.("Citibank"),and State Street Bank and Trust Company,N.A.("State Street"). Recitals The Issuer appointed Citibank as Paying Agent under Trust Indenture dated as of December 1, 1989(the"Indenture"). State Street acquired all of the municipal trust and agency services business of Citibank on June 28, 1993 and the parties hereto wish to substitute State Street for Citibank as Paying Agent under the Indenture. SECTION 1. Resignation and Appointment, Citibank,hereby resigns as Paying Agent under the Indenture,the Issuer hereby appoints State Street as the successor Paying Agent under the Indenture,and State Street hereby accepts such appointment. Such resignation,appointment and acceptance shall be effective as of the date hereof. • SECTION 2. Transfer of Property, Citibank has delivered and transferred to State Street,as successor,all appropriate securities,applicable monies and other properties held by it,if any,as Paying Agent under the Indenture. SECTION 3. Miscellaneous, This Resignation and Appointment Agreement shall be governed by the laws of the State of New York. This Agreement may be signed in counterparts,each of which shall be regarded as the original and all of which shall constitute one and the same agreement. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written. CITY OF LGIN,ILLINOIS AGREED AND ACCEPTED: By P&K PRODUCTS CO.,INC. Name: G ge VanDeVoorde Title: Mayor By Name: CITIBANK,N.A. Title: As Paying Agent COMERICA BANK-DETRIOT By: • .A. Olive By Title: Vice President Name: Title: ST r; ET BANK AND TRUST CO ,VANY,N.A.- ROBERT W.BAIRD&CO.,INC As Su ssor Payin Agent By By: V tZi09 Name: • Name: Romano I. Pella. Title: Title: Vice President RANDA 211 JAN-25-1994 10:49 FROM COMERICA BK. IL INTL DEPT TO 917089332209 P.03 Resignation and Appointment Agreement dated January 5, 1994,among the City of Elgin, Illinois("Issuer"),Citibank,N.A. ("Citibank"),and State Street Bank and Trust Company,N.A. ("State Street"). Recitals The Issuer appointed Citibank as Paying Agent under Trust Indenture dated as of December 1, 1989(the "Indenture"). State Street acquired all of the municipal trust and agency services business of Citibank on June 28, 1993 and the parties hereto wish to substitute State Street for Citibank as Paying Agent under the Indenture. SECTION 1. Resignation and Appointment, Citibank,hereby resigns as Paying Agent under the Indenture,the Issuer hereby appoints State Street as the successor Paying Agent under the Indenture,and State Street hereby accepts such appointment. Such resignation,appointment and acceptance shall be effective as of the date hereof. SECTION 2. Transfer of Property. Citibank has delivered and transferred to State Street,as successor,all appropriate securities,applicable monies and other properties held by it, if any, as Paying Agent under the Indenture. SECTION 3. Miscellaneous, This Resignation and Appointment Agreement shall be governed by the laws of the State of New York. This Agreement may be signed in counterparts,each of which shall be regarded as the original and all of which shall constitute one and the same agreement. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized officers as of the date fust above written. CITY OF ELGIN,ILLINOIS AGREED AND ACCEPTED: By P&K PRODUCTS CO.,INC. Name: Title: By — -.- Name: CITIBANK,N.A. Title: As Paying, eat COMERICA BANK-DE ' >3y• A e: J.A. Olive By Title: Vice President Name:7Name:rh o-,nas Title: s.5 i fi,7?< y(e ,ece1ieent- ST- ti STREET BANK AND TRUST C• t•ANY,N.A. ROBERT W.BAIRD&CO., INC As Succ;:or Paying Agent By: By t 1 Name: Name: Romano L Peluso/ Title: Title: Vice President RANDA 211 Tf1TAl Pw1? . . El 'n (ilik , ,,- ,,,,, A ends Item No. g a ,y,V 0 ' l'.44/ti, 5 ��alf l�flB. ) A ( LI ;) January 17, 1994 TO: Mayor and Members of the City Council FROM: Robert 0. Maim, Interim City Manager SUBJECT: Appointment of Successor Paying Agent--P & K Products Revenue Bond PURPOSE Transmit request to appoint successor paying agent under Trust Indenture for P & K Products. BACKGROUND CUnder the Trust Indenture for the P & K Products Revenue Bond issue, Citibank was appointed as the paying agent. Citi- bank's services for such purposes has been acquired by State Street Bank and Trust Company, N.A. See attached correspon- dence. FINANCIAL IMPACT None. LEGAL IMPACT No issues are raised; action requested is appropriate. RECOMMENDATIONS Appoint State Street Bank and Trust Company as paying agent; authorize Mayor to execute Resignation and Appointment Agree- ment. b r 0. Maim, Interim City Manager EWJ/nr • = Smote Street '• = J State Street Bank and Trust Company,N.A. 20 Exchange Place-16th Floor New York,New York 10005 • January 5, 1994 • Mr.Erwin Jentsch,Corporate Counsel City of Elgin,Illinois • 150 Dexter Court • Elgin,IL 60120 Re: Paying Agent under the Trust Indenture dated as of December 1, 1989(the Indenture) Tax Exempt Adjustable Mode Limited Obligation Revenue Bonds(P&K Products Co. Project) Dear Mr.Jentsch: As you know, State Street Bank and Trust Company,N.A.(State Street)has recently acquired all of the Municipal Trust and Agency Services business of Citibank,N.A. State Street is a national trust company with its principal Corporate Trust office at 20 Exchange Place, 16th Floor,New York,New York 10005. State Street has an excellent reputation and is eager to continue providing Agency services to you and stands ready to assume all duties, obligations and responsibilities as outlined in the above mentioned Indenture.Therefore,we have enclosed a Resignation and Appointment Agreement which outlines the resignation of Citibank and the appointment of State Street as successor Paying Agent. We ask that you sign the enclosed Resignation and Appointment Agreement and return it to the undersigned as promptly as you can. Please retain a copy for your files. Once this is done, business can continue as usual with no interruption in service. If you have any questions or comments concerning the enclosed,please feel free to call me at (212)825-2729. • Ty truly yours, chr\ket Ulk I , ,QAJuNO Romano I.PelusV Vice President Enclosure cc: . P&K Products Co.,Inc. American National Bank Comerica Bank-Detriot Robert W.Baird&Co.,Inc. r • SUCC211