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HomeMy WebLinkAboutCity Council Resolutions (R-81-239)-06/02/1981 RESOLUTION R-81-239 A RESOLUTION AND ORDER by the City Council of the City of Colleyville, Texas, approving and authorizing the execution of an escrow agreement for the safe- keeping andde1ivery of certain securities issued by the City. WHEREAS, the following described obligations of the City of Colleyville, Texas, have been authorized and sold to Farmers Home Administration, to wit: "CITY OF COLLEYVILLE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 198111, dated April 1, 1981, in the aggregate principal amount of $1,400,000; AND WHEREAS, said obligations are to be delivered in multiple installments as funds are needed by the City to pay costs incurred in connection with the project being financed thereby and in accordance with the loan agreement with said purchaser; and WHEREAS, an agreement has been prepared for execution by the City and THE FIRST NATIONAL BANK OF FORT WORTH, Fort Worth, Texas (the "Registrar" for such obligations) for the safekeeping of such obligations pending their delivery to the purchaser, such agreement being as follows: NOW, THEREFORE, BE IT REsOLVED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF COLL:EYVILLE, TEXAS, that the "ESCROt-1 AGREEMENT", appearing in the preamble hereof, between the City of Colleyville, Texas, and The First National Bank of Fort Worth, Fort Worth, Texas, is hereby approved as to form and content and the Mayor and City Secretary are hereby authorized and directed to execute the same for and on behalf of the City and as the act and deed of this City Council. PASSED AND APPROVED, this the 2nd day of June, 1981. dl-~Jjlirff/ ~o , C~ty of 01 eyville, Texas ATTEST: yJ)~(~ ~secretary, City of Colleyville, Texas (City Seal) ESCROW AGREEMENT THE STATE OF TEXAS COUNTY OF TARRANT ~ ~ KNOW ALL MEN BY THESE PRESENTS: ~ THIS AGREEMENT is made and entered into as of the date of execution hereinafter set forth by and between the City of Colleyville, Texas, hereinafter called "City" and THE FIRST NATIONAL BANK OF FORT WORTH, Fort Worth, Texas, hereinafter called "Bank". WIT N E SSE T H: WHEREAS, the City has authorized to be issued, and sold to Farmers Home Administration, United States of America, Department of Agriculture, the following described securities or obligations, to wit: "CITY OF COLLEYVILLE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1981", dated April 1, 1981, in the aggregate principal amount of $1,400,000, hereinafter collectively referred to as "securities" or "obligations"; and WHEREAS, pending delivery of such securities to the purchaser, the same are to be deposited with and held by the Bank, to insure their safekeeping; NOW, THEREFORE, BE IT AGREED AND UNDERSTOOD BY THE PARTIES HERETO: SECTION 1: That the Bank has agreed to serve, and does hereby represent it has full power and authority to serve, as Registrar for the securities described above. SECTION 2: That following the approval of the above described securities by the Attorney General of the State of Texas and the registration thereof by the Comptroller of Public Accounts of the State of Texas, the City shall be responsible for the delivery of the securities to the Bank, which delivery will be first class registered mail to the following address: The First National Bank of Fort Worth, P.O. Box 2260, Fort Worth, Texas 76101, Attention: John Stohlmann , and the Bank agrees to hold the securities so received in safekeeping pending their delivery to the purchaser. SECTION 3: That none of the securities shall be released from safekeeping and delivered to the purchaser unless and until (i) The Bank has received written authority from Bond Counsel that such securities may be delivered to the purchaser in accordance with this agreement. (ii) A written instrument, signed by the Mayor of the City and District Director has been furnished the Bank requesting that a delivery of the securities be made, the date such delivery is to occur and described the securities (amount and serial numbers) then to be delivered. SECTION 4: That, the securities shall be delivered in numerical order and, with each delivery of such securities to the purchaser, the following procedures shall be satisfied, to wit: (i) The Bank shall complete and execute the Registration Ledger appearing on the back of each security to be delivered by (a) stamping or writing the date of delivery thereon under the Column "Date of Registration" (being the same date as the date of payment for the particular obligation), (b) writing in the name of the Registered Owner (if the same does not appear thereon), and (c) having an authorized officer manually sign his name and identify his title under the Column "Signature of Registrar". (ii) Three Treasurer's Receipts (to be furnished by Bond Counsel) shall be executed by the City Treasurer, completed by identifying the amount and serial numbers of the securities delivered and immediately mailed to the firm of Dumas, Huguenin, Boothman and Morrow, 1509 Ma.in Street, Suite 1212, Dallas, Texas 75201. (iii) The securities shall then be delivered to the District Director upon delivery to the City of a check, warrant or voucher in the amount equal to the principal amount (no accrued interest) of the securities to be delivered. (iv) The check, warrant or voucher received in payment for the obligations shall be deposited into a supervised construction account with the Depository Bank. No securities shall be delivered if the person holding the office of Mayor, City Secretary (Clerk) or City Treasurer is different than the person hereinafter identified unless the Bank has specific written authority to deliver the same from Bond Counsel. SECTION 5: That in the event any dispute shall arise as to whether the City has complied with the terms and conditions of this agreement, the Bank shall not be required at its own peril to settle such dispute but may tender all of the securities and cash then in its possession which may be in dispute into a court of competent jurisdiction (in the county in which the office of the Bank is situated) by bill of interpleader or otherwise, making the City and other parties at interest known to the Bank parties to such suit. Thereupon, the Bank shall stand discharged from any or all liability hereunder and shall be entitled to receive its costs including a reasonable attorney's fee, or the Bank may take such other action as it deems appropriate. SECTION 6: That as used in this agreement, the terms refer to the following persons or institutions: (1) City - City of Colleyville, Texas (2) Depository Bank - First City National Bank_of Collevvi11e (3) Bank - Registrar - The First National Bank of Fort Worth, Fort Worth, Texas (4) Bond Counsel - Dumas, Huguenin, Boothman and Morrow, Attorneys at Law, Dallas, Texas (5) Mayor - J, R. "Buck" Hubbard (6) City Secretary (Clerk) - LaVada Johnson (7) City Treasurer - LaVada Johnson (8) Di s tric t Direc tor... Georqe C. Corley (9) Securities - $1,400;000 "City of Co1leyville, Texas, Waterworks and Sewer System Revenue Bonds, Series 1981", dated April 1, 1981. SECTIO~ 7: This agreement may be amended or modified only upon the approval and consent of the governing body of the City, the District Director and Bond Counsel, such approval to be in writing and filed with the Bank, but no such amendment or modification shall increase the liability or responsibility Or diminish the rights of the Bank without its consent. IN WITNESS WHEREOF, the City and the Bank have caused this agreement to be executed by the respective officers and officials duly authorized to sign on their behalf, as of the 3rd day of June ,1981. CITY OF COLLEYVILLE, TEXAS BY, ~u-J( ~ ?7 ,yor A~~ r;;~ cit~etarY (City Seal) THE FIRST NATIONAL BANK OF FORT WORTH Fort Worth. Texas ~ ' ,I 1 Authf:~~ .. ~r BY: ATTEST'~~ Cashier (Bank Seal)