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V
RESOLUTION
No. 76 - .136
A RESOLUTION DESIGNATING T11E BARNETT BANK
OF CLEARWATER AS TRUSTEE OF A UTILITY BOND
ISSUE AUTHORIZED BY ORDINANCE NO. 1586.
4
r •
WHEREAS, it is necessary and appropriate that the City of Clearwater
enter into a Construction Trust Fund Agreement with a Bank in the City of
Clearwater, Florida, having trust powers in order to accomplish the payment
in the proper manner of expenses of construction of improvements according to
the provisions of Ordinance No. 1586 of said City; and
WHEREAS, the City of Clearwater has sold $8, 000, 000 Utility Revenue
-? Certificates, Series of 1975, dated August I, 1975, and the proceeds are
available for placing with a Trustee to accomplish the foregoing purpose,
at=. '
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
I, The Barnett Bank of Clearwater, Florida, a banking corporation
organized and existing under the laws of the United States of America, and
having trust powers, is hereby designated as the Trustee for the purposes set
out in Ordinance No. 1586 and the Construction Trust Fund Agreement
substantially in the form annexed hereto as Exhibit A.
.; Z. That said Construction Trust Fund Agreement is approved and ratified
and the City hereby binds itself to the provisions thereof, and the execution
thereof on behalf of the City by the City Manager, Mayor.-Commissioner, City
t Clerk and City Attorney to facilitate the delivery of said $8, 000, 000 Utility
Revenue Certificates, Series of 1975, is hereby ratified.
3. That the officials authorized to execute requisitions according to
Section 3 of said Construction Trust Fund Agreement are as follows:
CITY MANAGER - PICOT B. F LOYD
Or
ASSISTANT CITY MANAGER - GERALD B. WEIMER
AND
CITY TREASURER - A. C. LOWREY, JR.
Or.
DEPUTY CITY TREASURER - DAVID H. CURTIS
Reso. 076136 i1-4-7f
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e
and said officials are the only persons authorized to execute said requisitions
until further resolution of this Commission, and that each roquieltion shall
not be valid until signed by both of the foregoing officials.
4. That the official of the City and the only official of the City
authorized to make the request of the Trustee to Invest or reinvest according.,
to provisions of the Construction Trust Fund Agreement shall be the City
Treasurer until further resolution of this Commission.
5, That the Trustee shall be compensated for its services as follows:
An Annual fee of: 1/ 10 of 1116 of first $1, 000, 000
Assets and 1/Z5 of 10jo of the excess over $1, 000, 000.
Out-of-pocket expenses, including but not limited to
registered mail, insurance charges, preparing copies
of documents and the like, special statements, lists,
and duplicate requisitions.
Cost of advice and opinions of counsel.
The reasonable cost of additional unanticipated services
for reinvestment or unanticipated functions required to
be performed, said additional compensation to be approved
by the City Manager and City Treasurer.
Charges for Trustee services will be processed in accordance with provisions
of a contract between the City of Clearwater and the Barnett Bank of Clearwater,
N.A., dated May 26, 1976, a copy of which is hereto attached to this resolution
as Exhibit B and incorporated herein as if fully rewritten, whereby all banking
services required by the City of Clearwater will be provided by the Barnett
Bank of Clearwater, N. A.
6. This resolution shall take effect immediately upon its passage
and adoption.
PASSED AND ADOPTED this 4th day of November, A. D. 1976.
Mayor -Commis s ion
Att a st;
r
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CONSTRUCTION TRUST FUND AGREEMENT
'' WHEREAS, the CITY OF CLEARWATER, FLORIDA, has hereto-
fore sold $8, 000, 000 Utility Revenue Certificates, Series of 1975 pursuant
to Ordinance No. 1586 duly enacted by the City Commission of the City of
Clearwater on October 2, 1975, (hereinafter called "Ordinance"); and
WHEREAS, the City in said Ordinance has agreed to deposit the
proceeds of said $8, 000, 000 Utility Revenue Certificates, Serlee of 1975,
less certain deposits required to be made Into certain accounts, In a Con-
struction Trust Fund to be known as the 111975 Construction Trust Fund" so
as to insure the proper une of such funds for the construction and acquisition
of extensions and improvements to the utility properties supplying water and
sewer services in said City as provided in said Ordinance, and to protect the
holders of said $8, 000, 000 Utility Revenue Certificates, Series of 1975, of
the City thereby; and
WHEREAS, the BARNETT BANK OF CLEARWATER, N. A., a
banking corporation organized and existing under the laws of the United States
of Arnerica, located at Clearwater, Florida, has agreed to act as Trustee of
said 1975 Construction Trust Fund;
NOW, THEREFORE, IT IS AGREED, on the
day of
, 1976 between the CITY OF CLEARWATER, FLORIDA,
(hereinafter referred to as "City"), party of the first part, and said BARNETT
BANK OF CLEARWATER, N. A., a banking corporation, (hereinafter referred
to as "Trustee"), party of the second part; that:
Section 1. There is hereby created said 1975 Construction Trust
Fund which shall be held as Trustee by said Barnett Bank of Clearwater, N.A.,
a banking corporation, with trust powers, situated at Clearwater, Florida, which
Is, hereby designated and appointed as Trustee for such 1975 Construction Trust
EXHIBIT A
•f
?.'. 1.. w. Remo. 476-136.
oil'
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11-4-76
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???, ? h.: ??.T w.t : •t?'3??`i Ss5. ,?,?; ti ti^. :?.:°,r `7, tt.'-?'' '1'-: ", ?',r? t....ii. :,r,;. "'r?'?d'?'..s ??'!y e? :J'x Ii ?1+Sf S'
?CC'4• ? : 5/.`G'T?, ? ?' F 1fi..k. ? ; ' 4'.'. ?. i.I j .f,q' y 2 n.?..;,.ir..l1, `..'.? , ..5:; ?t" ' a.?'.;f'?t. I:': fr .i1 r ?•?,?`I.Z-
f a a nor Sbl?r. w?ror ? . x?'..fw ? ' •°''• ...+ .•a ., • ,S.',, v...-, r.. e .,,F. ?' k 'Ir
?f ??'? •;,s ; e t, r<r' ji,s,s;:e'y' :>: s=•7 ria •?,.' J?r'•:?•,.."•• =R;':,:.`., ,., -y-
2,4 ,•? ['• s,.:.#•F,r.?;? ;i,r1:?.i.s?',t+? ?.'? i?j: ispj1??rr i?s?
,'?^ .?fiwn?x?!',,ty r., . •t. -, c. ?' . * ; ^,S.. : f.^%cd"+' ,. F L1? f•i"it!rrl.,•,jS?,+.
.gR ? ? F ,??? ••i':, F`?3 ,! r''?:.%i:+',i? ?y'?v.::? '°s??"? .+,"L.. .r' F. •..%`?:,?,,.,;: 7 ?, ,•,, t.
r °r .»"$:tt.;, .??• a? ?,. •i ?, ?, ?????? ?.. '•? .`!: 4' ;,i..,,-?•.• .,'a' 4?i" Pd'. •?.i.7. .r?•;?P. ?r,}; r,?"a;1r4_#°. a
citr4, b„ a: 4".?5•r;-j' ' . i? % '?r. ;?,• ' _ -?„ r f... F r; M1`: ?•t±aw
1? ?"t+Sv•[?r e.L •.? (, •'?t' :?7 . .. ? .' `?9" e. ..^1I ??•t- ". ?.i T! -°M1 2•l'<<_ . r.. 1- .?
7 u....•s_: yr: %s% '"i. ?s, a? •f?? t;• r? }?=..: ?. '?'?, %Y- _i' ?`?
•j.1,F:.,?,a::s<c:.a..,k..fii:.`.? .•. ?:I ::,i?i:a.:.W?; __ _ ^:tg: -_. +r?„•"'?'.. ?1•.,
l Fund shall, consist of the sum of $7, 345, 344.04 to be deposited therein by
a<` the proper officials of said City, being the proceeds, except accrued interest
^.. f and the amount of $426, 677. 00 deposited in the Reserve Account pursuant to
said Ordinance, derived from the sale of said $s, 000, 000 Utility Revenue
a •.
Certificates, Series of 1975, dated August 1, 1975.
Section 2. The moneys In said 1975 Construction Trust Fund shall
'-s be held by the Trustee In trust and applied only to the payment of the cost of
the construction and acquisition of extensions and improvements to the utility
properties supplying water and sewer services In the manner provided In said
Ordinance, which by reference is made a part hereof the same as if Included
rti S a
::. verbatim herein.
For the purpose of this Agreement, the cost of said construction
and acquisition of additions, extensions and Improvements shall be as defined
in Section 1.02 (G) of said Ordinance enacted October 2, 1975.
Section 3. Payments to the persons or person, or firm or cor-
porations entitled thereto, or to the City as provided hereafter, shall be made
from said 1975 Construction Trust Fund by the Trustee upon the order of the
City, but only upon the following conditions and upon receipt of the following:
(A) A requisition of the City for such payment, duly executed
on behalf of the City by the City Manager and the City Treasurer, or such
other officers as the City shall by resolution, (a certified copy of which shall
be furnished the Trustee) duly appoint, with the written approval of the
Consulting Engineers retained in connection with said improvements and
extensions or the City Engineer In the case of payments under contracts
directly supervised by the City Engineer. Such requisition shall state:
(1) the amount requested; (2) the obligation for or on account of which the
requisition Is made, showing separately the total obligations, the amount
already paid, If any, and the balance remaining to be paid; (3) the person
_2-
.0 7 6
11-4-76
;:'` Z; i?
x,:'sk',sa4-•-j;?"?'t`Ee.':?'?,L':;e?R?.r?YU. ; la! t•. i; ..
.: ;t;`;?. .1r : :' < . , i. i,?. y ` •.; t:,';. .7? -mil ?' .<. ?S?.Fy^: P,^' ?t...
?r: .'? ?:'iLT+•zti', ?' tt'.I::ti:., •=:iG ? '?;?r7•' .`rY ,I'tl;:?ryt;?'. ??'.r sf'.?.3?
•.?i` r??; ? ?Y. . .•? J? #,,?'f, t',i')':: ? •:'-° .J°.:"r'?? `?i:;'tf?? ` i `?'r .ac?2, } y(r•-t'
•t )? a :"k'M1 e?7, r-? ti:? ? ?'.?:.1 -: .a;` ':.'??;?t??
f b !?na??, { ,?:yar???: ,'? r,? ?,r.;;;? r,+c;: r'..; _,•', rid'', ?.
?,??'??'d Yx =1='fi??1Y'3";:: s?: `; %,.+??:Fy,I,r' •; ,i .t <i.;..,,'?;'?; ?,,;??,_,? :.??I?i ""k
?r.?t?:'?45?:?x: ? '.;='i?ir!.• `??:•' ?xi >?.,.,,' :'i.>..-?.'..:?:;tS4:tw. "S?"?'?+?
?js i^ !t _? a?i'4?-P(i.i;,r:,? ri i;;,:s 'a•i::? s; 1'I ?'u``:?`ti,Y:o2`: tt?'1 ?, 4"1.
l eft Y{j,+•+: tE'"Cr:3f .: i .. 'qs:•i: '.,F
144
?.?t! `?r?L????sc?rhk-???`i:?`?'?`?':F'?st+',.. «S?;:i..':i:•?;'ii:'s`?..:?,?},????;Y f?yA.1;.
`3;?yy t,: fir,. ',.:.'r .{?; a •.,'• r' ? ssF,, i~• '},;:+
0
to whom the payment shall be made. Such requisition shall certify; (1)
k
that the Item for which requisition Is made bas not been paid; (2) that there
are no vendors', mechanics' or other liens or rights to Mans or conditional
sales contracts on the property In respect to which such payment to to be made.
In addition to the above requirements, before making any payment
from said 1975 Construction Trust Fund to contractors, builders, or material-
men, on account of the construction and acquisition of extensions and Improve-
ments to said utility properties, the Trustee shall receive a written opinion
of counsel (who may be counsel for the City), to the effect that no such part
of the construction and acquisition of said extensions and Improvements to
said utility properties is locat ed or Is to be located on lands, including
easements and rights of way, other than lands, Including easements and
rights of way, good and marketable title to which Is owned, or can be ac-
quired, by the City In fee simple, or that the title which the said City has
a
'i
obtained, or can obtain is sufficient for the purposes of such construction and
adquisition and that such title cannot be divested so long as any of the said
$8, 000, 000 Utility Revenue Certificates, Series of 1975, of the City are out-
standing and unpaid.
In addition to the above requirements, no payment shall be made
to any contractors or builders, unless the City Attorney shall certify that
such contractors or builders shall have previously delivered to the City a
bond or bonds executed by a qualified surety authorized to do business In
the State of Florida, approved by the City In an amount at least equal to the
t
amount of such contracts, conditional for the due and faithful performance of
the work, and providing in addition to all other conditions, that If the con-
tractor or his, or Its subcontractor or subcontractors, fail to duly pay for
any labor, materials, team hire, sustenance, provisions, provender or
other supplies used or consumed by such contractor, his or Its subcontractor
-3-
' Reso. 06-136
11-4-76
'I
'f'3.?"'?.iw.Ya::=Jf'f SV'4`+1:.:lP7??J?? .+,?,k;??`«.''X K'S?--':.i: ?'•F',
r?afyy,.,aRat;,?,>?`?."e:'1^({• +jgirs.` ."r`: ?.i..,-.,=•?;'p:s?, .-r: r'A:,??+"r-••
..i>Tf:';G,?.fst3,.S??::Jf'?i•...?.^.I .. .'riff'. ?...1,a.. ...-50>"..,_?'i.:3?.'.•'.'L?,?i
?Sd..':' '3'na+'?.'r.;'. `:r,+t,'.t.i;{.:ti.a' 1?s?? .?.fr5?'-?.r•?1a,p3'«'1; 's??t?° ???',}?? kSM?F§
=kr i1 AS'<?, f,;l .}, 5 sf .c :`rs t °jt 'J +
f`1?Y4t e ; ti ; , ? ;? 'r.'.,'ij4 "; ? s'T'i:.?"',,:;',:. ??:.S+r :?, .a?;?•
?t "v 1. J. .rw' • . R . ''. e??• '1e; t9 i;' .?s` i .'r;y.;i.'? ? -,'+,1=
,???}'?`nj'i?{'T':??s, .?r?r .:f."'1`_`??f.'?:•r' f,;,r i° ,id •,.1'..'J: 'ti?.($4„xL`,rt fr„
ig $ ! :f .,L' - e..?„ l: .' f."••'•C. s'., .y?.? y ?•?'4 ='??hr-1??y f Is'd.
?. ?y;'?:'sf :t t"so .s-i:'r 5.?'t=• sa}''L;????,?fL:.{v,a..°F=;=Yn.i.•.S'ri?'.',`!I's?. -V 7
a-,'?'?+ \t5' `¢ a4i1{ :.'. . tf. - .1..5.,: y;.. ..t ,. „-,1.: •¢;ncy •r = wrti+; Yr :.tiv-tc
?' 174 ? )= .Gr'•`"'•'.r: `:}'1.' ,f•kv ??t??` i': w?' y?.??s;.""y „x?'r :;t S:y rt e•-«.S '• '`t?,. g. rte"' :;t
?y ;? F... FZ >#' S"' ..t. _ 1sYJ '?s?t ' i••. ??',r' ? 5'r'" .l:r? r 3:,".,.;ti y+i"„?r ??'tf. ;y«,P..
p '.7.? t ?S' 1'<' .'#.'' •• :`' !?3- ?;., I?.s-?'?tf>? <I .? 1Y.';r e.. tL° 8'•"4. 9` f
.. ewe .7 ??.'?`?1 •;?•:?::1ii''?y'"'ri:?iJ.s?i. .i., '??:t !;°' `?"?t "p:',"'.-s'r.+.: ir,. .i?`?,,..r ??..tit ?w.w. `e:. r1:, ?'i.`, !_" ??;"°?+t''r,•`"?"rl??'?"
•)V- tri ,.'? •,'?^ .fi, ~.^ r?.. W..' 3 i3i? ]!'f• H hr=.• F ;?, ?'y'. ?.?
?7.?'wi? .?J R1C f- i.f ? ,p.? ?a? .i. ,Y'1'e s ..r ..' .,Y'' .s ;k P L?`.f::?I,..Y + ?` t. •fJ.it y4'??'S rr... ?,?
?3 ?'.;: Yip ?:?).,.°i _ ?,kl?t.• L? :f?tl?:i'1.*'. r.???, t?,f, '?'? '- '? i 4"IY?'ft''rr'Ii:?44'9'??9??tia`.'t•f1':Sti. Wr.-R''Y'f,?'
err :.?,?'r??'r•.?` ? '5 ?., d? .??,,',:e,.:'i .:'a `? < ,i.
.2?5t}?y?,7'K.?f??'1 y;<te `;j+'^ ','t :; tr?!?.f"-x ei.r.~ ,U?`=r,;y?•; ":.`?ik;'4;.i. t'.?tt:-. n:,.?'?'''::t'f _; ;-`:??:lir
`?ty?7;'}a,. ?.k: ?'?su??.r ,? ?'?`'5? r''i"w•?'a „'!, ,'I', .'4• •la `Is" ?,f' _'rl; '.?=.'?r+,,,a!';'=,;
?'?wl HrfwrE .fk'? 'rl :'?rsi t'•l`''z• t' ~ '? .n••?v, .f' .• 1 :o,:. •.•{h/
i£ ? tter ;a, .'`?.. .1n r.. Y ?<t, -`rt., i''•r•• ? ?•??',: ;x'«.: dfi, 1'...`,: r,?`:'•`.`?... r?I:
.?.. j r.4 S t •'d 1 . .'ti 1,; :e, '..'?,. ,. 'a?,''`•+' - -'•L. '`''•', ,..' s? ,`{•py;: •(. rl St "4 ?.1"k'•
L.?:i??i.r.?.air.:'.?.-s..?L.!`aJ,Y:,.a4wrfwa..•.I:ni..i.?...?..e... 3._.rl'-?rtir...._..,i ..w.... ... ..,1 ??W..:,.3..=-?-.:.'..I?.:.:t.i........?:..I..a..:::.?cc???h...t?.r s+w.lrir?
67". {
or uubcontractors, in performance of the work contracted to be done, the
:f
surety will pay the same, together with the interest at the rate of six per
cent (676) per annum and that the surety shall indemnify and save harmless,
the City to the extent of any and all payments in connection with carrying out
said contract which the City may be required to make, or the City Attorney
shal1certify that, in lieu of furnishing as surety such bond or bonds, such
contractors or builders have deposited with the City, direct obligations of
the United States of America, in an amount equal to the amounts of such
contracts, with the bond or bonds of such contractor or builder, as security
for the performance of such contracts,
The City shall retain ten per cent (14%) of the amount of each payment
until final completion and acceptance of all work covered by the contract
documents. The City at any time, however, after fifty per cent (SO%) of the
work has been completed, if it finds that satisfactory progress is being made,
shall reduce retainage to five per cent (5116) on the current and remaining
estimates. When the work is substantially complete (operations or beneficial
occupancy), the retained amount may be further reduced below five per cent
(576) to only that amount necessary to assure completion. On completion and
acceptance of a part of the work on which the price is stated separately in the
contract documents, payment may be made in full, including retained per-
centages, less authorized deductions,
(B) if the payment is for legal and engineering expenses, expenses
for financial or fiscal services, if any, interest on the Utility Revenue Cer-
tificates prior to, during and for six (6) months after the completion of con-
struction or acquisition of said additions, extensions and improvements,
expenses in connection with the issuance of said Utility Revenue Certificates
and advertisements in connection with the proceedings authorizing the issuance
thereof, then the requisition referred to in subsection (A) of this Section 3
shall be approved by resolution adopted by the City Commission, and a
certified copy-of such resolution furnished to said Trustee before such
payment is made by the Trustee.
»•4-
Reso. 076--136, 11-4-76
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y' } y?" y a ,}„ ,s;„ 4 n.f Yv,•. !: o.: I. 'P"'a'F<, { "yFy ' }',` F. w ?;.,y i 1?a
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KlX,k?.' ?'-:1:.•a .??. ??t,?' ?r'. t' r, y, `x:`3.1y? ?y/fe ya '?'' '? ,ys ?' f?,"... 4 -i; i.' ,?f%
Z ??' '.'T •y. "T?.' .? t` .S ?'+? _Sy ?L , f..?y. T+, '.?Y I•a 7(2. r?_{?j. '?tA S'
t ,4l?:l?".P' =4;1;'!#.??,;,F',.=E'y'?.' '?{?' cl +.':i'.?,?;. r;;?r',S :7 +. '*.'r Y;•;_?'?, 4'•+ai?wu?t::1.t?.lnj`::?,,.`:,. 1i"?'a..s'.?5?r'.'??,""1 .w• y i
t a a ?? •"! ? '? ?"F.i ? ?-J: `r =-.r....t. ° .X,i?:'. ?i ,!f ?. i?n s < ?Y '
F 7t 'sT? t '- .J`'3'3 .ti+.i?F(1! ?,. '`2?.:'r:_ .. 1. 'l r5 ?},q °?:; ?'•`' ;?.' t '1}?-•P.Y p? ?'+? L."?
a :??. :? >' ?•? ;ati ,,a ?.3 ' { ? ::a' . 'r'.O S.;,;s r?`' '? `! .: ?' e"',J. ?;y?'G^?• `?? sj i3',:?ty'.1}?,•?? ??;?t3:.. a;:.- ????' `? ,,,h?+? '` a •,m? 1
t .{?r ??%: .S L7:. ??e".?t?X:?i.i t. "?.f i!"„e_?;:f;-i., r' 1, ?bF r'.r•1 2 °S-. R,?:
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i;;:r` ?4? , ?? :'.• ••>f' v :?F,r'i.,` ?' J,YYY ¢"'^`r'?'>. ? '? r -' t .?£` ?
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? ,;? t?-S? ??:F: ? "°? - ?,t: t? '.: .y<, rtt:lt_?5 '•` T.='rt;,tt •. .r, r ?z: Y>. t3.?r 1 '?';. } ?3 ry ?: ,:?i'S..y f- r"?r^i4
EYt. ? "•i;?, lax tE i •??I?j; J•':°: •. iz ...E ?'. 's,:,.aw e y?.r 't. h' At }t'. ?+,.y ? "t':ru ?}.?" ?
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;rL'a.Yc ?jr/ ;,c;,T.tiS."1j'e ?•t Ft",,. ?i.) }`#?r,tr
.?:+5,:?? ? iJ Ar: iv 1 ' ? ?'ti?"°'[ `;° ? •?: ?' `° .5 '?.-1 S.'' r:. 5.., 4.,y? 4 i•r..'ti' w¢'?•;yy 3=^,{?rx y :
??1 ,.4~ '{;:i., sr ?ti.r'?r," '4-, ., r?. ••: y..:.'? -F: {. ??"=fir} ¢°}"? '?'t F•,?f•j'?i'. ?. F.. :'.«??' bid i !
.Y c?t ?e1'.?'.r,M ?. .F?`i x:`SL ;.5:: t`lL;;-!• f, i?>.''.°?.i ,+:' -., .q: ??F:i".. T.fr r %' ` ...c, .. Sw i1 fR??}it
.ilTf ?:' a. ,. w?Q?` r Ya }?'s? is ?^ T 1 •-.i; •:,n.? t:?'??r .'h'. • ???•'-??'V'F: - } '.:16.?.??F.?•;.=' t' 1 s'e., xcn? ;r?'???:
1 t t, }?t' i y,r }, 'a&7.::.? „T?' .F'? .: 'l .}T't?' ;'y':, .'.•^"i?'dl-",' .tp'; '.r '?a i`e%:;?: !r C-i," :a ;^:'?°+.'' y i
,?. ?,.SNr?r a?t.'G') .> I{}3K. "j•t r' ? ,e .
'i.
am 4. i ?.3 J'y.' ?}? ';'St}'• N.•x•`; •.t}; r. ,+i3 ,? '} "?i . .°4 '"S: r:i r:,•, .?r. e: n?,?: .r ir? a.,`-: :`::.?#, .?? ?'p `'? l.° -? . ? }'w?.<??
` .C?, -f',?e'+;re?` .,l ?'' • :" :4' . r. r.{'! P? °'?'? : r' na ,s, '? ?'?::F'?'+.::t:,??iX• .rsy ayy< I Fitt
}? r-fgx?'k'PS. ?'vtx :4ti`,r.•,i •t,,. -i? -\! ,}e ''st.•,,:+o.°?::.,F_'r`, YrS; t .?:,e,? :'?,Y.f:'•
.r ;?c•t 1?' 4F t* 4' ?`:. r ."'' < ..I•. a.. '! _?''' J. 'tr •?a" ,,. •',?4•A,
'fix. •? ? .air .?k;`: `?. :??.r c?,?`r'.+ ?.ti a:• `: w:'.' _y?.•?= ?6•• {+.'' :,,+^',r.. F. v; ,'.: ')>?,{? ?lj?j?.p ?•?•
+ 'uii.y ?"c.=.?:.r. ?'.r..,._..-A ? Jx:.r...?'aL' " ` e.,.. ° L?'.• • ?}.,
(C) If the payment is to the City for labor or other costs for
the part of such construction made or work done directly for the City through
its employees, or to re€mburee the City for amounts paid by the City for the
cost of the construction or acquisition of such extensions or improvements to
said utility properties, then the Trustee shall make such payment directly to
the order of the City upon being furnished, in lieu of the documents referred
to in (A) and (B) hereof, with a certified copy of a resolution adopted by the
City Commission describing the purpose for which such payment is to be
made.
Section 4. All original requisitions, certificates and opinions
received by the Trustee as required herein, and evidence of payment, shall
be retained in possession of the Trustee, subject at all reasonable times to
the inspection of the City, said Consulting Engineers, the holders of said
$8, 000, 000 Utility Revenue Certificates, Series of 1975, and the agents
and representatives thereof.
Section 5. When the construction and acquisition of the extensions
and improvements to said utiliy properties provided for in said Ordinance
has been fully completed, the Trustee shall be furnished with a certificate
showing such completion and the date thereof, duly executed by the Mayor
and the City Manager and City Treasurer of the City. Thereupon any balance
in said 1975 Construction Trust Fund not reserved for the payment of any
remaining part of the cost of the construction of said extensions and improve-
ments, as definedia the Ordinance, shall be deposited in the Reserve Account
in the Sinking Ftmd; provided, however, if the amount in said Reserve Account
after such deposit exceeds the maximum amount then required to be on
deposit in said ReserveAccount, any further balance may, in the discretion
of the City Commission, be deposited in the Sinking Fund or used for the
purpose of the construction or acquisition of additions, extensions or
improvements to said utility properties.
I .
Mao..:P6-186 -11-4-76
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Section 6, The Trustee accepts and agrees to execute the trust
hereby created, but only upon the terms set forth in this Agreement to all of
which the parties hereto agree.
r•:>:'
' ; . , Section 7. The Trustee may execute any of the trust powers hereof
,
*3?.;;itr ?'iE?
and perform the duties required by it, by or through attorneys, agents or
employees, and shall be entitled to advice of counsel concerning all matters
'f' 4 • = i' +
: of trust hereof and its duties hereunder.
i.
";:,: Section 8. The Trustee shall, upon, the request of the City, temporarily
t Y
invest or reinvest any moneys in said 1975 Construction Trust Fund in direct
obligations of the United States of America, or in Time Deposits evidenced
by Certificates of Deposit fully secured by collateral deposit of securities
other than shares of stock in which the Sank is authorized by law to invest its
I funds, the value of such collateral to be computed monthly at current market
values. Such investments shall mature not later than the time when funds will
be required for the purpose of which said Fund was created. Said Trustee
is hereby authorized to liquidate any of such investments or reinvestments
whenever necessary to pay requisitions upon said 1975 Construction Trust
Fund as provided herein. All interest or income earned upon any of said
investmenta or reinvestments shall be credited to and become a part of said
1975 Construction Trust Fund.
Section 9. The Trustee shall be protected and shall incur no
liability in acting or proceeding in good faith upon any resolution, notice,
telegram, request, consent, statement, affidavit, voucher, bond or other
paper or document which it shall in good faith believe to be genuine and to
have been passed or signed by the proper officers, agents or employees of
the City, or to have been prepared and furnished pursuant to any of the pro-
visions of this Agreement and the Trustee shall be under no duty to make any
investigation or inquiry as to any statements contained or matters referred to
in any such instrument, but may accept and rely upon the same as conclusive
evidence of the truth and accuracy of such statement. Upon the Trustee making
the payments to be made by it from said 1975 Construction Trust Fund in
'=;??a•: Rasa. •d?76?136
11-4
-76
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accordance with the provisions hereof, such payments shall, so far as concerns
the Trustee, be deemed to be legal and proper payments; and the Trustee shall
be relieved of all responsibility with respect thereto and shall be liable only
for proof of payment as provided herein. The Trustee shall not be respon•
sible for the recitals in this Agreement, nor for the validity of this Agree-
ment. The Trustee may accept a resolution of the City Commission, when
certified by the City Clerk under the seal of the City to have been duly adopted.
The Trustee shall not be under any liability for anything arising out of this
Agreement except for its own negligence, lack of good faith, or willful
misconduct.
Section 10. The Trustee may in good faith, buy, sell, own, hold
and deal in any of said $8, 000, 000 Utility Revenue Certificates, Series of
1975, issued by the City pursuant to said Ordinance and may join in any action
which any certificateholder may be entitled to take with a like effect as if the
Trustee were not a party to this Agreement. The Trustee may also engage
in or be interested in any financial or other transaction with said City, or
holder or holders of said Utility Revenue Certificates, secured hereby, or
other obligations of the City, as freely as if it were not Trustee hereunder.
Section 11. The Trustee may construe any of the provisions of
this Agreement insofar as the same may appear to be ambiguous or incon-
sistent with any other provision hereof; and any construction of any pro-
visions thereof by the Trustee in good faith, shall be binding upon the parties
hereto.
Section 12. The Trustee may resign and be discharged of the trust
created by this Agreement, by executing an instrument in writing, resigning
such trust, specifying the date when such resignation shall take effect, and
i filing the same with the City Clerk of the City not less than sixty (60) days
before the date specified in such instrument when such resignation shall take
effect. Such resignation shall take effect on the day specified in such
instrument unless previously a successor Trustee shall be appointed as
hereinafter provided, in which event such resignation shall take effect
immediately upon the appointment of such successor Trustee.
Reso. #76-'136 11-'4-76
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t?•.,..".+agiw.s.?..i::•.. il.!'.i?.iwa.s:.?.:» .':L,.'a.u.Lw?..i.?--...r?..a,... _,+_,-?-?.? ? k 3q '.3:r',l
+8,i31`°''= r Section 13. Any Trustee hereunder may be removed at any time
by an instrument in writing, appointing a successor to the Trustee so removed
,
filed with the Trustee at least sixty (60) days before the removal is to become
effective, signed by the City Manager and the City. Treasurer of the City.
Section 14. In case at any time the Trustee, or any Trustee hereinafter
appdnted, shall resign, or shall be removed, or be dissolved or if its property
r
';''•'??': or affairs shall be taken under the control of any State or Federal Court or
administrative body because of insolvency or bankruptcy
or for any other
,
reason, a vacancy shall forthwith and ipso facto exist in the office of the
Trustee and a successor may be appointed by the City.
Section 15, In case at any time the Trustee shall resign and
no appointment of a successor Trustee shall be made pursuant to the foregoing
provisions of this Agreement prior to the date specified in the notice of
resignation as the date when such resignation shall take effect, the retiring
Trustee may forthwith apply to a court of competent jurisdiction for the
appointment of a successor Trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribed, appoint a successor
Trustee.
Section 16. Any successor Trustee appointed hereunder shall
execute, acknowledge and deliver to the City an instrument accepting such
appointment hereunder, and thereupon such successor Trustee, without any
further act, deed or conveyance, shall become duly vested with all of the
estates, property, rights, powers, trusts, duties and obligations of its
predecessors in the trust hereunder, with like effect as if originally named
Trustee herein. Upon request of such Trustee, the Trustee ceasing to act
and the City shall execute and deliver an instrument transferring to such
,t
• successor Trustee all the estates, properties, rights, powers and trusts
hereunder of the Trustee so ceasing to act; and the Trustee so ceasing to
act shall pay over to the successor Trustee all moneys at the time held by
it hereunder.'
Reso. 076-136',. .
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Section 17. Any corporation into which any Trustee hereunder
may be merged or with which it may be consolidated, or any corporation
" resulting from any merger or consolidation to which any Trustee hereunder
k?l shall be a party, shall be the successor Trustee under this Agreement
without the execution or filing of any paper or further act on the part of the
Parties hereto, anything herein to the contrary notwithstanding.
,44
Section 18. This Agreement shall be deemed tolave been, and
is made for the benefit of the holders from time to time of said $8 000, 000
Utility Revenue Certificates, Series of 1975, dated August 1, 1975, issued
by the City pursuant to said Ordinance and shall be enforceable by any of
;Jr?i: a1
'=t the holders thereof in the manner provided in said Ordinance.
Section 19. In addition to the other payments provided to be made
i= by said Ordinance and this Agreement from the 1975 Construction Trust Fund,
the City shall pay to the Trustee hereunder its proper fees and expenses,
and the Trustee shall have a lien on all moneys in said 1975 Construction
Trust Fund for such proper fees and expenses. Settlement of fees charged
will be in accordance with provisions of the Banking Service Contract, dated
May 26, 1976, between the City and said Barnett Bank of Clearwater, N. A.
Section z0. Subject to the lien of the Trustee for its proper fees and
expenses, the holders of said Certificates issued pursuant to said Ordinance
shall have a lien on all moneys in the 1975 Construction Trust Fund until
paid out and applied in accordance with this Agreement and said Ordinance.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has
caused these presents to be signed by its Mayor-Commissioner, City Manager
and City Attorney and its corporate seal to be hereto affixed and attested
by its City Clerk, and the said Barnett Bank of Clearwater, N. A. has caused
..9_
Resa. 075--138 1_76
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?rw
these presents to be signed by its Trust Officer and its corporate seal to
be hereto affixed and attested by its the
day and year first above written.
CITY OF CLEARWATER, FLORIDA
Countersigned:
By
City Manager
Mayor-Commis sioner
Attest:
Approved as'to form and
correctness:
City Clerk
City Attorney
BARNETT BANK OF CLEARWATER, N.A.
Attest; By
Trust Officer
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` 11•-446
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C O N T R A C T
This negotiated Contract entered into this day of
1976, by and between the City of Clearwater, Florida, a Municipal corporation herein-
after called the City and Barnett Bank of Clearwater, N.A., located at 1130 Cleveland,
Clearwater, Florida, hereinafter called the Bank;
WITNESSETH:
WHEREAS, it has been deemed advisable to consolidate to the extent possible all
cash resources of the City into accounts in one official depository bank to be
selected by competitive bidding by the commercial banks in the City; and
WHEREAS, the bid most advantageous to the City has been submitted by Barnett
Bank of Clearwater. N.A., which bank is engaged in the business of commercial banking
• in the City of Clearwater and is qualified to perform the required services;
NOW THEREFORE, the parties agree as follows:
1. The Bank will perform the services called for in a proposal forwarded to
the Bank under cover of a letter from the City Treasurer dated March 4, 1976, a copy
of which letter and proposal marked "Exhibit A" are attached hereto, and by reference
made a part of this Agreement as if fully rewritten herein.
2. The City, on its part, will maintain an average collected balance of Three
Hundred Eighty-five Thousand ($385,000.00) Dollars on deposit in demand accounts in
said Bank pursuant to that requirement set forth in a letter from the Bank dated
March 24, 1976, a copy of which letter, marked "Exhibit B" is attached hereto and by
reference made a part of this Agreement, as if fully rewritten herein.
EXHIBIT B
Aeeo. ' 176-x.3.6. 11-4-76
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The City has the option of
f '
A. maintaining an average collected balance as noted above,
or,
B. maintaining a lesser amount and being charged monthly for activity based
on item cost ', per ','Statement of Analysis", as contained in banks letter
dated Narch 24, 1976, which charges shall be offset by an earning credit
on the average collected balance maintained by the City, figured at'the
Treasury Bill bid rate nearest 30 days, as published in the Wall Street
Journal at the end of that month.
3. This Agreement will remain in effect for three years and may be renewed
for an additional, three'years by mutual consent of both parties.
Countersigned
"'Mayor-Commission r
Approved a form and
oF_e Cnesn
City Attorney
Witnesses:
t
An to City i
As Xo Barnett Bank
_ Rsso.?:: x.76-136. ' ` •
?..i?j.;
CITY
By
Attest:
CLEARWATER.' FLORIDA
BARN T B OF CLIE RtitiATER
L"L
By
Title
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11-4-76
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Ir
March- 40 1976
i
! 4
?• Mr- 8. P: Crosby, President .
Barnett Bank of Clearwater tai .
1130 Cleveland
Clearwater, Florida 33515
Dear Hr. Crosby: !
' Tho City proposes to consolidate investments and cash now held in demand.. •r
' ?. accounts in several comarcial banks into accounts in one depository bank to '.
be selected by competitive bidding between coazmercial hanks in the City. We
.
solicit 3vur participation in the bidding for this account.
w The details of 'our proposal are spelled out on the attached fora.' It is
anticipated that the bank 011 respond specifically to each of the iteos
en=erated on this docu=nt, either concurring or offering alternative proposals,
?''F and in conclusion, stating the terns and/or conditions under which the bank will
y undertake to nit these requireimnts and provisions. All banks invited to bid
in this matter have been furnished identical information, and no prallainary
discussion has taken place with any bank. The evaluation of responses to our
proposal and t>he'final selection,of the, depository bank will be made In the .
Tight of all factors Involved, with a•view toward serving the best interests of
the City. In the same vein, the City reserves the right to reject all bids if
r this course would appear to be in the best interests of the City.
Please let us have your reply, including a copy of your most recent
Statement of Condition, by no later than the close of business Wednesday,
s March 31, 1976.
Very truly yours,
jay A. C. Lowrey , Jr. u
City Treasurer
ACL.-zk
Attachments '
' EXUBIT "All
Reso:1076-x.36 11-?-76
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OFFICE or • March 10, 1976
FINANC; OIFECTOa
Re: Addendum to Solicitation for Bid Proposals
Dear Cdr.
F have received several inquiries which indicate that the following informa-
tion may be of assistance in assessing the collateral requirement stated in our
solicitation for bids forwarded with our letter of March 4,.1'976.
It was stated in the proposal that the value of accounts involved would be
approximately $27,000,000. This was.an approximation intended as a general
indicator'of the magnitude of the account. It included a sale of bonds now pending.
At this time, this figure is approximately ;17,000,000.
Considering the current total, $17,000,000, the approximate requirement
for pledged collateral would be:
Direct Obligations of Ignited States Government - $'3,500,000
Other Collateral as Specified in the Proposal - $ 4,500,000
These collateral pledges would cover cash balance and investments in Certificates
of Deposits. The balance of the $17,000,000 would be invested in U. S. Treasury
paper and thus would require no collateral pledge.
It should be borne in mind that the ratios suggested by the above figures
are strictly a function of the value of investments in Certificates of Deposits
at any given time. These ratios may change dramatically on short notice as the
mix of investments changes.
AI
Yours .V rl y,
C 'Lowrey, Jr.,
C Treasurer
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• CITY OF CLEAR'dATER
REQUEST FOR BID - DEPOSITORY BANK PROPOSAL,
.
trE'^
-.a; ? ..t;?C.?'2` jl?3._S t?k,;ial;,-:?.•Y $tf?r7'?. "al: ^kg ,?
,_ .,.. df: it# °'e r < _:''kL?.•...r .. vti?.S3i1eT>Xt?diQfd LKt
?.r.rwr:• '?g?
The City proposes to select by competitive bidding a single depository Bank
to perform all banking services for the City. Our proposal is set forth in the
following paragraphs. If you have questions concerning these matters, please
call the following persons as the need arises:
General Matters: Clark Lowrey, Finance Director
Tel. No. 442-6131 - Exn. 337
Data Processing: William McCall, Data Processing Mgr.
Tel. Igo. '442-0402 • Exn. 264
Parking Collections: Keith Crawford, Traffic Engineer
Tel. No. 442-6131 - Exn. 268
Bridge Collections: Bill Burchfield, Harbormaster
Tel. No. 442-5640
Accounts presently envisioned and approximate magnitude of activity in these
accounts are indicated below:
ACCOUNT CHECK ACTIVITY DEPOSIT ACTIVITY
FREQUENCY CASH CHECKS (Ho.)
Payroll Account 3,500 A Month Approx. !Meekly Hone Avg. 5 Weekly'
Operating Account 1,500 A Month Approx. Daily Varying Avg. 1,000 Daily
Amounts
Separate Trust 20-30 A Month Approx. Credit of
Accts.(As Required) Interest Occasional
Earnings Only -
The total value of these accounts will vary,•but at the present time amounts to
approximately $21,000,000.
THE CITY'S REQUIREMENTS AND SPECIFICATIONS:
i.• DEPOSITS
a. R,jec ular Deposits
Many activities of the City receive cash collections for various
services provided. It will be necessary that a drop depository be
available 24 hours a day for deposit of such collections. Deposits
will be made by a security service or by City employees whose sole
responsibility will be to deliver deposits into the designated drop.
Deposits will be accompanied by a deposit slip in duplicate. Upon
"verifiCat'Lon-of-th? depastt';-a-copy of-the deposit slip must-be-
acknowledged by the Bank and mailed to the City Finance office the
same day. Deposit slips, in original and three (3) copies, in pads,
in such quantities as may be required, will be furnished by the Bank.
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Coin Deposits
1. The Clearwater Pass Toll Bridge, and City parking meters, generate
collections of coins in 1-5-10-25-and-50¢ denominations, amounting
to approximately $2500-$10,000 a day. In the case of parking meters,
these coins are gathered by City employees who will deliver them
uncounted to the location tend/or individual specifically designated
by the Sank. Coins from the bridge will be delivered to the•same
place or person, either by a. City employee or by a security service.
Collections in these two instances are not counted in advance of
deposit. It will be necessary for the Bank to sort and count the
coins, determine the amount involved, and prepare deposit slips
in duplicate for each department involved. A deposit slip will be
forward to the Finance office as specified in b.(5) below. The
Bank must provide the internal security obviously needed to guarantee
proper handling of such deposits. The Bank will be expected to
provide such mechanical sorting and/or counting equipment as may
be required.
2. Parking meter collections are segregated by individual parking
lots in containers. These containers will have to be emptied
into bags or other receptacles to be provided by the bank pending
sorting and counting. The integrity of separate collections from
specific lots must be preserved and separate deposit slips pre-
pared on each.
3. Foreign "coins',' tokens, slugs, mutilated coins, etc. will not be
counted or assigned a value but-will be removed from deposits,
accumulated, and turned over to the City Finance Department weekly. .
Details of this procedure will be Worked out between the City
Finance Department and the depository.
4. The Bank must be prepared to provide on demand approximately
S4,000 to $5,000 weekly in rolled quarters for change in the
bridge toll booth.
5. Coin deposits must be counted and documented during the business
day received, or the following day if collection is received
after the cut off time established by the Bank.
2. INVESTMENTS
a. Investments will be made and liquidated only upon instructions of
the City Treasurer or his deputy,
b. Investment transactions must be consummated on the same day instructions
are received from the City Treasurer, or on the next business day if
instructions are received after the necessary time deadline.for current,
date action.
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F 2. INVESTMENTS cant.)
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c. Transactions involving purchase or sale of investments will be
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processed at no cost to the City.
15
s: d. The Bank shall provide safekeeping for investments owned by the
`T'-. City.
-3-
e X76-136
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C??'Ft1: n+arn?4E .: •1; .:,°.` .'i ?. .''?? ?Si'•ar`? ??. .:Ili ? ,j
e. The City reserves the right to direct investment in C.D.'s or other
time deposits in banks other than the official depository Bank.
3. COLLATERAL
a. Deposits-in excess of F.D.I.C. coverage must be fully collateralized.
Generally this requirement may be met by the pledge of any security,
other than shares of stock, in which the Bank is authorized by law
to invest its funds. The total collateral required to be pledged
will be computed initially at market value of securities involved;
adjusted thereafter in accordance with 3.(d) below,
b. C.D.'s or time deposits placed b the de o_sitarY bank in banks other
than the official depository wiR be treat?3a part of the balance
.on deposit in the depository bank and collateralized accordingly by
the depository bank as if such C.D.'s or time reports were in the
depository bank. Exceptions to this.provision may be made with the
concurrence of the City Treasurer provided the same criteria for
collateral coverage specified in 3.(a) and 3.(d) shall apply,
c. C.D.'s placed ?L the Cityin other banks pursuant to paragraph 2.(e)
above, will be cb ate-raTized separately by arrangement: between the
City and the bank involved.
d. As of the end of each month, the Bank will furnish a listing of pledged
securities including L.S. Government securities, indicating current
market values. At this time, the amount of collateral required may
be recomputed as may be indicated by current balances on deposit and/or
market values of securities pledged.
e. The amount of pledged collateral may also be recomputed at other times
as required coverage varies.
4. STATEMENTS
a. Through September, 1976,.statdments will be cut off as of the end of
the month and delivered to the City Finance office within Q days.
b. After September, 1976, the City will commence reporting on a 13-period
year rather than the traditional 12-month year. This will necessitate
a cut off date for statement purposes that will conform to a predetermined
schedule which will be furnished by the City.
114-.76:. .
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E
YF 4. STATE14ENTS , (Cant.)
b. (Cont.)
'z
(1) Effective October 1, 1976, checks issued by the City will
be written by the computer. It is anticipated that the
E depository bank will have in-house computer capability to
effect reconciliation of accounts, utilizing magnetic tape.
and punched cards furnished by the City covering checks issued
during the period, and Bank computer files of checks aid.
Details of this data processing procedure to be worke?t
between the Bank and City Data Processing personnel.
7. CONTINUITY OF SERVICE
It is imperative that the depository bank have and maintain sufficient
staff to support: these requirements at all times without interruption of
service due to personnel turnover, vacations, illness, or other internal
disruptions. Severe or repeated breakdown of service for this reason will
be cause for termination of the agreement.
8, The Depository Agreement will continue in effect for three years, and by
mutual agreement between the City and the Bank may be extended for another
three years.
9. In formalizing this agreement, the City will reserve the right to restate
and/or renegotiate with the depository bank such additions, deletions, or
changes, or clarifications of the provisions of this agreement as may be
necessitated by law, or changed circumstances.
-4-
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, 1.
c. In addition to regular statements, it is assumed that the bank can
provide on demand daily balances in the depository accounts if and
when such information is required by the City.
5. SAFETY DEPOSIT BOXES
The Bank shall provide without cost such safety deposit boxes as may be
needed for storage of Registered Bonds, coupons, or other material re-
quiring exceptional security.
b. LINE OF CREDIT
The City will be granted a $750,000 line of credit available as may be
required, upon appropriate resolution by the City Commission, at interest
rates consistent with the tax exempt status of earnings on Municipal
obligations.
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Ba' O t Bank of Clearwater, N.A.
P. O. Drawer 5128
Clearwater. Florida 33519
Phone 440.8111
March 24, 7,976
Mr. A . C . Lowrey "
Director of Finance
City of Clearwater
P.O.Box 4748
Clearwater, Florida 33518 `Dear Mr. Lowrey:
Thank you for the opportunity to make a proposal to become
the City's sole depository. We have very much enjoyed oul-"i. relation-
ship in the past and believe that your office is acquainted with the
capability of our service, and hope that this past relationship will
be continued after your thorough analysis of our proposal. '
included with this letter is,our response to your specific
items and we will be happy to expand or further explain any item
at your request.. As stated in our answer, attached is also a Barnett
Account Reconciliation Plan package, which we feel you will find
quite complete. An additional enclosure is the 1975 Annual Report
for Barnett Banks of Florida, Inc., wherein you will find that we
are a member of the largest banking organization represented in the
City of Clearwater. We further enclose a copy of this bank's state-
meat of Condition as of 12/31/75.
As we understand your letters and questionnaire, the city
intends to pay for it's banking services through balances in a
demand account. The s7penific balance required during any parti-
cular period will vary based on the earnings credit we allow you
for those balances. We enclose a statement analysis based on the
previous 30 days Fed Funds rate as an earnings allowance for the
balances based on activity projected from information furnished.
Reso.r, #76-.136.
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EXHIBIT "B"-
11-4-76
TIM.
i ..?, :2 '. :?,:47'x"' r''1:'v': r,{•. q .?•.. .. ?s ,,;?; .. ;'Rt.' ?ll ????
• , Q '
Mr. A. C. Y
Director of Finarice
City of Clearwater -2? March 24, 1976
Based.on these projections, an average collected balance of
$365,000.00 would support the account activity at this time.
We-vary much want the city's business, and hope that after
a complete analysis of our proposal, the City will see fit to
appoint us as the official depository.
sincerely,
H: P. Crosby
BPC;ae President
Encls'
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Kim
A. Regular Deposits
All of your requirements and specifications in this section
can and will be met. We operate under the same requirements
for many of our commercial, accounts. For your convenience, we
have three 24-hour drop depositories available. Also, the bank
will provide pads of deposit slips in original and three copies
without cost to the City.
B. Coin Deposits
I.. your requirements in this section aze standard operating'
procedures for the bank. We have all, the necessary equip-
ment to sort, count and package the coin for each individu
department, and prepare separate deposit tickets for each
department involved. Of course, this deposit will be handl
under the dual control concept.
2. Bags especially designed for coin will be provided for each
individual parking lot. The integrity of 'separate collec-
tions from specific lots will be preserved and separate
deposit slips prepared for each.
3. The bank does not accept foreign coins, tokens, slugs, or
mutilated coins for deposit either. Therefore, your
requirements poses no problem. Also, we will be willing
to work with you to obtain credit for the foreign and
mutilated coin.
4. We maintain a surplus on rolled coin in all denominations a
are prepared to handle all of your rolled coin requested on
demand.
5. This is our standard operating procedure.
2. INVESTMENTS
A. This is our standard operating procedure.
B.' This is our standard operating procedure.
C.' We will handle the purchase and sale of investments at no cost
to the City..
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1,?.}4T;l r!2 .e?. ,i f t a?cdd r k1 '!ASP`"' ??y ?a, ?;•? •i r ?"'- ; d}°y?'•;y
4T.}!Ya'..',Sa.:E"e :`a''.'.`_.'iiw: :Jfd
u. VV to WAJ.l fj1uv-un ads.u&tseJ+.Lny servic:ues on aii inveacments ana
provide you with a safekeeping receipt for each, describing the
' actual location,'tho•description of the security, amount, rate
and purchase and due dates.
E. We concur.
3. COLLATERAL
A. Deposits i.n,excesh of the FDIC coverage will be fully
collateralized.
B. All time deposits in excess of FDIC coverage will be fully
collateralized.
C. We concur. D. we will be happy to compute the collateral requirements at the
end of each month and provide detailed listings for all
securities pledged indicating their current market values.
E. We concur.
4. STATEMENTS
A. We provide this service; and, end of month statements are
either mailed or hand delivered.
B. We also provide this type of service as many of our commercial
accounts are on a thirteen-priod year.
(1) We provide a very complete and flexible account
reconciliation plan. One of our many customers
that use thissarvice is the School Board of
Pinellas County. For additional information,
please refer to the enclosed account reconcilia-
tion package.
C. We can provide this type of service.
5. SAFE DEPOSIT BOXES
We will be happy to (provide without cost the necessary sate
deposit boxes as maybe required.
76,136
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ll-4.75
J' `• ?b rw LINE OF , DIT _
'A $750, 0.00 line of credit with interest rates consistent with
rates'on Municipal obligations has been approved for,,a period of
three years. This credit is subject to the continuing satisfactory
financial condition of the City, and the necessary legal opinions
will be provided at the time of borrowing. At the present time,
the City owes us $861,000.00. This amount would be included in the
Line of Credit.
7. CONTINUITY OF SERVICE
We have the necessary staff to maintain and adequately service the
account. We will continue to provide excellent services without
interruption at any time. ;
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' • ''? BARttETT BANK OF CL .;";ATER, N.A.
CITY OF CLEAR14ATER PRO FORMA
STATEMENT OF ANALYSIS
MONTH ENDING z;,W
F
Average Ledger Balance?;s? .
Y i:,"
Less: Average Float 1yx
Net Collected Balance
? ,.
Less: % Reserve
Average Balance Available-for
` r'
Investment 385.000.00 a
?,?rY , •
VALUE INVESTABLE BAL. @ 5.00%
' 1,604.16 EXPENSE
Items Deposited 22,000 x.03 660.00
` Items Paid 5,020 q.07 351.40<°`' sfr s r
h!
?r TOTAL 1,011.40'
yy?r 1r?, ? ?
Account Maintenance 3.00 g
>r•I .?.?4yr• F$ .3s
COIN Collections 70,000 A.50 per 100 350.00
SAFE DEPOSIT BOXES 2 % 1.00 2.00
Transfer of Funds % t
Stop Payments %
?r
? Additional Statements' %
ROLLED QUARTERS
Coin & Currency Shipment _22000 S .025 er roll 50.00
^f
a Safekeeping Fees 10 % 2.00 20.00
y ,
Other RECONCILIATION 5,000 x .03 150.00
TOTAL EXPENSE 1,586.40
'
PROFIT FOR MONTH 17.76
ACCUMULATED PROFIT (loss) Month Ending k
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:Roeo #76136 's
11-4-76
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