HomeMy WebLinkAboutB- 10 Appointing of Wells Fargo Bank, NA II I i$f6Z °°°°°°°°°
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CONSENT CALENDAR
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE BOARD
FROM: URIEL E. MACIAS, AGENCY TREASURER i/qfret.,;„„__
DATE: NOVEMBER 18, 2002
SUBJECT: APPOINTMENT OF WELLS FARGO BANK, N.A., AS SUCCESSOR TRUSTEE FOR
THE AZUSA PUBLIC FINANCING AUTHORITY BOND ISSUES
RECOMMENDATION
It is recommended that the Board Members approve the appointment of Wells Fargo Bank, N.A.,
as Successor Trustee and authorized staff to prepare the necessary paperwork for the following
Azusa Public Financing Authority -issued bonds:
1. 1993 Water Revenue Bonds
2. 1994 Capital Improvements Refunding Project Certificates of Participation
3. 1994 Sewer Improvements Refunding Project Certificates of Participation
BACKGROUND
The City Treasurer and staff conducted price comparisons of the current bond administrative fees
charged on the Azusa Public Financing Authority-issued bonds. These bonds are currently
administered by Bank of New York and U.S. Bank. After reviewing the information, it was found
that a minimum annual savings of$3,857 could be obtained from Wells Fargo Bank. Wells Fargo
is a California-based institution, with which the City and Authority have a good ongoing working
relationship. Wells Fargo Bank has offered services in Corporate Trust since 1934, and ranks as
one of the top three trust service providers in the country.
FISCAL IMPACT
The Authority will save a minimum of $3,857 annually in bond administration fees.
Prepared by: Roseanna J.Jara,Sr.Acct.-Redevelopment
UEM:RJJ/cs
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BOND FEE COMPARISONS BASED ON CURRENT PAYMENTS
CURRENT ADMINISTRATORS WELLS-FARGO SAVINGS
ANNUAL FEE OTHER EXP TOTAL FEES
1992 SFH BNY $ 2, 500 . 00 $ 150 . 00 $ 2, 650 . 00 $ 2, 500 . 00 $ 150. 00
1992 SFH BNY $ 1, 500 . 00 $ - $ 1, 500 . 00 $ 750 . 00 $ 750. 00
1992 TAX BNY $ 1, 500 . 00 $ - $ 1, 500 . 00 $ 750 . 00 $ 750. 00
1993 WATER BNY $ 2, 940 . 00 $ 916. 40 $ 3, 856. 40 $ 2, 000 . 00 $ 1, 856. 40
1994 CIP US BANK $ 2, 500 . 00 $ 500 . 00 $ 3, 000 . 00 $ 2, 000 . 00 $ 1 , 000. 00
1994 SWR US BANK $ 2, 500 . 00 $ 500 . 00 $ 3, 000 . 00 $ 2, 000 . 00 $ 1, ',000. 00
1994 MFH BNY DIRECT DIRECT $ - N/A N/A
1994 TAB US BANK $ 3, 000 . 00 $ 650 . 10 $ 3, 650 . 10 $ 2, 000 . 00 $ 1, 650. 10
2)
1997 TAB US BANK $ 3, 000 . 00 $ 300 . 00 $ 3, 300 . 00 $ 2, 000 . 00 0
$ 19, 440 . 00 $ 3, 016. 50 $ 22, 456. 50 $ 14, 000 . 00 $ 8, 456. 5028, 456. 50