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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />April 28, 2021 <br />Finance <br />VII.7 <br />TITLE OF ISSUE: <br />Paying Agent Agreement - Northland Trust Services <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />As part of our bond refunding, issue which closed on March 31, 2021, we need to have a designated paying <br />agent. Northland Securities provides the paying agent services for all of our outstanding issues, so it makes <br />sense to have them continue providing the service for us on this issue. The cost has remained the same for <br />several years, so this is a reasonably priced service to make sure each of the bondholders are paid on the due <br />date of their principal and interest payments. <br /> <br />We have a levy for 105% of debt service in order to cover any tax levy shortfalls and other services like payin g <br />agent fees. <br />COST AND SOURCE(S) OF FUNDING: <br />$495 from the debt service levy annually until 2029 when all the bonds are redeemed. <br />REQUESTED COUNCIL ACTION: <br />Motion to approve Northland Securities as the paying agent for the 2021A Refunding Bond issue. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Scope and Fee Proposal <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />