21-268A - Resolution Appointing UMB Bank, N.A. of West Des Moines, Iowa, to Serve as Paying Agent, Bond Registrar, and Transfer Agent, Approving the Paying Agent and Bond Registrar and Transfer Agent Agreement and Authorizing the Execution of the Agreement

21-268B - Resolution authorizing and providing for the issuance of $1,125,000 Taxable General Obligation Bonds, Series 2021A, and amending the levy of taxes to pay Said Bonds; Approval of the Continuing Disclosure Certificate

A) When a City sells Bond Debt it appoints the Trust Department of a Bank qualified to handle transactions for administration of the bonds. These transactions would include closing the transaction and receiving the money from the bond buyer, monitoring and collecting timely principal and interest payments from the City to assure proper payments to bond clients, making the bond principal and interest payments directly to the bondholders so the City does not have to track and maintain ledgers on all bond holders and to balance all accounts to assure proper administration of the cash allocated for bond payments. The cost for this service is a nominal $500 per year per series of bonds issued.

B) This resolution incorporates several documents into the official record of the bond sale to assure compliance with State and Federal laws. It promises the City will follow the rules for continuing disclosure of actions and incidents which are determined to be material actions in the administration of the bonds. It pledges the City's tax base as payment for the bonds and levies taxes necessary to make all payments of principal and interest on these bonds.