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Home My WebLink AboutC03-265 Eagle County School District°~ C03 -Z~,S- l0 INTERGOVERNMENTAL AGREEME:NT BETWEEN EAGLE COUNTY SCHOOL DISTI~~ICT RE-50J AND EAGLE COUNTY, COLORADO FOR THE ADMINSTRATION OF BOND R-~,)EMPTION FUNDS This AGREEMENT (this "Agreement") is dated as of ~ ~i , 2003 by and between the Eagle County School District RE-SOJ (the "District") an Eagle County, Colorado, a body corporate and politic, by and through its Treasurer, ("Treasurer") and its Board of County Commissioners. RECITALS WHEREAS, pursuant to amended Colorado Revised Statutes, Section 22-45-103(1)(b), bond redemption funds (`Bond Redemption Fund") are required to be administered by athird- party custodian designated by the District unless the District meets one of the exceptions provided in said Statute; and WHEREAS, pursuant to amended Colorado Revised Statutes, Section 22-45- 103(1)(b)(VI) aschool district is not required to designate athird-party custodian to administer the school district's bond redemption fund if the County Treasurer administers the funds and accounts as provided in C.R.S. 22-40-104; WHEREAS, the District has issued and has outstanding various series of general obligation bonds and intends to issue additional general obligation bonds in the future; and WHEREAS, in order to comply with the requirements of the aforesaid Statute, the District desires to designate the Eagle County Treasurer to administer the Bond Redemption Fund as set forth below; and WHEREAS, the Treasurer is willing administer the District's Bond Redemption Fund pursuant to C.R.S. 22-45-103(1)(b)(VI) and C.R.S. 22-40-104. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows: SECTION 1. Designation of Eagle County Treasurer. (A) District h ereby d esignates t he E agle C ounty Treasurer t o a dminister the Bond Redemption Fund pursuant to C.R.S. 22-45-103(1)(b)(VI) and C.R.S. 22-40-104. .r ~ ~ • (B) Eagle County Treasurer agrees to administer the District's Bond Redemption Fund pursuant to C.R.S. 22-45-1(~3(1)(b)(VI) and C.R.S. 22-40-104. SECTION 2. Deposits to the Bond Redemption Fund. (A) There is hereby established and there shall be maintained with the Treasurer a separate fund to be known as the Eagle County School District RE-SOJ Bond Redemption Fund (the "Bond Fund"). The Treasurer shall establish and maintain the Bond Fund for the District's bonds whether currently outstanding or issued after the execution of this Agreement (the "Bonds"). The money in such fund shall be administered and disbursed only for the purposes and uses hereinafter authorized. (B) The Treasurer agrees to deposit to the Bond Fund all revenues from the property tax levied by the District for the payment of principal or interest on the Bonds when the Treasurer receives such revenues from each county treasurer who collects the District's property taxes, but in no event later than two business days after receipt of such revenues. The parties agree that the headquarters of the District are located in Eagle County and pursuant to C.RS. 22-40-104(2) the Treasurer may accept and hold moneys in the Bond Redemption Fund transferred from other counties that have accrued to the credit of the District for such purpose. (C) The Bond Fund shall be used by the Treasurer solely to pay the principal of, redemption premium, if any, and interest on the Bonds and upon written direction of the District pursuant to pay the fees of paying agents for the Bonds, and arbitrage rebate compliance. The Treasurer shall make such arrangements and transfers to the paying agents for the Bonds as will assure, to the extent of money in the Bond Fund properly allocable to and available therefor, the timely payment of the principal of and interest on the Bonds at the respective due dates. Disbursements p ursuant to this Section 1(C) from the B and Fund shall be made by the completion by the District and submission to Treasurer of Schedule I. (D) The financial institution holding the funds shall provide monthly reports regarding the balance of the Bond Fund to the District on the tenth business day of each month. SECTION 3. Investments. The Treasurer and Eagle County will not give investment advice but will hold and administer the Bond Redemption Fund in compliance with C.R.S. 22-40-104. Eagle County and the Treasurer shall not be responsible for the performance of the Bond Fund. In the event that any interest is earned from and during the administration of the Bond Redemption Fund by the Treasurer such money shall be 1 • • U paid to the District and credited to the District's General Fund.. The District agrees that amount in the Fund which shall mature or be subject to redemption at the option of the holder on or prior to the date when the proceeds thereof must be available for the prompt payment of the principal of, redemption premium, if any, and interest on the Bonds, as the same become due. Eagle County and the Treasurer shall not be responsible for any losses resulting from the administration of amounts in the Bond Fund, or fer obtaining any specific yield or percentage of earnings on such Bond Fund. SECTION 4._' Termination: Amendments. This Agreement shall remain in fi.l' force and effect until there are no Bonds outstanding unless earlier terminated by the partees with or without cause upon thirty (30) days written notice. In the event of such termination the terms of Section 5 hereof shall apply. This Agreement maybe amended by written agreement between the District and Eagle County. SECTION 5. Resignation or Replacement. The Treasurer and Eagle County may resign at any time on 30 days' prior written notice to the District. The District may reasonably detemune that the Treasurer has been incapable of fulfilling his/her duties and may remove the Treasurer upon 30 days' prior written notice to the Treasurer and Eagle County. No resignation or removal of the Treasurer shall take effect until a successor has been appointed; provided, that if no successor is appointed by the end of 60 days, the Treasurer and Eagle County may petition a court of competent jurisdiction to appoint a successor. If the Treasurer initially appointed shall resign, or if the District shall remove the Treasurer, the District shall appoint a successor. SECTION 6. Successors. A. Whenever in this Agreement the District or the Treasurer is named or is referred to, such provision is deemed to include any successor of the District or the Treasurer, respectively, immediate or intermediate, whether so expressed or not. The rights and obligations under this Agreement maybe transferred by the Treasurer to a successor. B. All of the stipulations, obligations, and agreements by or on behalf of and other provisions for the benefit of the District or the Treasurer contained in this Agreement: (1) Shall bind and inure to the benefit of any such successor, and (2) Shall bind and inure to the benefit of any officer, board, agent, or instrumentality to whom or to which there shall be transferred by or in accordance with law and relevant right, power, or duty of the District or the Treasurer, respectively, or of its successor. SECTION 7. Indemnity (A) The Treasurer will be responsible for only those duties stated in this Agreement or expressly contained in instructions given to and accepted by the Treasurer pursuant to the provisions of this Agreement and no other duties or obligations, implied or otherwise, shall be read into this Agreement. Treasurer and Eagle County shall not be liable for any action or omission by it made in good faith. • • (B) To the extent permitted by law, the District hereby agrees to indemnify and hold the Eagle County Treasurer and Eagle County harmless from and against any and all liabilities, damages, suits, actions, penalties, costs, claims, expenses and. fees (including court costs and reasonable attorney's fees), foreseen an unforeseen, incurred by or asserted against them in any way whatsoever, arising out of or relating to this Agreement. This Section 7 shall survive the termination of this Agreement. (C) It is agreed and understood by the parties hereto that the Treasurer and Eagle County shall not be responsible ,.b, the performance of the Bond Redemption Fund or the lack o_f:~ funds in such Bond Redemption Fund to pay the District's obligations. The District agrees that this Agreement shall not obligate Eagle County or the Eagle County Treasurer to pay from its funds or accounts the obligations of the District. (D) This Agreement does not and shall not be deemed to confer upon or grant to any third party any right to claim damages or to bring any lawsuit, action or other proceedings against the County or its officers, employees or agents because of any breach hereof or because of any terms, covenants, agreements or conditions contained herein. SECTION 8. Severability. If any section, paragraph, clause, or provision of this Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Agreement. SECTION 9. Notices. Any notice to be given hereunder shall be delivered personally, by facsimile or mailed postage prepaid, return receipt requested, to the following addresses: If to the District: Eagle County School District RE-SOJ Attention: Director of Finance P.O. Box 740 Eagle, CO 81631 Phone: 970-328-2747 Fax: 970-328-1024 If to the Treasurer: Eagle County Treasurer Post Office Box 479 500 Broadway Eagle, CO 81631 Phone: 970-328-8868 Fax: 970-328-8871 4 And Eagle County Attorney Post Office Box 850 500 Broadway Eagle, CO 81631 Phone: 970-328=8685 Fax: 970-328-8699 or such other address as either party may, by written notice to the other party, hereafter specify. Any notice shall be deemed to be given upon mailing. SECTION 10. Counterparts. This document may be executed in counterparts with the same force and effect as if the parties had executed one instnui~ent, and each such counterpart shall constitute an original hereof. SECTION 11. Governing~Law. This Agreement shall be governed by the laws of the State of Colorado. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first above written. EAGLE CO Y SCAO L ISTRICT RE-50J ATTEST: By: President, Boar of ducation Se EAGLE COUNTY, COLORADO By and through its TREASURER and BO OF CO CO SIGNERS By: Karen Sheaffer, Eagle Coun easurer o~ ~~~ c And ~x ATTEST: ~ * By: ~~ ,s~ ~A~° Michael L. Gallagher, Chairman Clerk to the EU6ard of County Commissioners i SCHEDULE I FORM OF DISBURSEMENT REQUISITION ACCOUNT REQUISITIONI NO. TO: Eagle County Treasurer Re: Direction to Make Disbursements from Eagle County RE-SOJ Bond Redemption Fund Account Pursuant to Section 1(C) of the Agreement (the "Agreement") dated by and between the Eagle County School District RE-SOJ (the "District's and Eagle County by and through its Treasurer (the "Treasurer") and Board of County Commissioners, you are hereby directed to pay from the referenced Bond Redemption Fund Account to the person(s) described below (provide name and address of the person(s) to whom payment is due), the amount(s) set forth below, for the payment of permitted disbursements pursuant to Section 1(C) of the Agreement (describe the disbursement, i.e., payment of interest on Series Bonds)) and subject to the terms and conditions hereinafter described: Person/Entity Amount Disbursement Description The undersigned hereby certifies that the above disbursement is a proper disbursement from the referenced Bond Redemption Fund Account and that the undersigned is authorized to execute and deliver this requisition on behalf of the Eagle County RE-50J School District RE-SOJ. Dated this day of , 2003. EAGLE COUNTY SCHOOL DISTRICT RE-SOJ By Director of Finance G:~DFIM~Custodian.DOC OFFICE OFTHE COUNTYATTORNEY (970) 328-8685 FAX: (970) 328-8699 www eagle-countycom Ef~GL~ COUNTY DIANE H. MAURIELLO County Attorney September 18, 2003 Karen Strakbein Director of Finance Eagle County School District RE-50J P.O. Box 740 Eagle, CO 81631 Re: Administration of Bond Redemption Funds Dear Karen: Enclosed for your file is an original of the Intergovernmental Agreement regarding administration of the Bond Redemption Funds which was signed by the Board of County Commissioners on Tuesday. Please do not hesitate to contact me if you have any questions or comments. Very truly yours, .. --£ ~ a lane H. a 1e o County Atto ey DHM:lag Enc. cc: Dan Bernard -Bernard Lyons Gaddis & Kahn Karen Shaeffer -Eagle County Treasurer g:\lag\ltr\cvr.karen.strakbein.bond.redemp.9.18.03 Eagle County Building, 500 Broadway, P.O. Box 850, Eagle, Colorado 8163 I -0850