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city of <br />El �. <br />1-.Uve <br />To <br />City Council <br />Meeting Date <br />August 5, 2024 <br />Item Description <br />Agreement and Resolution 24-43 Appointing Bond <br />Trust Services Corporation as Fiscal Agent <br />Request for Action <br />Item Number <br />4.10 <br />Prepared By <br />Joe Stremcha, Business Services Director/Assistant <br />City Administrator <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br />Action Requested <br />Adopt, by motion, Resolution 24-43 appointing Bond Trust Services Corporation as fiscal agent in connection <br />with certain outstanding obligations. <br />Approve, by motion, the agreement with Bond Trust Services Corporation as the authorized Paying Agent for <br />certain outstanding obligations. <br />Background/Discussion <br />Ehlers was recently appointed as the city's Financial Advisor. It is recommended that the city utilize Bond <br />Trust Services Corporation (BTSC) as the Paying Agent for city bonds. The City uses US Bank and the <br />transition will reduce points of contact and reduce transaction fees. The effective date is August 15, 2024, to <br />allow for sufficient time for US bank and BTSC to coordinate the transfer after the August I, 2024, payments. <br />Financial Impact <br />Reduced transaction fees from $500 (US Bank) to $450 (BTSC). <br />Mission/Policy/Goal <br />Responsible for every dollar - good stewards. <br />Attachments <br />I . Resolution Appointing BTSC - City of Elk River (August 5, 2024) <br />2. BTSC Agreement - City of Elk River (August 5, 2024) <br />The Elk River Vision <br />A welcoming 6ommunit , with revolutionary and spirited mourcyidnm, exceptional service, and community P� d W E R E D 0d <br />engagement that encourager and inures pro perityINPaU 159 <br />