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Council moves paying-agent duties for GO warrants to Regions Bank
Summary
Council approved resolution 14-10 to change the paying agent for the city’s general obligation warrants from Bank of New York to Regions Bank, citing local access and communication concerns with the prior agent.
Council considered resolution 14-10 and approved naming Regions Bank as the paying agent for the city’s general obligation warrants.
Mayor (role) explained the change: the current paying agent, Bank of New York, no longer has any offices in Alabama and the city experienced communication difficulties. "So wanna bring it to somebody closer by that we can actually have a representative to deal with face to face. And, so we're going to move that to Regions Bank," the mayor said. The council moved, seconded and approved the resolution by voice vote.
No financial terms or contract documents were reviewed during the meeting; the action on the paying-agent designation was handled as a routine finance item on the council agenda.
