Fort Madison City Council Agenda Packet 2026-06-24
City appoints UMB Bank as bond paying agent
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Description
The Fort Madison City Council approved an agreement appointing UMB Bank, N.A. as Paying Agent, Bond Registrar, and Transfer Agent for the City’s $10,635,000 General Obligation Capital Loan Notes, Series 2026. Under the June 30, 2026 agreement, UMB will manage registration and payment services for the bonds in exchange for fees and reimbursed expenses.
Contract Details
Vendor
UMB BANK N.A.
Agency
City of Fort Madison, IA
Contract Type
FINANCIAL_SERVICES
Document Date
June 24, 2026
Contract Term
Effective June 30, 2026; continues while $10,635,000 General Obligation Capital Loan Notes, Series 2026 remain outstanding (up to final maturity)
Renewal Info
Agreement includes provisions for resignation or removal of UMB Bank, N.A. as agent upon at least 30 days’ written notice and for automatic succession if UMB’s corporate trust business is transferred; it remains in effect until all bonds are paid and surrendered (two years and six months after final payments for unpresented items).
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