Industry : Bank to Manage Bonds
The City of Industry on Thursday appointed the Bank of America to act as the city’s agent for $40 million in general obligation bonds the city intends to issue this year.
As agent, the bank will be responsible for registering, transferring ownership and paying the principal and interest on the bonds from the city’s account.
The City Council unanimously agreed to pay Bank of America $1,500 initially. The city also will pay an unspecified amount if the bank holds more than 100 bondholder accounts for city.
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