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TO: Mayor and City Council <br />FROt: Thomas M. Kuehn, Finance Director <br />DATS January 3, 1990 <br />1390.9 <br />tUUJIUlt Mtt! INti <br />JAN 81990 <br />CITY OF CPONfi <br />SUBJECT: Request From First Trust N.A. for Authorization to <br />Re-issue a Certificate for Registered Bonds, 1985 G.O. <br />Bond Issue <br />Attachment:A. Proposed Resolution to Authorize Issuance of a <br />Duplicate Certificate and etc for Bond No. R-113 <br />of G.O. Imp. Bonds of 1985 <br />DISCUSSION - We have been notified by First Trust, N.A., the <br />registrar and paying agent for the City of Orono G.O. Imp. Bonds <br />of 1985, that a registered bond certificate has been reported <br />lost by its owner and a replacement duplicate certificate is <br />requested. As per State law an indemnity bond for twice the face <br />amount of the certificate has been issued to the City of Orono <br />and First Trust, N.A. jointly. <br />I have asked the City's fiscal consuitant, Ehlers and Assoc, to <br />review the bond and to direct the City how to proceed with this <br />request. They have advised tha^ we should adopt a resolution to <br />authorize the issuance of a duplicate certificate for the lost <br />original registered bond certificate and have submitted a <br />proposed resolution to that effect. <br />RECOMMENDATION - That the Council adopt the proposed resolution <br />as presented . <br />PROPOSED MOTION - Moved by , seconded by __, to adopt <br />Resolution #__ Authorizing TFie Issuance of a Duplicate <br />Certificate and Payment of Interest on for Bond Numbered R-113 of <br />the City's General Obligation Improvement Bonds of 1985. Ayes <br />__, Nays __. <br />TO: Mayor and City Council <br />FROM: Mark E. Bernhardson, City Administrat <br />Forwarded recommending adoption.