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1390.10 <br />CITY <br />OF <br />ORONO <br />city of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. _ _ _ _ _ _ _ _ _ _ <br />A RES^UTIOH AOTHORIZIHG TEIB ISSUANCE OF A DUPLICATE CERTIFICATE <br />AND PAYMENT OF INTEREST ON FOR BOND NUMBERED R-113 <br />OF THE CITY'S GENERAL OBLIGATION <br />IMPROVEMENT BONDS OF 1985 <br />NHEREAS: <br />A. The City Council of the City of Orono, by resolution <br />authorized the issuance of General Obligation Bonds of 1985 <br />(hereinafter referred to aj the "Bonds"). <br />B. Bond Numbered R-113 was sold to Paine Webber <br />Incorporated, 100 Harbor Boulevard, Weehawken, New Jersey 07087. <br />Said Bond was in the denomination of $45,000, bearing Interest at <br />the rate of eight and twenty hundredths percent (8.20%) per annum <br />and maturing on January 1, 1999. <br />C. Paine Webber Incorporated has given to the City of a <br />certain surety bond dated September 12, 1989, of Chubb Group of <br />Insurance Companies in the principal amount of $90,000, said <br />amount being double the amount of the lost Bonds and being <br />conditioned to save the City of harmless as to the results of its <br />issuance of the additional bonds and coupons. <br />BOW THEREFt «E, BE IT RESOLVED by the City Council of the <br />City of Orono as folJ '•ws; <br />1. The Finance Director is hereby directed to send <br />letter to the Bond Registrar of the G.O. Improvement Bonds of <br />1985, First Trust Company, authorizing the Bond Registrar to <br />issue a Duplicate Certificate and to pay interest due on said <br />Certificate. <br />2. The costs of the surety bond and any costs relating <br />to the reissuance of Certificate R-113 shall be paid by Paine <br />Webber Incorporated. <br />Adopted by the City Council of the City of Orono, <br />Minnesota, at a regular meeting held January 8, 1990. <br />James R. GrabeKT Mayor <br />ATTEST: <br />Dorotny M. Hailin, city Clerk"