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City of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />A RESOLUTION AUTHORIZING NORWEST BANK MINNEAPOLIS <br />TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS <br />WHEREAS, Norwest Bank Minneapolis is the paying agent <br />for certain bond issues of the City of Orono; and <br />WHEREAS, the City of Orono has the authority to direct <br />Norwest Bank Minneapolis to cancel and destroy certain bonds and <br />coupons when paid, as provided by MS475.553; <br />NOW, THEREFORE BE IT RESOLVED that the Administrator is <br />directed to enter into an agreement with the Norwest Bank <br />Minneapolis whereby it is authorized and directed to cancel, <br />retain, and destroy the bonds and coupons of issues: <br />Village of Orono, MN, Improvement 2-1-71 <br />City of Orono, MN, G.O. Improvement 9-1-74 <br />City of Orono, MN, G.O. Improvement 12-1-80 <br />City of Orono, MN, G.O. Refunding 8-1-76 <br />Retention and destruction will be for each maturity: <br />1) Retain for two (2) years the physical coupons and bonds <br />2) Provide the City with a detailed statement of paid items <br />3) Provide secured storage, ensure cremation and issue <br />destruction certificates for each maturity cycle <br />4) Retain destruction certificates six years after the life <br />of each issue <br />5) Indemnify the City against any loss sustained by reason <br />of duplicate payment, wrongful and improper payment to <br />unauthorized persons and non-payment to authorized <br />persons occurring as a result of any destruction of <br />bonds or coupons <br />Adopted by the City Council of the City of Orono, Minnesota, at a <br />regular meeting held on July 8, 1985. <br />Mary C. iiutrer, -Mayor <br />ATTEST: <br />