07-22-1985 Council Packet - Laserfiche WebLink

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Memo 985-27 ['"FETING TO: Mark Bernhardson, City Administrator ��I n �•n�- --r,,� FROM: Tom Kuehn, Finance Director 2',-•'b. DATE: July 18, 1985 SUBJECT: Retention and Destruction of Paid Bonds and Coupons of Certain Debt Issues by the Paying Agents As noted in my memo 85-25 (7-2-85) the City can enter into agreements with the various paying agents of our bond issues to have the paying agents cancel and destroy all paid bonds and coupons, as provided by state law. At the July 8, 1985 Council meeting the City Council approved and passed a resolution authorizing the City Administrator to enter into an agreement with Norwest Bank Minneapolis for that service. I have since been in contact with the American National Bank and Trust Company and with the First National Bank of Saint Paul, who are paying agents for the remaining bond issues. They also will provide this service. There are differences in the time holding periods of the paid bonds and coupons and the destruction certificates but the holding periods are within the state law. American National will hold the paid items for at least ten days, First St. Paul for six months. First St. Paul will retain the destruction certificates for at least the life of t',e issue, American National and Norwest for six years after the life of the issue. I have attached appropriate resolutions to enter into retention and destruction agreements with American National Bank and Trust Company and with the First National Bank of St. Paul. TO: Mayor and City Council FROM: Mark Bernhardson, City Administratoo Forwarded recommend approval.