Laserfiche WebLink
�1 City of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />A RESOLUTION AUTHORIZING AMERICAN NATIONAL BANK AND TRUST COMPANY <br />TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS <br />WHEREAS, American National Bank and Trust Company is the <br />paying agent for certain bond issues of the City of Orono; and <br />WHEREAS, the City of Orono has the authority to direct <br />American National Bank and Trust Company to cancel and destroy certain <br />bonds and 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 American National Bank and <br />Trust Company whereby it is authorized and directed to cancel, retain, <br />and destroy the bonds and coupons of issues: <br />City of Orono, MN, G.O. Improvement 12-1-82 <br />Retention and destruction will be for each maturity: <br />1) Retain the paid physical coupons and bonds for at least ten <br />days after cancellation <br />2) ^rovide the City with a detailed statement of paid items <br />3) Provide secured storage, ensure destruction and issue <br />destruction certificates for each maturity cycle <br />4) Retain destruction certificates six years after the life of <br />each issue <br />5) Indemnify the City against any loss sustained by reason of <br />duplicate payment, wrongful and improper payment to unauthorized <br />persons and non-payment to authorized persons occurring as a <br />result of any destruction of bonds or coupons <br />Adopted by the City Council of the City of Orono, <br />Minnesota, at a regular meeting held on July 22, 1985. <br />Mary C. Butler, Mayor <br />ATTEST: <br />Dorothy M. Hallin, City Clerk <br />