Laserfiche WebLink
City of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />• <br />A RESOLUTION AUTHORIZING THE FIRST NATIONAL BANK OF SAINT PAUL <br />TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS <br />WHEREAS, the First National Bank of Saint Paul 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 />the First National Bank of Saint Paul to cancel and destroy <br />certain 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 the First National Bank <br />of Saint Paul whereby it is authorized and directed to cancel, <br />retain, and destroy the bonds and coupons of issues: <br />City of Orono, MN, G.O. State -Aid Road Bonds 7-1-79 <br />Retention end destruction will be for each maturity: <br />1) Retain the physical coupons and bonds for at least six <br />months <br />2) Provide 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 until at least the time <br />of final payment and redemption of all obligations of the <br />issue. <br />5) Indemnify the City against any loss sustained by reason <br />of duplicate payment, wrongful and improper payment to un- <br />authorized persons and non-payment to authorized persons <br />occurring as a 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. Hullin, City Clerk <br />