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� r � Cit� of ORO1�0 <br /> � �r.y��� `���£ � RESOLUTION OF�THE CITY COUNCIL <br /> k.�;� � �SR�. <br /> '��'�..�5'.:� ` �r`� t <br /> .:�,: <br /> �`�;'J� NO. 17 9 4 <br /> ``� <br /> • - �. �•. <br /> i � <br /> A RESOLUTION AUTHORIZING NORWEST BANK MINN�EAPOLIS <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 /> WHSREAS, 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 12-1-8fd <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 destructiorr 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 /> . � <br /> � � Mary C. Bu e Mayor <br /> ► - ATTE6T: <br />� n . <br /> . � <br /> Tlnr�i-hv M. Hal.l.in. Citv Clerk . <br />