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1390.10 <br /> � Ci.ty of OROl�O <br /> � � � � RESOLUTION OF THE CITY COUNCIL <br /> � NO. 2748 <br /> • <br /> � ' • • <br /> A RESOLIITION AIITHORIZING THE ISSIIANCE OF A DIIPLICATE CSRTIFICATE <br /> AND PAYMENT OF INTFRSST ON FOR BOND NDN�ERED R-113 <br /> OF THE CITY'S GENERAL OBLIGATION� <br /> IMPROVSMENT BONDS OF 1985 <br /> WHL�REAS: <br /> A. The City Council of the City of Orono, by resolution <br /> authorized the issuance of General Obligation Bonds of 1985 <br /> (hereinaf ter referred to as the "Bonds") . <br /> B. Bond Numbered R-113 was sold to Paine Webber <br /> Incorporated, 100 Harbor Boulevard, Weehawken, New Jersey 07087. <br /> Said Bond was in the denomination of $45,000, bearing interest at <br /> the rate of eight and twenty hundredths percent (8.20g) per annum <br /> and maturing on January l, 1999. <br /> C. Paine Webber Incorporated has giveri to the City of a <br /> certain surety bond dated September 12, 1989, of Chubb Group of <br /> � Insurance Companies in the principal amount of $90 ,000, said <br /> amount being double the amount of the lost Bonds and being <br /> conditioned to save the City of harmless as to the results of its <br /> issuance of� the additional bonds and coupons. <br /> NOW THEREFORE, BE IT RESOLVED by the City Counci 1 of the <br /> City of Orono as follows: <br /> 1. The Finance Director is hereby directed to send <br /> letter to the Bond Registrar of the G.O. Improvement Bonds of <br /> 1985, First Tr�ust Company, authorizing the Bond Registrar to <br /> issue a Duplicate Certificate and to pay interest due on said <br /> Certificate. <br /> 2. The costs of the surety bond and any costs relating <br /> to the reissuance of Certificate R-113 shall be paid by Paine <br /> Webber Incorporated. <br /> Adopted by the City Council of the City of Orono, <br /> Minnesota, at a regular meeting held January 8, 1990. <br /> James R. Gra e , or <br /> AT ST: � <br /> � <br /> o y . a in, i y er <br />