HomeMy WebLinkAboutResolution 1794 � r � Cit� of ORO1�0
� �r.y��� `���£ � RESOLUTION OF�THE CITY COUNCIL
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�`�;'J� NO. 17 9 4
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A RESOLUTION AUTHORIZING NORWEST BANK MINN�EAPOLIS
TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS
WHEREAS, Norwest Bank Minneapolis is the paying agent
for certain bond issues of the City of Orono; and
WHSREAS, the City of Orono has the authority to direct �
Norwest Bank Minneapolis to cancel and destroy certain bonds and
coupons when paid, as provided by MS475.553;
NOW, THEREFORE BE IT RESOLVED that the Administrator is
directed to " enter into an agreement with the Norwest Bank
Minneapolis whereby it is authorized and directed to cancel ,
retain, and destroy the bonds and coupons of issues:
� Village of Orono, MN, Improvement 2-1-71
• City of Orono, MN, G.O. Improvement 9-1-74
City of Orono, MN, G.O. Improvement 12-1-8fd
City of Orono, MN, G.O. Refunding 8-1-76
Retention and destruction will be for each maturity:
1) Retain for two (2) years the physical coupons and bonds
. 2) Provide the City with a detailed statement of paid items
. 3) Provide secured storage, ensure cremation and issue
destruction certificates for each maturity cycle �
4) Retain destructiorr certificates six years after the life
of each issue
5) Indemnify the City against any loss sustained by reason
. of duplicate payment, wrongful and improper payment to
unauthorized persons and non-payment to authorized
persons occurring as a result of any destruction of
bonds or coupons
Adopted by the City Council of the City of Orono, Minnesota, at a �
regular meeting. held on July 8, 1985.
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� � Mary C. Bu e Mayor
► - ATTE6T:
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Tlnr�i-hv M. Hal.l.in. Citv Clerk .