HomeMy WebLinkAboutResolution 1815 \
a �
d
Cit� of ORO1�0
� RESOLUTION OF THE CITY COUNCIL
�,� - NO. 1815
�`� ;
: • _ • • :,
A RESOLUTION AUTHORIZING AMERICAN 1QATIONAL BANR AND TRUST COMPANY
TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS
WHEREAS, American National Bank and Trust Company is the
paying agent for certain bond issues of the City of Orono; and
WHEREAS, the City of Orono has the authority to direct
American National Bank and Trust Company to cancel and destroy certain .
bonds and coupons whe�n paid, as provided by MS475.553;
� NOW, THEREFORE BE IT RESOLVED that the Administrator is
directed to enter into an agreement with American National Bank and �
Trust Company whereby it is authorized and directed to cancel, retain,
and destroy the bonds and coupons of issues:
Gity of Orono, MN, G.O. Improvement 12-1-82 �
• •. • . Retention and destruction will be for each maturity: :
1) Retain the paid physical coupons and bonds for at least ten
days after caricellation
2) Provide the City with a detailed statement of paid items �
3 ) Provide secured storage, ensure destruction and issue �
destruction cirtificates for each maturity cycle �
' 4). Retain destruction 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 inon-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 22, 1985.
` - , , �� � :
�1 �\
Mary C. Butl r, Ma or
. ATTE T: �
rothy M Hallin, City Clerk