HomeMy WebLinkAboutResolution 1816 � � :: _: c�t� o� oR,o�o �
� RESOLUTION OF�THE CITY COUNCIL
�� � . - NO. 1816
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A RESOLUTION AUTHORIZING THE FIRST NATIONAL BANR OF SAINT PAUL
TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS '
WHEREAS, the First National Bank of Saint Paul is the
paying agent for certain bond issues of the City of Orono; and
WHEREAS, the City of Orono has the authority to direct .
the First National Bank of Saint Paul 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 First National Bank
� of Saint Paul whereby it is authorized and directed to cancel , .
retain, and destroy the bonds and coupons of issues:
. City of Orono, MN, G:O. � State-Aid Road Bonds 7-1-79
• . Retention and destruction will be for each maturity:
1) Retain the physical coupons and bonds for at least six
months.
2) provide the City with a detailed st�tement of paid items .
3 ) Provide secured storage, ensure destruction and issue
destruction certificates for each maturity cycle
4) Retain destruction certificates until at least the time
of final payment and redemption of all obligatipns of the
issue.
5) Indemnify the City against any loss sustained by reason
of dup�icate payment,. wrongful and improper payment to un-
authorized 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 22, 1985.
• Mary C. Bu r, Mayor �
ATTE T:
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Dorothy M. a11in,� City Clerk ,
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