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