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\ <br /> a � <br /> d <br /> Cit� of ORO1�0 <br /> � RESOLUTION OF THE CITY COUNCIL <br /> �,� - NO. 1815 <br /> �`� ; <br /> : • _ • • :, <br /> A RESOLUTION AUTHORIZING AMERICAN 1QATIONAL BANR AND TRUST COMPANY <br /> TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS <br /> WHEREAS, American National Bank and Trust Company is the <br /> paying agent for certain bond issues of the City of Orono; and <br /> WHEREAS, the City of Orono has the authority to direct <br /> American National Bank and Trust Company to cancel and destroy certain . <br /> bonds and coupons whe�n paid, as provided by MS475.553; <br />� NOW, THEREFORE BE IT RESOLVED that the Administrator is <br /> directed to enter into an agreement with American National Bank and � <br /> Trust Company whereby it is authorized and directed to cancel, retain, <br /> and destroy the bonds and coupons of issues: <br /> Gity of Orono, MN, G.O. Improvement 12-1-82 � <br /> • •. • . Retention and destruction will be for each maturity: : <br /> 1) Retain the paid physical coupons and bonds for at least ten <br /> days after caricellation <br /> 2) Provide the City with a detailed statement of paid items � <br /> 3 ) Provide secured storage, ensure destruction and issue � <br /> destruction cirtificates for each maturity cycle � <br /> ' 4). Retain destruction certificates six years after the life of <br /> each issue . <br /> 5 � Indemnify the City against any loss sustained by reason of <br /> � duplicate payment, wrongful and improper payment to unauthorized <br /> persons and inon-payment to authorized persons occurring as a , <br /> result of any destruction of bonds or coupons <br /> Adopted . by the City Council of the City of Orono, <br /> Minnesota, at a regular meeting held on July 22, 1985. <br /> ` - , , �� � : <br /> �1 �\ <br /> Mary C. Butl r, Ma or <br /> . ATTE T: � <br /> rothy M Hallin, City Clerk <br />