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� � :: _: c�t� o� oR,o�o � <br /> � RESOLUTION OF�THE CITY COUNCIL <br /> �� � . - NO. 1816 <br /> �` , <br /> e - • • ` <br /> A RESOLUTION AUTHORIZING THE FIRST NATIONAL BANR OF SAINT PAUL <br /> TO CANCEL, RETAIN AND DESTROY CERTAIN BONDS AND COUPONS ' <br /> WHEREAS, the First National Bank of Saint Paul 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 /> the First National Bank of Saint Paul to cancel and destroy <br /> certain bonds and coupons when paid, as provided by MS475.553; <br /> NOW, THEREFORE BE IT RESOLVED that the Administrator is <br /> directed to enter into an agreement with the First National Bank <br /> � of Saint Paul whereby it is authorized and directed to cancel , . <br /> retain, and destroy the bonds and coupons of issues: <br /> . City of Orono, MN, G:O. � State-Aid Road Bonds 7-1-79 <br /> • . Retention and destruction will be for each maturity: <br /> 1) Retain the physical coupons and bonds for at least six <br /> months. <br /> 2) provide the City with a detailed st�tement of paid items . <br /> 3 ) Provide secured storage, ensure destruction and issue <br /> destruction certificates for each maturity cycle <br /> 4) Retain destruction certificates until at least the time <br /> of final payment and redemption of all obligatipns of the <br /> issue. <br /> 5) Indemnify the City against any loss sustained by reason <br /> of dup�icate payment,. wrongful and improper payment to un- <br /> authorized persons and non-payment to authorized persons <br /> occurring as a 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 /> • Mary C. Bu r, Mayor � <br /> ATTE T: <br /> , <br /> Dorothy M. a11in,� City Clerk , <br /> i <br />