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80-033 RES RESOLUTION 80-33 14. EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF 111 ELK RIVER, MINNESOTA HELD: OCTOBER 6, 1980 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall in said City on the 6th day of October, 1980, at 7 : 30 P.M. The following members were present: Mayor Madsen, Councilmembers Toth, Duitsman, Otto Councilman Engstrom arrived at 8 :45 p.m. and the following were absent: None The Administrator presented a Surety Bond received from Elsa Mullin as a request for a duplicate of a General Obligation Improvement Bond of 1979 of the City which was lost by said Elsa Mullin. The Council then proceeded to • consider said request. Member Engstrom introduced the following resolution and moved its adoption: WHEREAS, Bond number 54 , due February 1, 1992, in the amount of $5 , 000 with coupons numbered 1 through 24 , both inclusive, of the City of Elk River' s $380, 000 General Obligation Improvement Bond of 1979, dated October 1, 1979 , has been represented to be lost; and WHEREAS, the City of Elk River has been furnished a satisfactory Bond of Indemnity, Bond No. 4098414 of the Safeco Insurance Companies in the sum of $17, 646 . 66 to save it harmless from damages; Now, Therefore, BE IT RESOLVED, by the Council of the City of Elk River, Minnesota, that: 1. The Mayor, Franklin Madsen, and the City Admin- istrator, R. C. Middaugh, of the City of Elk River be author- ized to prepare a duplicate of said bond and coupons in substantially the form attached hereto and made a part hereof and to sign said bonds and coupons and to have the bonds and • coupons also manually signed by the Administrator in his capacity as Treasurer of the City, and to deliver said dupli- cate bond and coupons to Elsa Mullin; and 2 . The First National Bank of Minneapolis, in • Minneapolis, Minnesota, as paying agent for said issue, is hereby authorized to pay said duplicate bond and coupons when due and upon presentation; and 3. The City of Elk River shall hold said paying agent harmless from any and all damages it may incur by reason of said payment. The motion for the adoption of the foregoing resolution was duly seconded by member Toth and upon vote being taken thereon, the following voted in favor thereof: Councilmembers Toth, Duitsman, Otto, Engstrom and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. • DUPLICATE UNITED STATES OF AMERICA • 111 STATE OF MINNESOTA SHERBURNE COUNTY CITY OF ELK RIVER No. $5 ,000 • • GENERAL OBLIGATION IMPROVEMENT BOND OF 1979 KNOW ALL PERSONS BY THESE PRESENTS that the City of Elk River, Sherburne County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the principal sum of FIVE THOUSAND DOLLARS on the first day of February, 19 and to pay interest thereon from the date hereof until the p ncipal is paid at the rate of percent ( %) per annum, payable on the first day of August, 1980 and semiannually thereafter on the first day of February and the first day of August in each year, interest to maturity being represented by and payable in accordance with and upon • presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at , or any successor paying agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing in the years 1991 to 1997, both inclusive (bonds numbered 49 to 76, both inclusive) , are subject to redemption and prepayment at the option of the City in inverse order of serial numbers, on February 1, 1990 and on any interest payment date thereafter at par and accrued interest. Published notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the bank where said bonds are payable. This bond is one of an issue in the total principal amount of $380,000 all of like date and tenor, except as; to _ serial number, maturity, interest rate and redemption privi- - leye, which bond has been issued pursuant to and in full _conformity with the Constitution and laws of the State of Minnesota for the purpose of providing money for various • • improvements in the City, and is payable out of the Improvement Bonds Common Fund of the City. This bond constitutes a general • obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and this bond, together with all other debts of the City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Elk River, Sherburne County, Minnesota, by its City Council has caused this bond to be executed in its behalf by the facsimile signatures of the Mayor and the City Administrator and the manual signature of one of said officers, the corporate seal of said City having been intentionally omitted as permitted by law, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of October 1, • 1979. Issued as of October 7, 1980 . (Facsimile) (Facsimile) City Administrator Mayor City Administre or-Treas rer • • (Form of Coupon) No. $ • DUPLICATE On the first day of August (February) , 19 , unless the bond described below is called for earlier redemption, the City of Elk River, Sherburne County, Minnesota, will pay to bearer at or any successor paying agent duly appointed by the City, the • sum shown hereon for interest then due on its General Obligation Improvement Bond of 1979 No. dated October 1, 1979. Issued as of October 7, 1980 . /s/ Facsimile 0 /s/ Facsimile City Administrator Mayor •�' - 1Ei/ - ►� City A.m nistrator- leasurer • • • STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER I, the undersigned, being the duly qualified and acting Administrator of the City of Elk River, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of the meeting of the City Council held October 6, 1980, insofar as such minutes relate to the issuing of a duplicate bond for the City' s $380, 000 General Obligation Improvement Bond of 1979 . WITNESS my hand and the seal of said City this day of October, 1980. City Administrator (SEAL)