92-40OTSEGO ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ACCEPTING THE BOND
OFFERED BY THE TREASURER
Resolution No. 92-40
WHEREAS, the City of Otsego has established an Economic Development
Authority known as The Otsego Economic Development Authority
(hereinafter "Authority"); and
WHEREAS, the Authority has met and passed an organizing resolution
and adopted bylaws; and
WHEREAS the Board of Commissioners has duly elected Floyd Roden
as the Treasurer; and
WHEREAS, Minnesota Statutes, Chapter 469.096, Subdivision 6
requires the Authority Treasurer to post bond, conditioned for the
faithful discharge of official duties, for twice the amount likely
to be on hand, not to exceed $300,000; and
WHEREAS, the Treasurer has sought bonding from Auto Owners in
the amount of $3009000.00 ; and
WHEREAS, Auto Owners is registered and licensed to
perform bonding in the State of Minnesota; and
WHEREAS, the bond offered by the Treasurer is sufficient in amount
and form to meet the statutory obligation;
NOW THEREFORE BE IT RESOLVED that the bond offered by the Treasurer
in the amount of $300,000.00 , said bond to be held by
Auto Owners is hereby accepted by the Board as a proper bond.
Passed by the Board of om*lssioners o the Ot ego Economic
Development Authority this ? day of
Pk sidept
Larry lKournipr
-AT . ST
S?eretar:�,- Jerome Perrault