Loading...
HomeMy WebLinkAboutR-01-0755J-01-633 7/10/01. RESOLUTION NO. A RESOLUTION OF THE MIAMI CITY COMMISSION DIRECTING THE CITY MANAGER TO REMIT TO THE FLORIDA DEPARTMENT OF BANKING AND FINANCE $191,131.41 AS PROCEEDS FROM UNCLAIMED OR ABANDONED PROPERTY, IN COMPLIANCE WITH SECTION 717.119, FLORIDA STATU'T'ES (2000) . RE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1, The City Manager is directed to remit to the Florida Department of Banking and Finance $191,131.41 as proceeds from unclaimed or abandoned property, in compliance with Section 717.119, Florida Statutes (2000). Section 2. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.'/ '-� If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Reso.l.uLion, it shall become effective immediately upon override of the veto by the City Commission, cm QCT NZEMO Oil JUL 2 6 2001 • PASSED AND ADOPTED tzi.s 26th day of July , 2001. JOE CAROLLO, MAYOR In accordance with Miami Codo Sec. 2.36, since the Mayor did not Indkete appmW of this, legislation by signing it in the designated place provided, said ;ogislation now ATTEST: becomes effective with the elapse of ten (10) da s f the of Co S r.:,ction regarding same, wfihout the Mayor ex WALTER J. FOEMAN Wafter J. an, Clerk CITY CLERK.-~ APPROVF,,T�r'AS T� FORM AND CORRECTNESS:/ VILARELLO RNEY 4 : L13 Page 2 of 2 i. 1— 755 • • CITY OF MIAMI, FLORIDA Z. 4 INTER -OFFICE MEMORANDUM The Honorable Mayor and To : Members of the City Commission DATE: JUL 1 6 `n,0 1 FILE : SUBJECT: proposed Resolution: Disposition of Unclaimed Property --Qim ez FROM: City Manager REFERENCES: ENCLOSURES: RECOMMENDATION It is respectfully recommended that the City Commission adopt the attached resolution pertaining to the Disposition of Unclaimed Property, as well as the submission of $191,131.41 to the Department of Banking and Finance "Department' representing unclaimed property held by the City of Miami. BACKGROUND Chapter 717 of the Florida Statutes, entitled Disposition of Unclaimed Property, requires that property, that has remained unclaimed by the owner after it becomes payable or distributable and is presumed abandoned, must be reported to the Department. Additionally, section 717.119 of the Florida Statute requires that every person holding the unclaimed property simultaneously pay or deliver to the Department all abandoned property required to be reported. Consequently, the City of Miami is required to submit to the Department $191,131.41 representing property presumed to be abandoned. Therefore, in order to be in compliance with the above statute, it is recommended that the attached resolution be adopted and $191,131.41 be submitted to the Department. 4 CAG/RJN/0*/PC/wd 01- 755' statutes ->View Statutes->2000->Ch0717->Section 119: Online Sunshine Page 1 of 1 Online lei rnoNo� Isl S Wdtoee Session Conn9toes LUoislalors n!u QQ L ns hire U Y� rnolioe ... _. _.., ...._.._ ..._.._ ....... View Statutes Search Statutes Constitution Laws of Florida Order Select Year: 2000 • Go The 2000 Florida Statutes Ti Ike X iPter 717 _V. ew _ Chapter REAL AND PERSONAL PROPERTY Disposition Of Unclaimed Property 717.119 Payment or delivery of abandoned property. -- (1) Every person who is required to file a report under s. 77._7 shall simultaneously pay or deliver to the department all abandoned property required to be reported. Such payment or delivery shall accompany the report as required in this chapter for the preceding calendar year. (2) If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the department, which will no longer be presumed abandoned, but in lieu thereof shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment. (3) All stock or other intangible ownership Interest reported under this chapter on the annual report filing required In s. 7_17-1.1Z shall be sold and the proceeds remitted to the department with the report. Reasonable fees within the industry's standards may be deducted from the proceeds for the costs of selling the stock or other intangible ownership interest. Upon delivery of the net proceeds to the department, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder is relieved of all liability of every kind in accordance with the provisions of s. 717.120] to every person for any losses or damages resulting to the person by the sale and delivery to the department of the net proceeds. (4) All intangible and tangible property held in a safe-deposit box or any other safekeeping repository reported under s. 717-U-7 shall not be delivered to the department until 120 days after the report due date. If such property Is not filed on or before the applicable filing date, the holder shall pay to the department a penalty of $10 for each safe-deposit box received late, but such penalty shall not exceed $1,000. As necessary for proper administration of this chapter, the department may waive any penalty due with appropriate justification. On written request by any person required to deliver safe-deposit box contents, the department may postpone the delivery. (5) Any holder may request an extension in writing of up to 60 days for the delivery of property if extenuating circumstances exist for the late delivery of the property, and the department may grant such an extension in writing. History. --s. 20, ch. 87-105; s. 11, ch. 96-301, Welcomer - mesion a Committees • )_eaislators • iaforma_tLpn Center • statutes and Constitution - Lobbyist Information Disclaimer: The Information on this system Is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes. Copyright © 2000-2001 State of Florida. �gjltaSty, Privacy StpZrrrl= http;//wvvw.leg,state.fl.us/Statutes/index.cf n?App_mode=Display_Statute&Search_Stiing=... 6/22/2001