HomeMy WebLinkAboutR-93-0758n
J--93-860
11/18/93
RESOLUTION NO . 9 3 - 758
A RESOLUTION AUTHORIZING THE REPLACEMENT OF
CERTAIN CITY OF MIAMI, FLORIDA SPECIAL
OBLIGATION BONDS, SERIES 1985, DUE JULY 1,
1998, IN THE PRINCIPAL AMOUNT OF FIVE
THOUSAND DOLLARS ($5,000.00) DATED JULY 1,
1985, TO SUBSTITUTE LOST BONDS AND COUPONS.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI
FLORIDA:
SECTION 1. The Commission of the City of Miami, Florida
(the "City Commission") hereby finds and determines that:
(a) The City Commission has received and caused to be
examined an affidavit sworn and subscribed to before a notary
public on July 14, 1993, by Thomas L. Vermes that (i) Thomas L.
Vermes is the lawful owner, or has a proprietary interest in the
Five Thousand Dollars ($5,000.00) principal amount of City of
Miami, Florida Special Obligation Bonds, Series 1985, due July 1,
1998, bearing 8.50% interest, Certificate No. R98-98 and coupons
(ii) the original bonds and coupons have been lost, stolen or
destroyed; (iii) said Thomas L. Vermes has no other knowledge or
information as to the whereabouts of the original bonds and
coupons (iv) the original bonds and coupons have not been sold,
assigned, endorsed, transferred or deposited under any agreement,
CITY CQMMI55iolf
MEETING OF,
0 E C 1 6 1993
Resolution No,
93- 758
hypothecated, pawned or pledged, or in any other manner disposed
of by or on behalf of Thomas L. Vermes; (v) the affidavit is made
for the purpose of inducing the City of Miami, Florida (the
"CITY"), to issue new or duplicate bonds and coupons in lieu of
the lost bonds and coupons, and to hold the City of Miami,
Florida and its successors and assigns harmless against any loss
or damage sustained by reason of the issue of such new or
duplicate bonds and coupons or the refusal to make transfer of
the original lost bonds and coupons.
(b) The City Commission has received and caused to be
examined one counterpart of an Indemnity Bond, (hereinafter
called the "Indemnity Bond"), executed August 26, 1993 by the
Fidelity and Deposit Company of Maryland pursuant to which the
Fidelity and Deposit Company of Maryland is firmly bound unto the
City of Miami, its successors, and any other parties vested with
powers or duties respecting the original bonds and coupons, or
the duplicate bonds and coupons, (herein and in the Indemnity
Bond called the "Obligees") in an aggregate amount sufficient to
indemnify the Obligees in connection with the issuance of the
duplicate bonds and coupons, which shall remain in full force and
effect until the original bonds and coupons, are returned to the
City and are cancelled.
Section 2. For the purpose of providing bonds in
substitution for the original bonds and coupons under the
authority of the Charter of the City of Miami, Chapter 10847,
Special Laws of Florida, 1925, as amended, there shall be issued
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93- 758
I , — N
duplicate bonds and coupons of the City of Miami, Florida similar
to the original bonds and coupons to the fullest extent feasible,
in the principal amount of Five Thousand Dollars ($5,000.00)1
consisting of Certificate Number R98-98, designated "City of
Miami, Florida Special Obligation Bonds, Series 198511, bearing
interest at the rate of 8.50% per annum, payable semiannually in
each year and stated to mature on July 1, 1998, and coupons.
The duplicate bonds and coupons shall be deemed to vest in
the holder the same rights, privileges, benefits and immunities
and to be subject to the same limitations, requirements and
conditions, as the Original Bonds and coupons.
Section 3. The Chemical Bank, in the Borough of Manhattan,
City and State of New York, is authorized and directed herewith
to cause the duplicate bonds and coupons to be printed and
delivered to the City Commission for execution, pursuant to the
provisions of Ordinance No. 10014, adopted July 9, 1985 and
subsequent resolution(s) authorizing the issuance of the original
bonds and coupons dated July 1, 1985 by the manual signature of
the City Clerk, the facsimile signature of the Mayor, and the
facsimile seal of the City.
Upon satisfying himself that said Affidavit and Indemnity
Bond are in proper form and have been duly executed and delivered
and that the duplicate bonds and coupons are in proper form and
have been duly executed, the Director of Finance shall cause the
duplicate bonds and coupons (with counterparts of the Indemnity
Bond and the Affidavit and a certified copy of this Resolution)
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93- 758
to be delivered to Chemical Bank, for their delivery to said
Thomas L. Vermes.
Section 4. Upon delivery of the duplicate bonds and coupons
executed as herein provided, the original bonds and coupons
shall be null and void and no longer an obligation of the City of
Miami, Florida. If the original bonds and coupons shall be found
or otherwise come into the custody or possession of the City or
any Paying Agent of the City, the City shall cause the original
bonds and coupons to be canceled, shredded and destroyed, and
shall cause a signed certificate to such effect to be sent to the
Director of Finance of the City, Chemical Bank, and the Paying
Agents of the City respecting such issue of Bond.
Section 5. All costs and expenses incurred by the City in
connection with the issuance of the duplicate bonds and coupons
shall be charged and collected by the City from the owner of the
original bonds and coupons.
Section 6. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 16th day of December _,, 1993.
W
STE HEN P. CLPJRK, MAYOR
AT S
Y HIRAI
CITY CLERK
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PREPARED AND APPROVED BY:
y �
RAFAEL 0. DIAZ
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. IQUINN J ES, IfI
CITY ATTORNEY
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93- 758
CITY OF MIAMI, FLORIDA
t
INTER -OFFICE MEMORAN.DU
TO Honorable Mayor and Members DATE : NOV 2 2 1993 FILE
of the City Commission
SUBJECT: Agenda Item - Replacement
of Lost Bonds
FROM : Cesa io REFERENCES:
City ager ENCLOSURES:
y
It is respectfully recommended that the attached resolution be
approved authorizing the replacement of certain City of Miami,
Florida Special Obligation Bonds, Series 1985, due July 1, 1998, in
the principal amount of Five Thousand Dollars ($5,000) dated July
1, 1985 to substitute lost bonds and coupons.
The replacement of bonds lost by holders of 'City -issued bonds
requires City Commission authorization. Mr. Thomas L. Vermes,
holder of $5,000 in City of Miami, Florida Special Obligation
Bonds, Series 1985, due July 1, 1998, and coupons, lost them and
has posted the necessary Affidavit and Indemnity Bond to protect
and hold harmless the City in regards to the issuance of the
replacement bonds.
The Finance Department hereby recommends the adoption of the
attached resolution to replace the lost bonds and coupons.
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