HomeMy WebLinkAboutR-93-0759J-93-859
11/18/93
RESOLUTION NO. 9 3`_ 759
A RESOLUTION AUTHORIZING THE REPLACEMENT OF
CERTAIN CITY OF MIAMI, FLORIDA SPECIAL
OBLIGATION BONDS, SERIES 1985, DUE JULY 1,
2008, IN THE PRINCIPAL AMOUNT OF TEN THOUSAND
DOLLARS ($10,000.00) 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 August 19, 1993, by Jeanne S. Hurwitz that (i) Jeanne
S. Hurwitz is the lawful owner, or has a proprietary interest in
the Ten Thousand Dollars ($10,000.00) principal amount of City of
Miami, Florida Special Obligation Bonds, Series 1985, due July 1,
2008, bearing 8.875% interest, Certificate No. R08-312 and
coupons; (ii) the original bonds and coupons dated July 1, 1985
have been lost, stolen or destroyed; (iii) said Jeanne S. Hurwitz
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, hypothecated, pawned or pledged,
CITY COMESS1011
MEETING OF
DEC 1 6 1993
Resolution No.
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or in any other manner disposed of by or on behalf of Jeanne S.
i
Hurwitz, (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
f examined one counterpart of an Indemnity Bond, (hereinafter
called the "Indemnity Bond"), executed August 31, 1993 by the
Seaboard Surety Company pursuant to which the Seaboard Surety
Company firmly bound unto the City of Miami, its successors, and
any other parties vested with powers or duties respecting the
i 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
i
j authority of the Charter of the City of Miami, Chapter 10847,
Special Laws of Florida, 1925, as amended, there shall be issued
duplicate bonds and coupons of the City of Miami, Florida similar
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to the original bonds and coupons dated July 1, 1985 to the
fullest extent feasible, in the principal amount of Ten Thousand
Dollars ($10,000.00), consisting of Certificate Number R08-312,
Cusip #593490DK8, designated "City of Miami, Florida Special
Obligation Bonds, Series 198511, bearing interest at the rate of
8.875% per annum, payable semiannually in each year and stated to
mature on July 1, 2008, 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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to be delivered to Chemical Bank, for their delivery to said
Jeanne S. Hurwitz.
I 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
i
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
i
original bonds and coupons dated July 1, 1985.
' Section 6. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 16th day of December , 1993.
STEPFWN P. CLAK, MAYOR
CITY CLERK
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93- 759
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PREPARED AND APPROVED BY:
RAFAEL 0. DIAZ
DEPUTY CITY ATTORN
APPROVED AS TO FORM AND CORRECTNESS:
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93- 759
CITY OF MIAMI, FLORIDA,
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
FROM : Cesa 10
City kar ge
CA-5
DATE : NOV 2 21993 FILE :
SUBJECT: Agenda Item - Replacement
of Lost Bonds
REFERENCES:
ENCLOSURES:
It is respectfully recommended that the attached resolution
authorizing the replacement of certain City of Miami, Florida
Special Obligation Bonds, Series 1985, due July 1, 2008, in the
principal amount of Ten Thousand Dollars ($10,000) 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. Jeanne S. Hurwitz, holder
of $10,000 in City of Miami, Florida Special Obligation Bonds,
Series 1985, due July 1, 2008, 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.
C AS-1
93- 759