HomeMy WebLinkAboutR-92-0451J-92-50 9
6/19/92
RESOLUTION NO. Q� J
A RESOLUTION AUTHORIZING THE REPLACEMENT OF
CERTAIN CITY OF MIAMI, FLORIDA STORM SEWER
IMPROVEMENT GENERAL OBLIGATION BONDS, DUE
DECEMBER 1, 1992, IN THE PRINCIPAL AMOUNT OF
rEN THOUSAND DOLLARS ($10,000.00) WITH
COUPONS DATED DECEMBER 1, 1990, TO SUBSTITUTE
LOST BONDS AND COUPONS.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMII
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 December 19th, 1991, by Helene Barnett that (i) Helene
Barnett is the lawful owner, or has a proprietary interest in the
Ten Thousand Dollars ($10,000.00) principal amount of City of
Miami, Florida Storm Sewer Improvement General Obligation Bonds,
due December 1, 1992, bearing 5.90% interest, Certificate Nos.
500, 509 and coupons dated December 1, 1990; (ii) the original
Bonds and coupons dated December 1, 1990 have been lost, stolen
or destroyed; (iii) said Helene Barnett has no other knowledge or
information as to the whereabouts of the Original Bonds and
coupons dated December 1, 1990; (iv) the Original Bonds and
CITY COMMISSION
MEETING OF
J If f. 0 9 1992
Hasolution No.
92- 451
coupons dated December 1, 1991 have not been sold, assigned,
endorsed, transferred or deposited under any agreement,
hypothecated, pawned or pledged, or in any other manner disposed
of by or on behalf of Helene Barnett; (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 dated 4
December 1, 1990 in lieu of the lost bonds and coupons dated
December 1, 1990, 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 dated December 1, 1990, or the refusal to make
transfer of the original lost bonds and coupons dated December 1,
1990.
(b) The City Commission has received and caused to be
examined one counterpart of an Indemnity Bond, (hereinafter
called the "Indemnity Bond"), executed March 24, 1992 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 dated
December 1, 1990, or the Duplicate Bonds and coupons dated
December 1, 1990, (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 dated December 1, 1990, which shall
2
92- 451
remain in full force and effect until the Original. Bands and
coupons dated December 1, 1990 are returned to the City and are
cancelled.
Section 2. For the purpose of providing bonds in
substitution for the Original Bonds and coupons dated December 1,
1990 under the 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 dated December 1,
1990 of the City of Miami, Florida similar to the Original Bonds
and coupons dated December 1, 1990 to the fullest extent
feasible, in the principal amount of Ten Thousand Dollars
($10,000.00), consisting of Certificate Numbers 500 and 509
designated 'City of Miami, Florida Storm Sewer Improvement
General Obligation Bonds," bearing interest at the rate of 5.90%
per annum, payable semiannually in each year and stated to mature
on December 1 1992, and coupons dated December 1, 1990.
The Duplicate Bonds and coupons dated December 1, 1990 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 dated December 1, 1990.
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 dated December 1, 1990
to be printed and delivered to the City Commission for execution,
_3_ 92- 451
pursuant to the provisions of Ordinance No. 9129, adopted July
10, 1980 and subsequent resolution(s) authorizing the issuance of
the Original Bonds and coupons dated December 1, 1990 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 dated December 1, 1990
are in proper form and have been duly executed, the Director of
Finance shall cause the Duplicate Bonds and coupons dated
December 1, 1990 (with counterparts of the Indemnity Bond and the
Affidavit and a certified copy of this Resolution) to be
delivered to Chemical Bank, for their delivery to said Helene
Barnett.
Section 4. Upon delivery of the Duplicate Bonds and coupons
dated December 1, 1990 executed as herein provided, the original
Bonds and coupons dated December 1, 1990 shall be null and void
and no longer an obligation of the City of Miami, Florida. If
the Original Bonds and coupons dated December 1, 1990 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 dated December 1, 1990 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.
92- 451
-4-
Section 5. All costs and expenses incurred by the City in
connection with the issuance of the Duplicate Bonds and coupons
dated December 1, 1990 shall be charged and collected by the City
from the owner of the Original Bonds and coupons dated December
1, 1990.
Section H. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 9th day of
ATTES
MA HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
,t ePAELO. DIAZ
CITY AT RNEY
APPROVED AS TO FORM AND
CORRECTNESS:
VIER L. SQTAREZ,
, 1992.
N
-5-
92- 451
s
CiTv 0: f.! AMI, FLORIDA CAw22
INTER -OFFICE MEMORANDUM
7° Honorable Mayor and Members DATE
of the City Commission SUELIECT
FROM M P
REFERENCES:
Cesar H. Odi
City Manager ENCLOSURES
3 1992 FILE
�,iLif ►�
Agenda Item - Replacement
of Lost Bonds
It is respectfully recommended that the attached Resolution
authorizing the replacement of certain City of Miami, Florida
Storm Sewer Improvement General Obligation Bonds, due December 1,
1992, in the principal amount of Ten Thousand Dollars ($10,000)
to substitute lost bonds and coupons dated December 1, 1990, be
approved.
The replacement of bonds lost by holders of City -issued bonds
requires City Commission authorization. Helene Barnett, holder
of $10,000.00 in City of Miami, Florida -Storm Sewer Improvement
General Obligation Bonds, due December 1, 1992, and coupons dated
December 1, 1990, 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 dated
December 1, 1990.
92- 454
cA� t
P,,-,'4CHEMICAL �
Chemical Bank
55 Witer Strut
New York, 14Y 10041.0199
2121820- 6620
C.T.G. Bondholder Relations
Room 540
March 31, 1992
City of Miami Florida
3500 Pan American DrivC
Miami, FL 33133
Attn: Peter Serrao
r]
Re: Miami City FL
5.90% Storm Sewer Improvement Dtd 12/1178 Due 12/l/92
Bearer Bonds 500/509 @ $5,000.00 Each
Lost With Coupons Due 12/1/90 & SCA
Correspondence Control Number: 91-1124
Dear Mr. Serrao:
We are enclosing for your files, a counterpart of a Sole Obligor Open Penalty Bond of
Indemnity and Affidavit of Loss submitted in connection with the loss of the above described
security.
Should the enclosures meet with your approval, kindly forward to us a letter authorizing us to
make replacement of tlle missing coupons due 1211/90, 6/l/91 and 12/1/91 without presentation
thereof, and also authorizing us to make payment on the 6/1/92 coupon when due. We also
request authorization to make payment oil the coupons due 12/1/92 and principal due 12/1/92
at the appropriate time without presentation thereof.
The enclosed documents have been reviewed and meet with our approval.
Very truly yours,
Dennis O'Reilly
Lost Securities Analyst
DO/ca
Enclosure
92- 451
GEUSERVE
N
CKMICALBAW
Securities and Trust Services
55 Water Street
New York, N.Y. 10041
INDEMNITY BOND
IMPORTANT INSTRUCTIONS
1. The Surety Company executing this Bond must be one of the
standard companies, authorized to write indemnity bonds in the State of
New York and acceptable to each of the Obligees.
2. This Bond must be acknowledged by both the Principal and the
Surety Company.
The Notary Public (or other officer) taking the acknowledgment must
affix his seal of office and state the date, if any, on which his commission
expires. In the event the acknowledgment of the Principal is taken before a
Notary Public (or other officer) not authorized to' act within the State of
New York, a County Clerk's Certificate (or other competent authentication)
evidencing such official's authority must be attached to each counterpart of
the Bond.
3. The authority of the officer of officers executing this Bond on
behalf of the Surety Company must be shown by a copy of the by-laws,
resolutions dr similar authorization, certified by the Secretary or an
Assistant Secretary of the Surety Company as being in effect on the date of
execution of this Bond and, in case the authorization is given to the holder
of a particular office, the certification must state that the person executing
this Bond was the holder of such office on said date. Certifications by
attorneys -in -fact or by "resident" officers of the Surety Company or by an
officer who executes this Bond are not acceptable.
If the Principal is a corporation, the authority of the officer or officers
executing this Bond on behalf of the Principal must be Ihown in like
manner.
4. In a case where the new instrument is to be issued in the name of,
or payment in respect thereof is to be made to, someone other than the
registered holder of the lost, stolen or destroyed security, all the formalities
necessary to complete a transfer must be complied with, including the
furnishing of a detached instrument of assignment by the registered holder
or his legal representative with the signature thereto guaranteed in the
customary manner, transfer tax stamps (or funds in lieu thereof) and such
other papers as may be necessary under the circumstances.
5. An affidavit establishing ownership of the lost, stolen or destroyed
security and setting forth in detail the facts and circumstances of the loss,
theft or destruction should be attached to each counterpart of this Bond,
unless previously furnished.
03 2499 (7-86) 9 2 " 451
BOND # 9979633-993
(C at nonh, Nrty 1'orh, orrn r'rnarty rndemrtjty Rpn, t,,j
INDEMNITY BOND VW
'{hate all Men fig ttllear 11riportits, that,
Helene Barnett: _
P 0 Box 398419 / Miami Beach, FL 33139
(Give complete address)
, as Principal (hereinafter called the Principal), and
Fidelity and Deposit Company of Maryland
, duly authorized to transact the business of
indemnity and suretyship in the State of New York, and having an office and principal place of business in The City of
New York at 111 John Street
as -Surety, (the Principal and said Surety being hereinafter collectively sometimes called the Obligors) are held and
firmly bound unto ^ CrI� CF Mwn' FL
IMORIM N7UUCNV, BANK
0-111,UC'AL Brfi <
t
and unto all such individuals, firms and corporations, as now or hereafter may be acting as Trustee, Depositary, Fiscal
or Paying Agent, Registrar, Transfer Agent or in any other capacity in respect of the security or securities mentioned
below, their respective legal representatives, successors and assigns (hereinafter collectively called the Obligees), in an
aggregate sum sufficient to indemnify the Obligees and each of them in case of a default under the conditions of this
Bond as hereinafter set forth, but not exceeding the maximum amount for which said Surety may lawfully obligate
itself in respect of any single risk, to be paid to the Obligees and each of them, as their respective interests may appear,
in lawful money of the United States of America, for whicit payment well and truly to be made the Obligors do bind
themselves and each of their heirs, legal representatives, successors and assigns, jointly and severally, firmly by these
presents.
SEALED with the seats of lire Obligors and dated this 24 th day of
March
WHEREAS the Obligors represent that the Principal is the sole and absolute owner of
KEAMI CITY FL 5.90% SMR4 SPY M IN43UE4M DID 12/1/78 If1F 12/1/92
REARM B= 500/509 @ $5;000.00 EW.i, IC g WrIH CtxpoNs DuE 12/1/90
and all rights represented thereby (such security or securities being hereinafter called the Originals) and that the
Originals have been lost, stolen or destroyed and cannot be found or produced; and
WHEREAS at the request of the Obligors and in reliance upon said representations and in consideration of the
execution and delivery of this Bond, the Obligees are willing to issue and deliver to the Principal or upon the Principal's
order a new instrument or instruments in place of the Originals or to make a payment, credit, transfer, registration,
exchange or delivery called for by, upon or in respect of, the Originals without requiring the presentation or surrender
thereof for cancelation or stamping or for any other purpose:
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION 1S SUCH that if the Obligors, their heirs, legal
representatives, successors and assigns shall forever defend, indemnify and hold harmless the Obligees and each of them
from and against any and all claims, demands, actions and suits (whether groundless or otherwise) and from and against
any and all liabilities, losses, damages, cost and charges (including counsel fees and all other expenses) of every nature
and character as the same may arise or be made against or be incurred by the Obligees or any of them, or to which the
Obligees or any of them may be subjected, or which the Obligees or any of them may sustain; whether by reason or in
consequence of any claim which may be made in respect of the Originals, or the issuance or delivery of, or refusal to
issue or deliver, anew instrument or instruments to any person or persons presenting or surrendering the Originals, or Pl
the issuance or delivery of_anew instrument or instruments in place of the Originals as a foresail, or otherwise, without
requiring the preientation or surrender thereof, or the malting of a payment, credit, transfer, registration, exchange or
delivery upon or jn respect of the Originals or of the new instrument or instruments issued in place thereof, or any
other act or refusal to act which the Obligees or any of them may or may not do or permit upon or in respect of the I
Originals or of the new instrument or instruments issued in place thereof, whether or not caused by, based upon or ctiF
arising out of inadvertence, accident, oversight, neglect or otherwise on the part of Obligees or any of them or on the
part of an officer, agent, clerk or employee of the Obligees or any of them, and whether or not any act or refusal to act,
J which the Obligees or any of them may or may not make, do or permit, is made, done or permitted without previous
inquiry into or contest of the propriety of any such act or refusal to act, then this obligation shall be void; otherwise it
shall remain in full force and effect. -
J
STATE OF
COUNTY OF
putnership On this day of
Acknowledg-
ment -
Corporation
Acknowledg-
men(
LA
19_, before me personally appeared
, to me known and known to me
to be a member of the firm of ---
described in and which executed the foregoing instrument, and he thereupon acknowledged to me that he
signed the same as and for the act and deed of said firm.
STATE OF
COUNTY OF
On this
ss..
day of —19
, before me personally appeared
to me known, who, being by me duly sworn, did depose and say; that hie resides at
in the City of ,
State of_ ; that tie is the of
the corporation described in and which executed the foregoing instrument; that lie knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the
Board of Directors of said corporation; and that lie signed his name thereto by like order.
State of New York
Its:County of New York
On this 24th day of March 19 92 , before me personally appeared
VNiilllam Spaar, Jr. to me known.. who, being by me duly sworn, did depose and say: That he resident
in Nutley, N.J.; that he is an Attorney -in -Fact of Fidelity and Deposit Company of Maryland, the corporation
described in and which executed the within instrument; that he knows the corporate seal of said corporation;
that the seal affixed to the within instrument is such corporate seal, and thst he signed the said instrument
and affixed the said seal as Attorney -in -Fact by authority of the Board of Directors of said corporation
and by authority of his office under the Standing Resolutions thereof.
MARLES C�ATAS
NOTARY PUBLIC, State Of NOW York
No. 81- 4884548
Qualified in Now York Cou
oommtssion Dplm April R,
92- 42 -
-1 This Bond shall be deemed a continuing obligation and successive recoveries may be had hereon for the various
-f matters in respect of which the Obligees or any of them shall become entitled to be indemnified.
The Obligors, agree that bt case the Originals be found or come into the hands, custody or power of any of them or
into the hands, custody or power of any other person or persons the Obligors forthwith on demand shall deliver or
cause the same to be delivered to the Obligees in order to be canceled or shall pay to the Obligees in cash whatever sum
shall be required on the date of such payment to enable the Obligees to purchase in the open market a security or
securities equivalent to the Originals.
The Prinicipal and Surety jointly and severally agree that, if for any reason and at any time or from time to time the
Obligees or any of them shall deem insufficient the indemnity provided hereby, the Principal and Surety shall forthwith
upon demand furnish the Obligees with such additional indemnity as the Obligees or any of them may reasonably
require, and in the event of failure so to do the Obligees or any of them may proceed forthwith to effect
Insurance for the benefit of the Obligees as their interest may appear in such amount as the Obligee
effecting such insurance may in its absolute and uncontrolled discretion deem reasonably necessary for the
protection of the Obligees hereunder, and the Principal and the Surety jointly and severally agree that they
shall forthwith upon demand reimburse the Obligee effecting such insurance for the cost thereof. To the
extent that such reimbursement is not so made the Obligee effecting such insurance shall be conclusively
deemed to have sustained loss and damage by reason of the issuance and delivery of a new instrument or
Instruments in place of the Originals or the payment, credit, transfer, registration, exchange or delivery upon
or in respect of the Originals as aforesaid.
Said Surety agrees that its liability hereunder shall be absolute and unconditional regardless of the
existence or non-existence of liability of the Principal hereunder and whether such non-existence of liability
be by reason of any irregular or unauthorized execution of or failure to execute this Bond or any absence
of interest of the Principal in the subject matter hereof or otherwise and that its liability hereunder shall
accrue and become enforceable against it without prior demand or any other precedent action or proceeding
against the Principal.
The obligation hereby created in favor of each of the Obligees shall remain unaffected by the termination
of the particular capacity in which any Obligee may now or hereafter be acting with respect to the Originals.
This Bond is entered into under and pursuant to the laws of the State of New York and shall in all
respects be construed in accordance with the laws of said State.
(Individual) (L. S.)
Principal
(Partnership)
Principal
by_ (L.S.,
A General Partner
A
(Corporation) ,
Principal I
Attest:
by r
Secretary President
Attest: -" 2'iY AND DZ`Pj- _!'T c 1E•1r't'_"]' - ► • � ,, -�
Surety
by—
creIary
ofnow
u1Li1Kn� yrrrr:, Jk., �11ivQ�.k1.10`4'W '-V
STATE Or_
COUNTTP�1�M
Individual On this day of _75-Q_ v% u u..,r •-1 l9 before me personalty appeared
►cknowledg•
� merit lQ F
to me known and known to me to be the Individual described in and who executed the foregoing instrument, and
he duly acknowledged to me that.la&.Wixecuted the sameZ�
0
1 XTRACT IAMN1 Ill" -I ANVS OF I'll)I•,I.IT AND DI•;I'ttSIT t;OMPANY OF NIARVLAND
"Article VI. Sm-lion 2. The Chairman of the lionrd, or the 1're4drnt, or any IArcntivr Vire-President. or any of the Srnior Vive-
Presidentr or Virr-Presidents sprcinlli authorized so to do by the Board of Directors or by the h.xrcutive Committee, shnll have
power, he and with the concurrence of the Serretnry or nay one of the Assistant Secretnries, to nproint Resident Vice, TreBi/1rn tS,
Assistant Vice -Presidents and Attorneys-in-rnrt ns the business of the Company cony require, or to nulhorize any person or persons
to execute on hehnl( of the Compnny any bonds, undertnkinRa, recognizances, stipulations, policies, contracts, agreements, dreds,
and releases and nssignments of judgements, decrees, mortgnges and instruments in the nnlore of mortgnges,...and to affix the,
seed of the Cnmpnny thereto."
r
L14=1
y�-- 451
Power of Attorney
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
HOME OFFICE, BALTIMORE. MO
KNOW ALL MEN BY THESE PRESENTS: That the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, a corporation of the
State of Maryland, by C. M. PECOT, JR. , Vice -President, and C. W. ROBBINS
Assistant Secretary, in pursuance of authority granted by Article VI, Section 2, of the By -Laws of said Company, which are set
forth on the reverse side hereof and are hereby certified to bull force an�iect on thf date hereof, does hereby nominate,
constitute and appoint William Spaar, Jr. of Nu New d ey --
i true an lawful agent and Attorney -in -Fact, to make,
any and all bonds and undertakingsr
n t�ion of such bonds or undertaking1i
and amply, to all intents and purposes, as if
the Company at its office in Baltimore, M 11
issued on behalf of Williatn� r,
The said Assistant Secretary does h by &ti
Section 2, of the By -Laws of said y, a
IN WITNESS WHEREOF, the s e-Pres'
Corporate Seal of the said FIDELI AND D,
June , A.D. 19_8 7
FIDELIT�
ATTEST: .SEIiL n
STATE OF MARYLAND
CITY OF BALTIMORE
, and on its behalf as surety, and as its act and deed:
llrsuance 'be presents, shall be as binding upon said Company, as fully
d been ecuted and acknowledged by the regularly elected officers of
r ow r persons. This power of attorney revokes that
Jr� ated, March 31, 1987.
extract set forth on the reveres aide hereof is a true copy of Article VI,
t
oforce.ssistant Secretary have hereunto subscribed their names and affixed the
r COMPANY OF MARYLAND, this 15th day of
DEPOSIT COhIPANI' OF MARYLAND
.......... By .............. —...................
u°. ......................
gars'Vice-1'resident
On this 15th day of June , A.D. 19 87 , before the subscriber, a Notary Public of the State of
Maryland, in and for the City of Baltimore, luly commissioned and qualified, came the above -named Vice -President and Assistant
Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, to me personally known to be the individuals and officers
described in and who executed the preceding instrument, and they each acknowledged the execution of the same, and being by
me duly sworn, severally and each for himself deposeth and saith, that they are the said officers of the Company aforesaid, and
that the seal affixed to the preceding instrument is the Corporate Seal of said Company, and that the said Corporate Seal and their
signatures as such officers were duly affixed and subscribed to the said instrument by the authority and direction of the said Corporation.
IN TESTIMONY WHEREOF, I have hrreunto set my hand and affixed my Official Seal, at the City of Baltimore, the day and
year first above written.
Notary Puliflic Commis 'on pires Ju 1y 1, 1990
CERTIFICATE
1, the undersigned, Assistant Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, do hereby certify that
the original Power of Attorney of which the foregoing is a full, true and correct copy, is in full force and effect on the date of this
certificate; and I du further certify that the Vice -President who executed the said Power of Attorney was one of the additional Vice -
Presidents specially authorized by the Board of Directors to appoint any Attorney -in -Fact as provided in Article VI, Section 2, *of
the By -Laws of the FIDELITY AND DEPOSIT COMEPANY OF MARYLAND.
This Certificate may be signed by facsimile under and by authority of the following reaolution of the Board of Directors of the
FIDELITY AND DEPOSIT COMPANY OF MARYLAND at a meeting duly called and held on the 16th day of July, 1969.
RESOLVED: "That the facsimile or mechanically reproduced signature of any Assistant Secretary of the Company, whether made
heretofore or hereafter, wherever appearing upon a certified copy of any power of attorney issued by the Company, shall be valid
and binding upon the Company with the same force and effect as though manually affixed."
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed the corporate seal of the said Company, this 24 th
day of March 19-.2
093-2899
Assistant Secretary
�� �`- 45�
.
1.1419r(.0--21.rM. R 71 21 WA a�
FIDELI i V AND DEPOSIT CON .-\ZANY
OF MARYLAND
HOME OrrICE- BAL71MORT:, MD. 21203
Statement of Financial Condition
AS OF JUNE 30, 1991
The U
Companies
ASSETS
Bonds............................................................................$ 237,876,686
Stocks........................................................................... 207,056,440
Real Estate .......... .......................................................... I.. 7,062,871
Cash in Banks and Offices and Short Term Investments .................................. 4,051,789
Premiums in Course of Collection (less than 90 days old) ................................. 28,918,229
Reinsurance and Other Accounts Receivable ........................................... 15,820,610
TOTAL ADMITTED ASSETS..........................................................$ 500,786,625
LIABILITIES, SURPLUS AND OTHER FUNDS
Reserve for Unearned Premiums ..................................... ...............$ 133,714,670
Reserve for Claims and Claim Expenses ............................................... 138,583,545
Reserve for Taxes and Expenses ........................................ ............. 8,743,601
Miscellaneous..................................................................... 7,283,093
TOTAL LIABILITIES................................................................................$ 288,324,909
Capital Stock, Paid Up ........................................ $ 5,000,000
Surplus ..................................................... 207,461,716
Surplus as regards Policyholders..................................................... 212,461,716
TOTAL ...................... $ 500,786,625
Securities carried at $4,682,920 in the above statement are deposited as required by law.
Securities carried on the basis prescribed by the National Association of Insurance Commissioners. On the basis of
June 30, 1991 market quotations for all bonds and stocks owned, the Company's total admitted assets would be
$507,637,756 and surplus as regards policyholders $219,312,847.
I, JOSEPH J. GALLAGHER, Treasurer of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, do hereby certify that
the foregoing statement is a correct exhibit of the assets and liabilities of the said Company, on the 30th day of June,
1991, according to the best of my information, knowledge and belief.
STATE OF MARYLAND
CITY OF BALTIMORE } SS:
Subscribed and sworn to, before me, a Notary Public of the State of Maryland, in the City of Baltimore, this 31st
day of July, 1991.
NWAW
PUBW
Notary Public
My commission expires November 1, 1993.
92— . 451
turn-a-761
STATE OF
COUNTY OF 1
i, the undersigned �` L
being duly sworn, depose and say:
i am of legal age tad re ide at V t�vti f
ire die County of _c , State of
On or about the a d sy of � ar "•��- � ,
Overeirtafter called the Securities) more particularly described'as
19 1 o _ certain securities
MPM CrIY EL 5.90% MM 53'AM PAPfi7dF SNr MD 12/1/78 Mir, 12/1/92
13MR R saw 500/509 @ $5,000.00 moi, io r wrlii w[.km or. 12/1/90
mgistesed in the naive of (indicate if in bearer form.)
rVVM
here lost, stolen or destroyed tinder the following circumstances:
(Describe cleoly and In detail the circumstances under which the
Securities were lost, stolen or destroyed, the place where they were
lut known to have been located. and the efforts made to recover then-)
On July 8, 1990, when Mr. Stanley Barnett passed away, the above
described bonds cannot be found in the vault where all of his
securities were kept. All his life, Mr. Barnett kept records of
his properties.
Eieept as stated above, 1 have no knowledge or information as to the whereabouts of the Securities.
The sole and absolute owner of the Securities is
(ladicate by a which of the following is applicable, and, if "B" or "C", insert the required information.)
Q(A) the undersigned.
Q(g) , a Corporation
duly organized under the laws of the State of , having its principal office
at,
(warn an executive officer, to -wit, the
authorized by said Corporation to make this affidavit.
and
of said Corporation and duly
Q(c) s co -partnership
doing business under said name, having its principal office at
and i am a general partner of said firm.
Except as hereinafter specifically stated, neither the Securities not any of the rights represented thereby have
beret said. assigned, endorsed, transferred or deposited under any agreement or subjected to any hypothecation
lien or pledge, or in any other manner disposed of by or on behalf of said owner and neither said owner nor anyone
on -behalf of said owner his executed any power of attorney, stock power or other assignment or authorization in
respect thereof which is now outstanding and in force; and no person. firm or corporation other than said owner
has any right, title, claim, equity or interest in or to the Securities or any of the rights represented thereby.
(Dtseribi fully say asceptions to the foregoing)
This affidavit is made for the purpose of inducing CIW C. rMpM, FL
PAY= AGM,
.and Chemical Bank. as , (I) to refuse to honor the Securities shoulc
they be presented by anyone other than said owner for transfer, payment. exchange or otherwise, and (2) to issue:
replacement securities is lieu thereof of to make the transfer, payment, delivery at rxcbange to which said ownet
would be entitled upc s the surrender of the Securities.
Subscribed and�Sworn to before me
on the t / day of -2?A if, Q..r. d . l9Mt— .
(Seal)
Aly Commission expires on' r t )g ti) �AW
~l'f"Z�
(This affidavit must be subscribed and sworn to before a Notary Public cc other officer qualified to
administer oaths. Such Notary Publir (or other officer) must afliz his seal of *(tics and acme the date,
If any, on which his commission expires. it executed outside the State of New York. a County Jerk's
Certificate (or ocher competent authentication) evidencing the authority of the Notary Public (or other
officer) is act must be attached to each counterpart of this affidavit.
451
1.3