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HomeMy WebLinkAboutR-89-0898J-89-684 9/27/89 RESOLUTION NO. 89.898' A RESOLUTION AUTHORIZING THE REPLACEMENT OF CERTAIN CITY OF MIAMI, FLORIDA PARKING REVENUE BONDS, DUE AUGUST 1, 2008, IN THE PRINCIPAL AMOUNT OF $10000.00 TO SUBSTITUTE LOST BONDS. 4. 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 September 8, 1989, by Robert A. Clay that (i) Robert A. Clay is the lawful owner, or has a proprietary interest in the $10,000.00 principal amount of City of Miami, Florida Parking Revenue Bonds, due August 1, 2008, bearing 13.25% interest, Certificate Nos. 1447 and 1448; (ii) the Original Bonds have been lost, stolen or destroyed; (iii) said Robert A. Clay, has no other knowledge or information as to the whereabouts of the Original Bonds; (iv) the Original Bonds 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 Robert A. Clay; and (v) the affidavit is made for the purpose of inducing the City of Miami, Florida (the "CITY"), to issue new or duplicate bonds in lieu of the lost bonds, 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, or the refusal to make transfer of the original lost bonds. (b) The City Commission has received and caused to be examined one counterpart of an Indemnity Bond, (hereinafter called the "Indemnity Bond"), executed Septem?,)er 8, 1989 by the CXTY COMMISSION MEETING OF OCT ©12p 1989 RESOWTION No. �7�►T"" REMARKS: Seaboard Surety Company pursuant to which the Seaboard Surety Company is firmly bound unto the City of Miami, Florida, its successors, and any other parties vested with powers or duties respecting the Original Bonds or the Duplicate Bonds (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, which shall remain in full force and effect until the Original Bonds are returned to the City and are cancelled. Section 2. For the purpose of providing bonds in substitution for the Original Bonds under the authority of the Charter of the City Miami, Chapter 10847, Special Laws of Florida, 1925, as amended, there shall be issued Duplicate Bonds of the City of Miami, Florida, similar to the Original Bonds to the fullest extent feasible, in the principal amount of $10,000.00, consisting of Certificate Nos. 1447 and 1448, designated "City of Miami, Florida Parking Revenue Bond", bearing interest at the rate of 13.25% per annum, payable semiannually in each year and stated to mature on August 1, 2008. The Duplicate Bonds 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. Section 3. The Barnett Bank Trust Company, N.A., in the City of Jacksonville, in the State of Florida, is authorized and directed herewith to cause the Duplicate Bonds to be printed and delivered to the City Commission for execution, pursuant to the provisions of said Resolution authorizing the issuance of the Original Bonds, 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 are in proper form and the Duplicate Bonds (with counterparts of the Indemnity Bond and the Affidavit and a certified copy of this Resolution) to be delivered to Barnett Bank Trust company, N.A., for their delivery to said Robert A. Clay. Section 4. Upon delivery of the Duplicate Bonds executed as herein provided, the Original Bonds shall be null and void and no longer an obligation of the City of Miami, Florida. If the Original Bonds 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 to be cancelled, shredded and destroyed, and shall cause a signed certificate to such effect to be sent to the Director of Finance of the City, Barnett Bank Trust Company, N.A., 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 shall be charged and collected by the City from the owner of the Original i • .uy Section 6. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 12th ATTE MATTYvHIRAI CITY CLERK PREPARED AND REVIEWED BY: RAFAEL 0. DI ASSISTANT C ATTORNEY APPROVED A TO FORM AND CORRECTNESS: GE Lf FE ANDEZ CITY ATTORNE RFC:bss:M1212 day of October , 1989. XAVIER L-JUAREZ, MAYOR r L-2 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM CA=24 TO ; Honorable Mayor and Members DATE : �`; of the City Commission OCT - �: 1989 FILE: SUBJECT: Agenda Item - Replacement A�e� of Lost Bonds FROM : Cesar H. O d i o REFERENCES: City Manager ENCLOSURES: RECOMMENDATION: It is respectfully recommended that the attached Resolution authorizing the replacement of certain City of Miami, Florida Parking Revenue Bonds, due August 1, 2008, in the principal amount of Ten Thousand Dollars ($10,000) to substitute lost bonds, be approved. BACKGROUND: The replacement of bonds lost by holders of City -issued bonds requires City Commission authorization. A holder of $10,000 in City of Miami, Florida Parking Revenue Bonds, due August 1, 20089 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. 4!�