HomeMy WebLinkAboutR-88-0213J-88-229
3/7/88
RESOLUTION NO. 48--213
A RESOLUTION AUTHORIZING THE PAYMENT OF
CERTAIN CITY OF MIAMI, F L 0 R I D A GENERAL
OBLIGATION HOUSING BOND, DATED JUNE 1 , 1984,
IN THE PRINCIPAL AMOUNT OF FIVE THOUSAND
DOLLARS (E5,000.00) TO REPLACE A LOST BOND.
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 January 14, 1988 by Smith Barney, Upham & Co., that (i)
Smith Barney, Upham & Co., is the sole and absolute owner of the
Five Thousand Dollars ($5,000.00) principal amount of City of
Miami, Florida General Obligation Housing Bond, dated June 1,
1984, bearing 10.40% interest, maturing June 1, 2009, Certificate
#RW09-277; (ii) the Original Bond was lost, stolen or destroyed;
(iii) said Smith Barney, Upham & Co., has no other knowledge or
information as to the whereabouts of the Original Bond; (iv) the
Original Bond has 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
Smith Barney, Upham & Co.; (v) the affidavit is made for the
purpose of inducing the City of Miami, Florida ( the "CITY"), to
issue a new or duplicate bond in lieu of the lost bond, and to
hold the City of Miami, Florida and Chemical Bank and their
successors and assigns harmless against any loss or damage
sustained by reason of the issue of such new or duplicate bond,
or the refusal to make transfer of the original lost bond.
CITY COMMISSION
MEETING OF
MAR 10 1988
SOLUTION No 89-213
MARKS-
i 0
( b ) The City Commission has received and caused to be
examined one counterpart of an Indemnity Bond, Bond No. 143913-
101 (hereinafter called the "Indemnity Bond"), executed January
14, 1988, the Seaboard Surety Company pursuant to which the
Seaboard Surety Company is firmly bound unto the City of Miami,
and Chemical Bank and its successors, and any other parties
vested with powers or duties respecting the Original Bond or the
Duplicate Bond (herein and in the Indemnity Bond call the
("Obligees") in an aggregate amount sufficient to indemnify the
Obligees in connection with the issuance of the Duplicate Bond,
which shall remain in full force and effect until the Original
Bond is returned to the City and are cancelled.
Section 2. For the purpose of providing a bond in
substitution for the Original Bond under the authority of the
Charter of the City of Miami, Chapter 10847, Special Laws of
Florida, 1924, as amended, and Ordinance 81650, adopted February
49 1978, authorizing the issuance of $25,000,000 City of Miami,
Florida General Obligation Housing Bond, the Original Bond
constituting a part thereof, there shall be issued a bond of the
City of Miami, Florida, similar to the Original Bond to the
fullest extent feasible, in the principal amount of Five Thousand
Dollars ($5,000.00), designated "City of Miami, Florida General
Obligation Housing Bond," bearing interest at the rate of 10.40%
per annum, payable semiannually June 1, and December 1, in each
year and stated to mature on June 1, 2009.
The Duplicate BOND shall be deemed to vest in the holders
the same rights, privileges, benefits and immunities and to be
subject to the same limitations, requirements and conditions, as
the Original BOND.
2
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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 Bond to be printed and delivered to the
City Commission for execution, pursuant to the provisions of said
Resolution authorizing the issuance of the Original Bond, 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 Bond are in proper form and have been duly
executed, the Director of Finance shall cause the Duplicate Bond
(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 Smith Barney, Upham d Co.
Section 4. Upon delivery of the Duplicate Bond executed as
herein provided, the Original Bond shall be null and void and no
longer obligations of The City of Miami, Florida. If the
Original Bond 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 Bond 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,
the Seaboard Surety Company 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 Bond shall be
charged and collected by the City from the owner of the Original
Bond.
Section 6. This Resolution shall be in effect immediately
upon its adoption.
PASSED AND ADOPTED this 10th day of
*YHIRAI,-
CITY CLERK
March 9 Iggg.
G�w
XAVIER L. 44AREZ
M A Y O R
3
1 S--213
REviEMEO AND APPROVED By:
ROSERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPRO�Vzb AS TO FORM AND CORRECTNESS:
LUCIA A. DOUGNERTY, CITY ATTORNEY
j
i
13
io b
To
room
Cl" OF MIAMI. FLORIDA
IN1l04FFICt MEM0RANDUM
Hohorable Mayor and Members
of the City Commission
Cesar H. Odi
City Manager
RECOMMENDATION:
32
Dirt MAR - 1 1999 nit
SUSACT Agenda Item - Replacement
of Lost Bond
REFERENCE•
ENCLOSURE$
It is respectfully recommended that the attached Resolution
submitted by the Finance Department, authorizing the replacement
of one City of Miami Florida General Obligation Housing Bond
dated June 1, 1984 in the face amount of $5,000, be approved.
The City has been provided with a Sole Obligor Open Penalty Bond
of Indemnity and an Affidavit of loss of the Bond.
BACKGROUND:
The replacement of lost securities requires City Commission
authorization. The bondholder of this lost City of Miami,
Florida General Obligation Housing Bond, maturing June 1, 2009,
has posted the necessary Affidavits and Indemnity Bond to protect
and hold harmless the City in regards to the issuance of the
replacement bond.
cc: Law Department
32- I
88-213
OBLIGOR
SL4804RD SURETY COMP4 %'). a corporation orpanized and evvmme under and hr virruc of ncc laic% of the .Stare
of Ne►% York and dub authorized to transact the business of indernnirr and simet uship to the State% of tirm- Y)rk and
all Stares in the United States of .4 mcrica, and having an office and principal p/ace of hudness in NrI4 Berk Statt• at
RF Pine Street, New York, .tieN York as Ohlieor (hereinafter called "OhhQor"), is held ftrmh hound unto
individually and/or as Trustee, Depositary. fiscal, Paying or D:bursing Agent, Registrar and or Trano%:i Agent, and unto
any other Trustees, Depositaries, fiscal, Paying or Disbursing Agents or Agencies, Registrars and; or Tran�fcr Agents now
or hereafter vetted with any powers or dunes with respect to th,, wcurry or securities hereinafter tnenti,-ncd tn-ir respective
legal representatives, successors and assigns (hereinafter collc;ti%Tl% allcd "Obligees"), in an agigregaio gum. h,,,,ful money
of the United States of America, sufficient to indemnify the Ohli_ce< under tnc conditions of this h,,nd as herernittcr set forth,
but not exceeding the maximum amount for which Obligor may obligate itscll on the date of this hond in respect of any one
malt or hazard under any lau governing the validity or performance of this band, said sum to be paid t Obligees, their respec
tive legal representatives, successors or assign, as interest ma; appear, for which payment well and true.•. t, he made Obligor
binds its legal reprewntativcs, successors grid assigns, lointiv ari' s %erall}. firmly by these presents
,Ttlroi1T-
WHEREAS, C
unqualified owner
IR11n^_�„ for �r^^ hon,'_e
ref-, stere,! in
it t". orris
(such security or securmes being hereinafter called "original" or 'onginals ), and that the same has have been mislaid, lost,
stolen or destroyed and cannot he found or pr,,,iuced, by virtu-, of %shiA Obligor has requested Obligees to issue and delver
a new or duplicate instrument or instruments (hereinafter sometimes called "duplicate' or "duplicates"), or to pay the
amount due on said original or originals without surrender or presentation thereof for cancellation or stamping or for any
other purpose; and
WHEREAS, on the faith of the foregoing representations and
have complied or have agreed to comply with said requests,
indemnity, Obligees
NOW, THEREFORE, THE CONDITIONS Of THIS OBLIGATION ARE, that if Obligor, its legal represents•
tives, successors or assigns or any of them, shall in case the original or onginals be found or come into the hands, custody
or power of any of them, or into the hands, custody or power of any person, deliver or cause the same to be delivered unto
Obs in order to be cancelled, and shall also at all tunes defend, indemnify and save harmless Obligees from and against
any ad all claim , actions and suits, whether groundless or otherwise, and from and against any and all Labihties, losses,
damages, Man
counsel fees and other expenses of every nature and character by reason of the original or originals
and/or the isstianct of a duplicate or duplicates in lieu thereof or in lieu of any instrument or instruments of purported like
issue and amount which because of alteration, change or counterfeit may not be identified as or as not the wd mislaid, lost,
stolen or destroyed original or originals, or the making of any payment, credtt, transfer, registration, conversion, exchange
or delivery in respect of the original or originals without surrender thereof and/or in respect of the duplicate or duplicates,
whether or not caused by, based upon or arising out of the honoring or refusing to Honor the original or originals when
preatnted by anyone, aid/or whether or not caused by, based upon, or arising out of inadvertence, accident, oversight or
ntfflect on the pare of Obliges, or any of them, or their respective officers, agents, clerks, or employees and/or omiasion or
failure to inquire into, contest or litigate the right of any applicant to receive any payment, credit, transfer, regiutratiem, con•
version, exchange, issue or delivery in respect of the original or originals and , or the duplicate or duplicates issued in lieu
thereof, and/or caused by, based upon or arising out of the release of any security or the satisfaction of any instrument or
instruments under which the original or onginals and or duplicate or duplicates are issued or secured, and/or caused by, based
upon or arising out of any other matter or thing whatsoever, then this Obligation shall be void; otherwise shall remain in full
fora and effect.
Obligor further agrees that if the mislaid, lost, stolen or destroyed original or originals be found or come into the
lands, custody or power of any person or into the hands, custody or power of the Obligees or any of them for any purpose
other than cancellation without reissue, Obligor will forthwith on demand obtain and deliver to the Obligees either such
original or originals or such duplicate or duplicates or will pay to the Obligees a sum of money sufficient to enable the
ObLigea to purchase in the open market securities of the same issue and amount as the original or originals in form consti-
tuting good delivery under the rules of the New York Stock ExAange.
In case of any default under the conditions of this bond, Obligor waives and releases any and all right or claim
against Obligees, or any of them, whether by way of subrogation or otherwise, for any lees, expense or liability incurred by
Obligor caused by, based upon, or arising out of the enforcement of this bond by the Obligees or by any of them. No in
accuracy in the description of the securities herein referred to as original or originals &hall alter, modify or affect the obligation
of Obligor hereunder.
This bond shall be deemed to be a New York contract and shall be governed as to all matters whatsoever, whether
Of validity, interpretation, obligation, performance or otherwise, exclusively by the laws of the State of New York, and all
questions arising with respect thereto mil( be determined in accordance with such laws. Regardless of where actually delivered,
the bond shall be deemed to have been accepted by the Obligees in the State of New York. This bond shall be deemed a
contin obligation and successive recoveries may be had hereunder from time to time: as the Obligees or any of them become
endded mto in accordance with the terms hereof.
And (rigor hereby further agrees to furnish Obligees, without any expense to Obligees, a new Bond of Indemnity,
which may differ film this Bond in amount or in any other respect. with satisfactory surety or sureties in ease the ebliption
shotild not at any time for any reason in the opinion of Obligees afford suficient protection.
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11AI�L LOW AFFIDAVI?0 .. .
Smith barneywWrris VMA.. als"••Ieoe
IaMw.i":
P%M of
sImmlow 333 M 34th Street Maio York, MY 10001
Dow of
tt~ 5 / 2 %/ 0 7
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~' AMewl Jdcka&n L Morris
April G Morris
1800 Beach or. �-'-
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St. Petersburg, XL. 33704-4832
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will ow ►AMPOW of
Shwas a Nincipd
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.rJa,zkson L Morris i April G Morri.&
If a 1. IL
ABM" rho:
STATE OF: New York
(:oLWry OF: New York
TM' ulhdsrsi�od, dejhoaasK duly dhK im asoardaoos witA do ntoori d do above mesmed
JSsrni
do above ieearibed seouridn WN on do data specified im a postpaid m Mp eddrewd to tM
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dove named Addressee. 7lo said Ihet of the maid "CuritieL The ssn witMe haw not been rsthwod
Io On above Manned Sernder and they an b0lewd lostwr destroyed in the nhaiis.
0 opowiwt egrees on beMN of abwne that if the wwritin dsodd wrw Goan into their hand; Gatadl► or Pwaw-
depmerrt will inarrdiateiy awmader do onsk-m itin oMalYti4m
here whether imp a t is OMowh'h si�ahar� ttak'A 2 �NA �z
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on officer, pm tw or employee of obaise Mitchell
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S andu. p„e,,,,Ws ad*.w3lth ntr��t l:ew YJrk - NY
10001
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Subscribed and swum m bebn nu this dal► 1!
rew�h+ ►Mama
t�r Ilaima Ma u eawiwl�lee VWW
ib- him
STATE OF: P'1 �, , r14
The whders4ped depmnmis), being first dWy swwn dwasets) and ny(s) that the above described securities have never been m
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Gei+red by the above nahmed Addresses or wry person or passes wtiap on (its) this) NerI (their) behW. Oeponentfsl elnds) (on bAW of
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the above nenod Addmme) that d do sewridss sbadd ewr Game inw ikd this) dwt (their! eww* or power. dspesonttsl will imhnsdi
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stefy notify the above named Sander and will san*aft the wiOnd mewitin for ee
j ` �now
If Addruw is a f irhm or Gaporatioa Imp el
indicate here VAN to 0, oHisn, pw w
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or anplayea pad
(if whore Man am addresses or
re�stased owsw, aM must eilal �
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U.
Subscribed and Sworn to bsNre we die o tar"?
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wherr PuNk
1hwiga do" oewrwnahw •smut RdLJC. STAY) Y
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6
Certified Copy SZA80A!tD SURM CONVAM
No., 10073 ADMINISTRATIVE OFFICES, BEDMINSTER, NEW JERSEY
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That SEABOARD SURETY COMPANY. a corporation of the State of New York has
made. constituted and appointed and by these presents does make, constitute and appoint F . R . P rigge or A. J .
Charette or James A. Monroe or Lynn Rishe or James Fenton or Carol C. Gardner
or Michael C. Holland or Joanne M. Fallon or Julia Conant
of Bedminster, New Jersey
its true and lawful Attorney -in -Fact. to make. execute and deliver on its behalf insurance policies, surety bonds, undertakings and
other instruments of similar nature as follows: Without Limitations
Such Insurance policies. surety bonds. undertakings and Instruments for said purposes. when duly executed by the aforesaid
Attorney -in -Fact. shall be binding upon the said Company as fully and to the same extent as if signed by the duly authorized
officers of the Company and sealed with Its corporate seal. and all the acts of said Attorney -in -Fact. pursuant to the autnority
hereby given are hereby ratified and confirmed.
This appointment Is made pursuant to the following By -Laws which were duly adopted by the Board of Directors of the said
Company on December 8th, 1927, with Amendments to and Including January 15, 1982 and are still in full force and effect
ARTICLE VII SECTION 1
-Policies. bonds, recognizances. stipulations. consents of surety, underwriting undertakings and lnstru~ts relating thereto.
^suranceootces noras ecognzances stipulations consents of surety and underwritingundertakmgsot!heCompanyandreleasesagreementsano7t^er
wn!,ngs eiat g n any way !hereto or to any claim or oss imeretunder small be signed in the name and on behalf of the Company
fat ov !^e C-a, rrnan of !^e Board the President a vice -President or a Resident Vice -President and by the Secretary an Assistant Secretary a Res cent
:ec•etary or a Pes,dert Ass start Secretary or bi ty an Attorney-•n-Fact for the Company appotniea aro author,zea by me Cliairman of !ne Beare •-e
=•esicent or a i re-Presiaent !o make sucn signature or fcs by such other officers or representatives as the eoaro may rrorn tame to rime ceterm,ne
The seal Cr :-e C.;r-lpary snarl f acproonate 0e atfueo thereto oy any such officer Attorney-m-Fact or •epreseniauve
IN WITNESS WHEREOF SEABOARD SURETY COMPANY has caused these presents to be signed by one of its 'i.ce-
Presidents. and its corporate seal to be hereunto affixed and duly attested by one of Its Assistant Secretaries. this 12 _.1
lay of November 19 87
Attest SEABO S ETY CO ANY.
92] By
(Seal) aria, a •
Assistant Se •e!ary ce-P•.s :-
STATE OF NEW JERSEY ss.
COUNTY OF SOMERSET
On this 12 th day of November '9 8 7 before me personally appearec
Michael B. Keegan a Vice -President of SEABOARD SURETY CONtPA%v
with venom I am personally acquainted, who oefng by me duly sworn. said that he resides In the State of New Jersa,:
that he is a 'Vice -President of SEABOARD SURETY COMPANY. the corporation described .n and wrlivn executed the tcrec:
,nstrument that he knows the corporate seal of the said Company, that the seal affixed to said instrument Is sucn corporate S-a,
trial It was so affixed by order of the Board of Directors of said Company, and that he signed his name thereto as Vice-Preslce
Said Company by like authority.
FELICE M. CATALANO /
Seal) t,1011ARY PUBLIC OF NEW IERSEY
My Cornmission Exp. June 4, 1991 Notar. = -
CERTIFICATE ,
!ne u racers grey Assistant Secretary of SEASCAPO SURETY COMPANY do hereby cen tv that the er g,nal Power of Attorney of Hn lcm the feat:
3!..il true anc. orrectcopysm full force and effect or *-e date of this Cenificateana I do further certify that tpe v,ce-Pfesdent wnoexecutea the said P- -v-
=:'lo•^ev was Jne it •ne Otf,cers authorized by ine Beare of Directors to appoint an attorney--n-lact as prev-aed in Article V I I Section 1 of me Bv•_...-
HAISCARD SURETY COMPANY
Timis Cartif.cate -av ce s,gned ana sealed oy rats m.ie under and by authority of the following resolution of the Executive Comm,ttee of the 2.3-
erectors of SEABOARD SLRETY COMPANY at a meet rig duty called and meld on the 251h day of March 1970
RESOL': ED (21 That the use of a printed rats mile of the corporate seal of the Company and of the signature of an Assistant Secretary .
:ert hcat�on )t !ne r_;rreciness of a copy of 3n ,nsir nment executed by tme President or a Vice -President pursuant tc Artc:e VII Sect,om 1 of tme 2. _ n -
3vooint,ng 3rno authorizing an attorney -in -tact !o s gn .n the name and on oenalf of the Company surety bonds. underwriting undertakings ' -
nstruments aescrioed in said An cle VII Section i will like effect as it such sesi and such signature mad been manually affixed and made re-!..
!..
aumor,zeci 3no approved
IN WITNESS WHEREOF, hire hereunto set my, pand no affixed the corporate seal of Stle Company to these presents -
,-.rr, day ofanu • 19 10
1927,—Jy/
•, • �•` / Assistant Sec.
N%.F ow
0 6
STATE OF New Jerse
COUNTY OFSomerset
14th January tt8 On thin day .._. _.................. _............ ..._._..._ _ .._ . r_._ _19_. _ ._, before me Vannany Catoe
James A. -
to me lmown to be an Attorney -in -Fact of SEABOARD SURETY COMPANY, the corporation described
in the within instrument, and he acknowledged that be esecnted the within instrument as the act of
the said SEABOARD SURETY COMPANY in aocorftm with authoritY duly conferred upon him by
said Co°paw' A; CHRISTINE KORBELT ,
Notary Rsbi'
L
SEABOARD SURETY COMPANY
ADMINISTRATIVE OFFICES. OEOMINSTER, NEW JERSEY
FINANCIAL STATEMENT—JUNE 30, 1987
ASSETS
*Stocks and Bonds ....................
S140,490,816.
Cash in Office & Banks .................
1.504,479.
Accrued Interest & Dividends............
2.811.352.
Outstanding Premiums .................
(3,001,175.)
Accounts Receivable ...................
4.540.617.
Total Admitted Assets ..............
S146,346,089
LIABILITIES
Reserve for Unearned Premiums ................. S 50.809.222.
Claim Reserves ........ ....................... 25,413J23.
Other Reserves ................................ 9.7S2.717.
Capital Stock......... 2.500,OW.
Surplus ................ ...................... 57.868.823.
Total Liabilities ............................ S146,346,089
• labs aced pocks are valued on boas approved by National Association of Insurance Commtsuoners
Secunttes tarried at 116.903,0e1 in the abme suairment art deposited for the purpose required bf Iw.
STATE OF NEW JERSEY
COUNTY OF SOMERSET es"
I, G. F. THOMPSON, President of SEABOARD SURETY COMPANY, do hereby certify that the
foregoing is a full, true and correct copy of the Financial Statement of said Company, as of June 30, 1987.
IN WITNESS WHEREOF, I have signed this statement at New York, New York, this . , , ,14th . day of
January 19 88
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