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HomeMy WebLinkAboutR-80-0664RESOLUTION NO. 8 0- 6 6 4 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN SANITARY SEWER BONDS OF 1977 IN THE PRINCIPAL AMOUNT OF TEN THOUSAND DOLLARS ($10,000) TO REPLACE LOST BONDS 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 April 15, 1980 by A.M. Leach, stating that (i) he is the the sole and absolute owner of the Ten Thousand Dollars ($109000) principal amount of City of Miami, Florida Sanitary Sewer Bonds of 1977, bearing 3.50% interest, maturing May 1, 1995, numbered 2235 and 2236, with the May 1, 1980 interest coupon and subsequent coupons attached (herein called the "Original Bonds"); (it) on April 15, 1980 Earl M. Parks, Vice President and Comptroller of the Westside National Bank, Bradenton, Florida, took possession and signed for an envelope containing the Original Bonds and an invoice for A.M. Leach, replaced the Original Bonds in the envelope and unconsciously threw them in'the waste basket, from which they were thrown out with the trash; (iii) said A.M. Leach 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 "SUPPORTIVE FOLLOW 'DOCUMENT INDEX ITEM NO..- 30' CITY COMMISSION MEETING OF S E P 15 1980 80-6 RESOLUTION NO,,,,,,,,,,,,,,,,,,,,« Ilf MARKS :......................«.... U In erl' --2- 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 A.M. Leach; (vi) the affidavit is made for the purpose of inducing the City of Miami, Florida (the "City"), and Chemical Bank, as Paying Agent, to refuse to honor the Original Bonds should they be presented by anyone other than said A.M. Leach, and to issue replacement JBonds in substitution for the Original Bonds; (b) the City Commission has received and caused to be examined one counterpart of a Sole Obligor Open Penalty Indemnity Bond, Bond No. 887456 (herein called the "Indemnity (Bond"), executed June 23, 1980 by Seaboard Surety Company, pursuant to which Seaboard Surety Company is firmly bound unto Florida National Bank & Trust Company, the City, Chemical Bank, 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; in case any litigation shall be instituted in any way related to -the Obligees with regard to the issuance of the Duplicate Bonds, Seaboard Surety Company will be responsible for such litigation on behalf of the Obligees, and in any event will pay all costs and counsel's fees connected with such litigation, and will indemnify the Obligees as otherwise provided in the Indemnity Bond, which shall remain in full force and effect until the Original Bonds are returned to the City and are cancelled. lisup'D;;TIVE DOCUMENTS (� 80- 664 -3- Section 2. For the purpose of providing bonds in substitution for the Original Bonds under the authority of the Charter of the City of Miami, Chapter 10847, Special Laws of Florida, 1925, as amended, and Resolution No. 76 -1060, adopted November 18, 1976, authorizing the issuance of $25,000,000 Sanitary Sewer Bonds, the Original Bonds constituting a part thereof, there shall be. issued bonds of the City of Miami, Florida, similar to the Original Bonds to the fullest extent feasible, in the aggregate principal amount of Ten Thousand Dollars ($10,000), consisting of two bonds of the denominations of $5,000 each, numbered 2235 and 2236, designated "Sanitary Sewer Bonds of 1977s" dated as of the 1st day of May, 1977, with the May 1, 1980 coupon and subsequent coupons attached to each bond, bearing interest at the rate of 3-1/2% per annum, payable semi-annually on May 1 and November 1 in each year and stated to mature, subject to the right of prior redemption as set forth in said Resolution, on May 1, 1995. Such bonds, being de- signated in this resolution the "Duplicate Bonds," shall be issued in bearer form, and shall be delivered with the May.. 1, 1980 coupon and subsequent coupons attached. The Duplicate Bonds 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 Bonds. Section 3. Chemical Bank, in the Borough of Manhattan, City and State of New York, is authorized and directed herewith to cause the Duplicate Bonds to be printed and ,ISUPPORTIV E DOCUMENTS FOLLOW 80-664 ' FA 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. The interest coupons to be attached to the bonds shall be executed with the facsimile signature of the City Clerk, 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 have been duly executed, the Acting Director of Finance shall cause the Duplicate Bonds (with counterparts of the Indemnity Bond and the affidavits and a certified copy of this Resolution) to be delivered to Chemical Bank for their delivery to said A.M. Leach. Section 4. Upon the delivery of the Duplicate Bonds executed as herein provided, the Original Bonds shall be null and void and no longer obligations 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 Acting Director of Finance of the City, Chemical Bank, Seaboard Surety Company and the Paying Agents of the City respecting such issue of bonds. Section 5. All costs and expenses incurred by the City in connection with the issuance of the Duplicate "SUPPORTIVE DOCUMENTS FOLLOW" -5- Bonds shall be charged and collected by the City from the owner of the Original Bonds. Section 6. This Resolution shall be in effect immediately upon its adoption. PASSED AND ADOPTED this 15 day of S,prrr Hra 1980. T: RALPH G. 0 GIE, CITY CLERK PREPARED AND APPROVED BY: `/ � J90, 0 ASSISTANT CITY ATTORNEY PROVED AS Tg--F�, AND CORRECTNESS: �cv r, r , na �x CIT ATTORNEY MAURICE A. FERRE MAYOR «SUPORT1VE DUCUn/iEJ«TS FOLLOW it 80-664 i e • • � V I T� 111It CLORI )A IMTiit•0FFICt: ",lr'•10FtANDUM 70 Joseph R. Grassie City Manager '80 AUG 14 M 8 : 37 .,art. August 13, 1980 FILE. Resolution Authorizing Execution and Delivery of Bonds to Replace Lost Bonds Carlo E. Garcia Actin Director ; ,;,;ES, Finance Department f: It is recommended that the attached Resolution be approved by the City Commission in order to replace lost bonds in the amount of Ten Thousand Dollars ($10,000). The attached Resolution is self-explanatory. Bonds issued in bearer form to A. M. Leach which have presumably been lost need replacement. The City has received an indemnitification bond and affidavit pertain- ing to the lost bonds and their request for the issuance of duplicate bonds. The City's legal counsel, Brown, Wood, Ivey, Mitchell and Petty, has examined such affidavit and indemnity bond and is satisfied that are legally sufficient. Chemical Bank has indicated that they will issue the missing bonds upon receipt of a letter from the Commission authorizing them to do so. Any costs relating to this item will be reimbursed to the City by the owner of the Bonds. CEG:hb cc: George Knox, City Attorney Enclosures asur)PpRTIVE f a LOW it t CITY OF MIAMI. FLORIDA INTEROFFICE MEMORANDUM TO George F. Knox, Jr. DATE: August 13, 1980 FILE: City Attorney SUBJECT: Resolution Authorizing Execution and Delivery of Bonds to Replace Lost Bonds FROM REFERENCES: Carlos E. Gar a Acting Financ irector ENCLOSURES: Please find attached a Relolution for your approval to be presented to the City Commission in order to replace lost bonds in the amount of Ten Thousand Dollars ($10,000). Bonds issued in bearer form to A. M. Leach have presumably been lost and need to be replaced. This Resolution will be presented to the City Commission on September 15, 1980. CEG:hb cc: Joseph R. Grassie, City Manager 80-664 BROWN, WOOD, IvEY, MITCHELL & PETTY ONE LIBERTY PLAZA, NEW YORK, N.Y. 10006 212-349-7500 OUNDARS APERANS JOSEPH W. ARMORUST,JR, PETER J. MICHEL __ HENRY F. MINNEROP BAN FRANCISCO OFFICE OEO ROE D. BOYLE RODERT L. MITCHELL TELEX 127324 AICOA BUILDING C. MICHAEL BRADLEY JOHN H. NEWMAN CABLE ADDRESS BROWOODLAW ONE MARITIME PLAZA WILLIAM E. CARTER RICH APO S. PCTTY BAN FRANCISCO, CALIF. 94111 WILL AM R. CARTER PAUL C. PRINOLE YELCCOPIER. 212.349.15I6 RICH ARO CONWAY CASEY JOHN A. OUISCNBERRY TELEPHONE; 419. 300.3900 PHILIP W. CLARK A. FRANCIS ROBINSON, JR. KENNETH T. COTE RICHARD D. RUDOER 7AMPA OFFICE THOMAS D. CREAN CHARLES J. SANDERS NO WARD O. OODWIN,JR No HER D SCHAAF BARNETT BANK BUILDING JOSEPH GUANOOLO NORMAN O.SLONAKER 1000 ASHLEY DRIVE ROGER J HAWKE THOMAS A. SMITH, JR. TAMPA, FLORIDA 33602 J. COURTNEY IVEY EDWARD P. TOLLEY,JR. CHARLES J JOHNSON, JR. LAWREHCE C. TONOEL TELEPHONE PHONE 613-223-9800 RALPH L. JONES MICHAEL VOLDSTAO TELEPHONE: 813-223-9692 or On* R, LASHNITS SEDOWICK A WARD F. LCE LIEBOLT. JR. KAREL WESTERLING JAMES K. MANNINO HOWARD W. WHITAKER, JR. JAMES B. MAY HENRY E, WILLIAMS, JR. WALTER O. MCNEILL MICHAEL 0 WOLFSON *AOMITTEO IN FLORIDA ONLY August 6, 1980 Mr. Carlos Garcia Acting Director of Finance, City of Miami P.O. Box 330708 Coconut Grove Station Miami, Florida 33133 Re: Lost Bonds Dear Mr. Garcia: I enclose eight copies of a resolution to provide for the issuance and delivery of duplicate bonds in place of the bonds issued in bearer form to A.M. Leach which have presumably been lost. I also enclose the indemnification bond and affidavit pertaining to the lost bonds and the request for the issuance of duplicate bonds. I think that the resolution is self-explanatory. It is intended to set forth findings and determinations respecting, the relevant- ('acts and to describe the facts respecting the lost bonds and to authorise the issuance of the duplicate bonds. 8a-664 I have examined the enclosed affidavit and indemnity bond, and am satisfied that they are legally sufficient. Connie Lemme of Chemical Bank, in tier letter of ■ June 265 indicates that Chemical will issue the missing bonds upon receipt of a letter from the Commission authorizing them to do so. I have provided In the Resolution that Chemical Bank will print the bonds for execution by the City Cleric and Mayor (the latter by facsimile signature). It is not clear whether the cost of printing of the Duplicate Bonds is to paid directly or indirectly by the City, by Chemical Bank, or by others; in any case, the City should be reimbursed for its expenses in causing the bonds to be issued, and should be assured of such reimbursement before incurring any further expenses. I have included, in section 5 of the Resolution, a provision to the effect that the costs incurred by the City in issuing the duplicate bonds will be reimbursed by the owner of the Bonds. We enclose an invoice for our fees. Please send me one certified copy of the enclosed resolution when it has been adopted by the Commission. If you should have any questions, please get in touch with me. Sincerely, Joseph Guandolo JG:el Enclo,sures, �.'