HomeMy WebLinkAboutR-88-0016.j
J-88-42
i
1/12/88
RESOLUTION NO.
i
j A RESOLUTION AUTHORIZING THE REPLACEMENT OF A
CERTAIN CITY OF MIAMI, FLORIDA, GENERAL
OBLIGATION BOND, DUE APRIL 1, 2003, IN THE
PRINCIPAL AMOUNT OF ONE HUNDRED SEVENTY FIVE
i THOUSAND DOLLARS ($175,000.00) 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 October 30, 1987, by Chemical Bank, that ( i ) Chemical
Bank is the lawful owner, or has a proprietary interest in the
One Hundred Seventy Five Thousand Dollars ($175,000.00) principal
amount of City of Miami, Florida, General Obligation Bond, due
April 1, 2003, bearing 9.20% interest, Certificate No. R03-367
registered in the name of Cede & Co.; (ii) the Original Bond
being lost, stolen or destroyed; (iii) said Chemical Bank 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 Chemical Bank; (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
a bond, and to hold the City of Miami , Fl on da, and its 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
JAN 14 1988
IN Nn 99-IL
S
j ON
J-88-42
j 1/12/88
RESOLUTION NO. NS 16
A RESOLUTION AUTHORIZING THE REPLACEMENT OF A
CERTAIN CITY OF MIAMI, FLORIDA, GENERAL
OBLIGATION BOND, DUE APRIL 1, 2003, IN THE
PRINCIPAL AMOUNT OF ONE HUNDRED SEVENTY FIVE
THOUSAND DOLLARS ($175,000.00) 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 October 30, 19879 by Chemical Bank, that (i ) Chemical
Bank is the lawful owner, or has a proprietary interest in the
One Hundred Seventy Five Thousand Dollars (b175,000.00) principal
amount of City of Miami, Florida, General Obligation Bond, due
April 1, 2003, bearing 9.20% interest, Certificate No. R03-367
registered in the name of Cede & Co.; (ii) the Original Bond
being lost, stolen or destroyed; (iii) said Chemical Bank 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
e of by or on behalf of Chemical Bank; (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, F1 on da, and its 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
i`
JAN 14 1988
RESOLUTION No.
REMARKS:
op
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(b) The City Commission has received and caused to be
i
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examined one counterpart of an Indemnity Bond, (hereinafter
called the "Indemnity Bond"), executed November 6, 1987 by the
Chemical Bank pursuant to which the Chemical Bank is firmly bound
unto the City of Miami, its successors, and any other parties
4
j
vested with powers or duties respecting the Original Bond or the
Duplicate Bond (herein and in the Indemnity Bond call the
i
("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 is 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, there shall be issued a replacement
bond of the City of Miami, Florida, similar to the Original Bond
to the fullest extent feasible, in the principal amount of One
Hundred Seventy Five Thousand Dollars ($175,000), consisting of
certificate number R03-367, designated "City of Miami, Florida
General Obligation Bond," bearing interest at the rate of 9.20%
per annum, payable semiannually in each year and stated to mature
on April 1, 2003.
The Duplicate Bond 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 Bond.
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.
2
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48-16
OK-N, o►-
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 is in proper form and has 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 Cede & Co.
i
Section 4. Upon delivery of the Duplicate Bond executed as
herein provided, the Original Bond shall be null and void and no
longer an obligation 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,
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 14th day of January 1988.
ATTIS
MATTY HIRAI, CITY CLERK
REVIEWED AND APPROVED BY:
�a14it .�
ROBERT F. CLARK, CHIEF DEPUTY CITY ATORNEY
APPROVED TO FORM AND CORRECTNESS:
�1 LUC A. DOUGH TY, CITY ATTORNEY
XAVIER L. 69AREZ
M A Y O R
3
98-16
CITY OF MIAMI, FLORIDA
19
INTER -OFFICE MEMORANDUM
to. Honorable Mayor and Members
of the City Commission
DAtEr l� N y 1988 FILE.
SUBJECT Agenda Item • Replacement
of Lost Bond
FROM!REFERENCES:
Cesar H. Odi
City Manager ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the attached Resolution
submitted by the Finance Department, authorizing the replacement
of one City of Miami Florida General Obligation Bond due April 19
2003, in the principal amount of $175,000. The City has been
provided with a Sole Obligor 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 Bond, due April 1, 2003, 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
1
99-16
awolEMICAI.�AlIIC
RYNANCIAL SERVICES OMMON
S.T.S. Custom SWWM
IlorWhotdsr ftI&tlons Unft
66 WAter StroN. Now York, NY IW41
TN: 1212) 8204 IIO
Ref: 51221
October 30, 1987
City Of' Miatri
Director Of Finance
P 0 Box 330;OE
Miami, Florida 33233-O708
Att: Carlos E. Garcia, C.P.A
RE: Miami City Floride 11-1/4% housing dated 8/1/1961 due 8/1/1994 in the
amourt of $5,000 (Bearer) Bond NOs. 195, 199 lost with the. 2/1/1987 b SCA
Ct:ar Mr. "Garcia:
We cre enclosing for your files, a ccunterpart of a Sole Obligor Open
Penalty Band of Indemnity and Affidavit of loss subfritted in
connection with the loss of the ato%e described bonds.
Should the enclosures rreet with your apprcval, kindly forward to us a
letter advising us to authorize the appropriate banknote company
to duplicate the missing bond's with subsequent coupons attached.
Very truly yours,
Claudette�lliams
Lost Securities Analyst
encls.
W go
First in
Service
Delivery
RS-16
2
�r TNM MTNA CAOUALTY AND SURSTY COMPANY
"Odh►A two"View 06115
s
BOND ND. 001 S 100403144 BCA
E &CASUALTY
SOLE OBLIGOR INDEMNITY BOND
KNOW ALL MEN BY THESE PRESENTS, THE MM CASUALTY AND SURETY COMPANY,
a corporation duly authorised to transact the business of indemnity and suretyship
In the State of New York and all other States in the United States of America,
having an office and principal place of business in the City of New York at
151 William Street as Obligor (hereinafter called the "Obligor") is held and firmly
bound unto CITY OF MIAMI PICR h and CHBUCAL BW
and all such individuals, firms and corporations as may now or hereafter be acting
as Transfer Agent(s), Registrar(s), Redemption Agent(s), Depositary(ies), Trustee(s)
or Fiscal, Paying, Distributing or Disbursing Agent or in any other capacity in
respect of the below -mentioned securities and their respective legal representatives,
successors and assigns (hereinafter collectively called the "Obligees), in an
aggregate sun, payable in lawful coney of the United States,, sufficient to indemnify
the Obligees under the conditions of this bond as hereinafter set forth, not to
exceed, however, the maximum amount of risk which may legally be assumed by the
Obligor under any law governing the validity or performance of this bond, said sum
to be paid to the obligees, and each of them, as interest may appear; for which
payment well and truly to be cede, the Obligor does bind itself, and its successors
and assigns, firmly by these prevents.
SEALED with the seal of the Obligor and executed in several counterparts, this
15th day of July r 19 87 -
WHEREAS, the Obligor represents to the Obligees that
L.F. SC iII�, U2?111 R13=, =413 #32 C. is/are the sole and unqualified
owners o
lOM Miami City of Florida dousing Bonds dated 8/1/81, 11 1/4% due 8/l/94,
Bond No. 195, 199, at 5M each with 2/1/87 coupon attached
(such security or securities being hereinafter called the "originals"); that the
originals have been lost, destroyed, seized or stolen so that the same cannot be
found or produced; and
WHEREAS, the Obligees, in reliance upon said representations and in considera-
tion of this bond of indemnity and at the request of the Obligor are willing to issue
and deliver new or duplicate instruments or to make any payment, including the payment
of accumulated dividends, or to deliver whatever else is called for by or is now
exchangeable for the originals, in the place and stead of the originals, upon the
execution and delivery of this bond, unless the orlginals shall be found before payment
Is made or the new or duplicate instruments are delivered;
NOW, THEREFORE, the conditions of this obligation are such that, if the said
Obligor, its &uc..Eaaw•s wL 06044,.6a .,s. &"y wa wuru+, a,iall in case the originals be
or come into the hands, custody or power of any person, deliver or cause the same
be delivered unto the Obligees in order to be cancelled, and shall at all times
indemmify and keep indemnified and save harmless the Obligees, and each of them,
- page 1 -
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to
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CAT. 1140"
and against any and all claims, actions and suits, whether groundless or otherwise. -
and from and against any and all losses, damages, judgments, costs, charges,
counsel fees, payments, expenses and liabilities whatsoever, which the Obligees, or
any of them, at any time shall -or may sustain or incur (1) by reason of said issue
and delivery of such new or duplicate instruments, or the making of any payment,
including the payment of accumulated dividends, or the delivering of whatever else
Is called for by or is now exchangeable for the originals without surrender thereof,
or (2) by reason of any claim which may be node in respect of the originals, or (3)
by reason of any payment, transfer, exchange, delivery or other act which said
Obligees, or any of them, may make or do in respect of the originals or the new or
duplicate instruments, whether made or done through accident, oversight or neglect,
or whether made or done upon presentation thereof without contesting, inquiring into
or litigating the propriety of such payment, transfer, exchange or other act, or
(4) by reason of any other matter or thing arising out of the recognition of the
aforesaid request of the Obligor, then this obligation shall be void; otherwise
shall remain in full force and effect.
It is understood and agreed that after the new or duplicate instruments shall
have been issued or delivered, in case the originals shall be found by anyone, as
evidenced by the presentation of appurtenant coupons or otherwise, then this bond
may be immediately enforced. 4'nis bond shall be deemed a continuing obligation and
successive recoveries may be had thereon for the various matters in respect of which
the Obligees or any of them, shall from time to time become entitled as aforesaid
to be indemnified.
it is understood that the obligation hereby created in favor of any Agent shall
not be affected by the termitnation of its Agency.
,TY AND SURETY COMPANY
lizor
By: rI . / /t . r
C.M.Piciullo, Attorney -in -Fact
TA! ATMA CAWALTY AM OURM COMPANY
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COM"4014" Epowis AmOM 31. 163: