HomeMy WebLinkAboutResolutions - 1979.05.03 - 12254•
May 3, 1979
Miscellaneous Resolution 8950
BY: PLANNING AND BUILDING COMMITTEE - Richard R. Wilcox,
Chairperson
IN RE: REPLACEMENT OF LOST BONDS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the County Drain Commissioner as County Agency
has received an affidavit of Martin I. Pastor stating that he is
the owner of Bonds Nos. 2337 and 2418 of the Oakland County Water
Supply and Sewage Disposal Bonds, Avon Township Systems Sewer
Extension No. 2 issued by the County of Oakland, dated June 1,
1978, said bonds being in the principal amount of $5,000 each and
maturing on May 1, 2000, and bearing interest payable on November 1,
1978, and semi-annually thereafter until maturity; and
WHEREAS, said affidavit further states that said bonds,
together with all coupons due November 1, 1978 through May 1, 2000,
have been stolen; and
WHEREAS, the County Agency has received a Lost Securities
Bond in the amount of $24,026.66, being the total value of the
face amount of the bonds plus all unpaid coupons, with the Insurance
Company of North America, a Pennsylvania corporation, as Surety,
indemnifying this Board for any loss up to the insured amount
incurred because of the issuance of duplicate obligations for Bonds
Nos. 2337 and 2418 and the coupons attached thereto or because of
the payment of the coupons due November 1, 1978; and
WHEREAS, the County Agency has received funds from said
Martin I. Pastor, sufficient to pay all replacement costs of said
obligations, including printing costs and attorney fees; and
WHEREAS, the November 1, 1978 coupons attached to said
Bonds Nos. 2337 and 2418 have not been presented for payment; and
WHEREAS, Act No. 354 of the Public Acts of 1972, as amended,
provides for the payment of matured obligations without presentation
and for replacement of unmatured obligations when said obligations
are lost, destroyed or wrongfully taken under these circumstances.
THEREFORE, BE IT RESOLVED:
1. That the Board is satisfied that the requirements of Act No.
354 of the Public Acts of 1972, as amended, have been satisfied by
the furnishing of the indemnity bond, affidavit and certain monies as .
recited hereinabove so as to permit replacement of Bonds Nos. 2337 and
2418 hereinbefore described together with the unmatured coupons attached
to said bonds due May 1, 1979 through May 1, 2000 and payment of the
matured coupons due on November 1, 1978 without presentation.
2. That the amount of the coupons on said Bonds Nos. 2337 and
2418 due November 1, 1978 shall be paid to Martin I. Pastor without
presentation.
3. That Bonds Nos. 2337 and 2418 with unmatured coupons due
May 1, 1979 through May 1, 2000 be replaced by printing duplicate
bonds with unmatured coupons attached as specified.
4. That the County Agency is authorized to deliver said re-
placement obligations to Martin I. Pastor or his agent.
The Planning and Building Committee by Richard R.
Wilcox, Chairperson, moves the adoption of the foregoing
resolution.
PLANNING AND BUILDING COMMITTEE
ichard R. Wilcox, Chairpe son
#8950 May 3, 1979
Moved by Wilcox supported by Fortino the resolution be adopted.
AYES: Kasper, Kelly, Lewand, McConnell, McDonald, Moffitt, Montante, Moore,
Moxley, Patterson, Perinoff, Peterson, Price, Roth, Wilcox, Aaron, Doyon, Fortino,
Gabler, Gorsline, Hobart. (21)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D. Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution #8950 adopted by the Oakland County Board of
Commissioners at their meeting held on May 3, 1979
with the original record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
3rd May 79 this day of 19....
Lynn D. Allen Clerk
By Deputy Clerk