HomeMy WebLinkAboutResolutions - 1981.12.03 - 13719Miscellaneous Resolution 81411
December3, 1981
BY: PLANNING AND BUILDING COMMITTEE - G. William Caddell,
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
Marshall Witzel stating that he is the owner of Bonds Nos. 597,
598 and 601 of the Oakland County Sewage Disposal Bonds -
Clinton-Oakland System, Water ford Extensions Phase III issued
by the County of Oakland, dated February 1, 1978, said bonds
being in the principal amount of $5,000 each and maturing on
May 1, 1997, and bear ing interest payable on November 1, 1981,
and semi-annually thereafter until maturity; and WHEREAS, said
affidavit further states that said bonds, together with all
coupons due May 1, 1981 through May 1, 1997, have been stolen;
and WHEREAS, the County Agency has received a Lost Securities
Bond in the amount of $15,000.00 being the principal amount of
the bonds, with the Insurance Company of North America, a
Pennsylvania corporation, as Surety, indemnifying the County of
Oakland for any loss up to the insured amount incurred be cause
of the issuance of duplicate obligations for Bonds Nos. 597,
598 and 601 and the coupons attached thereto or because of the
payment of the coupons due May 1, 1981 and November 1, 1981;
and WHEREAS, the County Agency has received funds from said
Marshall Witzel, sufficient to pay all replacement costs of
said obligations, including printing costs and attorney fees;
and WHEREAS, May 1 and November 1, 1981 coupons attached to
said Bonds Nos. 597, 598 and 601 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 with out
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 re placement of Bonds Nos. 597, 598 and
601 hereinbefore described together with the unmatured coupons
attached to said bonds due May 1, 1982 through May 1, 1997 and
payment of the matured cou pons due on May 1 and November 1, 1981
without presentation. 2. That the amount of the coupons on said
Bonds Nos. 597, 598 and 601 due May 1 and November 1, 1981 shall
be paid to Marshall Witzel without presentation. 3. That Bonds
Nos 597, 598 and 601 with unmatured cou pons due May 1, 1982
through May 1, 1997 be replaced by print ing duplicate bonds with
unmatured coupons attached as specified. 4. That the County Agency
is authorized to deliver said replacement obligations to Marshall
Witzel or his agent. The Planning and Building Committee by G.
William Caddell, Chairperson, moves the adoption of the foregoing
resolution.
PLANNING AND BUILDING COMMITTEE
G. William Caddell, Chairperson
I HEREBY APPROVE THE FOREGOING RESOLUTION
#81411
December 3, 1981
Moved by Caddell supported by Whitlock the resolution be adopted.
AYES: Montante, Moore, Murphy-, Olsen, Patterson, Price, Whitlock, Wilcox,
Aaron, Caddell, Cagney, DiGiovanni, Doyon, Gabler, Geary, Gosling, Hobart, Jackson,
Lanni, McDonald, Moffitt. (21) NAYS: None. (O)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, 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 #81411 adopted by the Oakland County Board of Commissioners
at their meeting held on December 3, 1981
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
5 day of December
Lynn D. Allen
County Clerk/Register of Deeds