HomeMy WebLinkAboutResolutions - 1991.09.26 - 18909I:\LAUR\TREAS\BONDPOL.RES
September 26, 1991
MISCELLANEOUS RESOLUTION #91198
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: TREASURER - POLICY TO AUTHORIZE REPLACEMENT OR PAYMENT OF
BONDS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS County-issued bonds and/or bond coupons occasionally
need replacement due to circumstances such as loss, destruction, or
theft; and
WHEREAS the County Treasurer, with the advice of bond counsel,
has requested adoption of a policy to authorize replacement or
payment of such bonds; and
WHEREAS all associated expenses, including counsel fees, would
be charged to the individual requesting replacement.
NOW THEREFORE BE IT RESOLVED that upon receipt by the County
Treasurer of proof of ownership of an unmatured bond issued by the
County or a coupon attached to a bond issued by the County, of
satisfactory evidence that the bond or coupon has been lost,
apparently destroyed or wrongfully taken and of security or
indemnity which complies with applicable law and is satisfactory to
the County Treasurer, the County Treasurer may authorize the paying
agent to deliver a new executed bond or coupon to replace the bond
or coupon lost, apparently destroyed or wrongfully taken in
compliance with applicable law. In the event an outstanding
matured bond or coupon is lost, apparently destroyed or wrongfully
taken, the County Treasurer may authorize the paying agent to pay
the bond or coupon without presentation upon the receipt of the
same documentation required for the delivery of a replacement bond
or coupon. The paying agent, for each new bond or coupon delivered
or paid without presentation as provided above, shall require the
payment of expenses including counsel fees, which may be incurred
by the paying agent and the County in the premises. Any bond or
coupon delivered pursuant the provisions of this resolution in lieu
of any bond or coupon lost, apparently destroyed or wrongfully
taken shall be of the same form and tenor and be secured in the
same manner as the bond or coupon in substitution for which such
bond or coupon was delivered.
Mr. Chairperson, on behalf of the Finance Committee, I move
the adoption of the foregoing resolution.
FINANCE COMMITTEE
Resolution # 91198 SEPTEMBER 26, 1991
Moved by Caddell supported by Moffitt the resolution be adopted.
AYES: Aaron, Bishop, Caddell, Crake, Ferrens, Gosling, Huntoon,
Jensen, Johnson, Krause, Law, McConnell, McCulloch, McPherson, Moffitt, Oaks,
Palmer, Pappageorge, Rewold, Schmid, Serra, Skarritt, Wolf. (23)
NAYS: None. (0)
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, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
.Board of Commissioners on September 26, 1991
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 26th . day or) September .2.; 1991
LynniD. Allen, County Cerk
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