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HomeMy WebLinkAboutReso. 1988-352 - Authorizing the replacement of lost bonds owned by paine webber inc 4 + RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING THE REPLACEMENT OF LOST BONDS OWNED BY PAINE WEBBER INC . WHEREAS, by the attached Certificate dated August 1 , 1988 , PAINE WEBBER INC. declares that it is the owner of $10 ,000 CITY OF REDDING (DANA DRIVE AND VICTOR AVENUE ASSESSMENT DISTRICT) SERIES 1977 5 .20% BONDS DUE 7/2/89 , NUMBERED 46 AND 47 AT $5 ,000 EACH, WITH 7/1/88 AND SUBSEQUENT COUPONS ATTACHED, IN BEARER FORM; that said bonds were not endorsed; and that said bonds have been lost; and WHEREAS, by the attached Petition to City Council dated August 1 , 1988 , PAINE WEBBER INC. has requested the issuance of duplicate bonds in lieu of the above-mentioned lost bonds; and WHEREAS, FEDERAL INSURANCE COMPANY has issued a Bond of Indemnity to the CITY OF REDDING AND BANK OF AMERICA NT&SA, numbered PW98900-8-88-7 , a copy of which is attached hereto and incorporated herein by reference; IT IS, THEREFORE, HEREBY RESOLVED by the City Council of the City of Redding that the City Treasurer is hereby authorized to replace the above-mentioned lost bonds in the name of PAINE WEBBER INC. , and to sign whatever documentation is required to effect such replacement. I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a regular meeting of the City Council of A V- i • the City of Redding on the 4th day of October , 1988 , and was duly adopted at said meeting by the following vote: AYES: COUNCIL MEMBERS: Buffum, Carter, Dahl, Fulton, & Johannessen NOES: COUNCIL MEMBERS : None ABSENT: COUNCIL MEMBERS: None ABSTAIN: COUNCIL MEMBERS : None 11(' -k2c/7 K,( MAURICE JOHANNESSEN, Mayor city of Redding ATTEST: ETHEL A. NICHOLS , City Clerk FORMA"ROVED: / RAN- ALL A. HAYS , City Attorney -2- 4 I . CERTIFICATE We, the undersigned, hereby declare that we are the owners of the following described bonds : Dana Drive & Victor Avenue Assessment District,City of Redding, Shasta County, California, Series No.1977-1, Bonds No.46 and 47 due 7/2/89 with 7/2/88 and subsequent coupons attached, each in the amount of $5, 000 .00; That said bonds were not endorsed; That neither said bonds nor the rights of the deponent in said bonds have in whole or in part,been sold, assigned, endorsed, transferred, hypothecated, pledged or otherwise disposed of,or any interest therein, in any manner whatsoever; That deponent is entitled to the full and exclusive possession of said bonds; That said bonds have been lost under the following circumstances: Received in our New York office to be held in our safekeeping vault and were mislaid, a thorough search of our Premises and records failed to locate bonds . That said deponent hereby requests the issuance of duplicate bonds in lieu of the bonds so lost, and hereby agrees, in consideration of the issuance of duplicate bonds, to hold the City of Redding, its agents, successors and assigns harmless against any loss or damage sustained by reason of the issuance of such new or duplicate bonds . Executed at New York, New York this 1st day of August, 1988 . 1 We declare the foregoing to be true under penalty of perjury. I John J.Me , Aj4istant Vice Presider Paine Webber Inc I 1 I • • PETITION TO THE CITY COUNCIL OF THE CITY OF REDDING: The undersigned is the owner of the following bonds in Dana Drive and Victor Avenue Series 1977-1 of the City of Redding, County of Shasta, State of California: Bonds No . 46 and 47 due 7/2/89 with 7/2/88 and subsequent coupons attached, each in the amount of $5, 000 .00 . As the owner of said bonds , I respectfully petition that you institute proceedings to have the above bonds reissued for the reason that said bonds have been lost. Proof of loss is attached hereto as Exhibit A and made a part hereof . DATED: August 1, 1988 Respectfully submitted John J . er, Asst.Vice President Paine Webber Inc . CHUBB GROUP of InsuraSe Companies CO-if CJ I FEDERAL INSURANCE COMPANY Bond No. PW98900-8-88-7 BOND OF INDEMNITY_ (OPEN PENALTY) KNOW ALL MEN BY THESE PRESENTS, that FEDERAL INSURANCE COMPANY a corporation duly organized and existing under and by virtue of the laws of the State of New Jersey and duly authorized to transact the business of Insurance in the State of New York and all other States in the United States of America and having an office and place of business in the State of New York at 100 William Street, New York, N.Y. 10038, and in California at 555 California Street, Bank of America Center, San Francisco, CA 94104 as Obligor (hereinafter called the "Obligor") is held and firmly bound unto CITY OF REDDING BANK OF AMERICA NT & SA individually and/or as Trustee, Depositary, Fiscal, Paying or Disbursing Agent, Registrar, Transfer Agent, (and unto any other Trustees, Depositaries, Fiscal, Paying or Disbursing Agents or Agencies, Registrars and/or Transfer Agents) their respective legal representatives, successors and assigns (hereinafter collectively called "Obligees") , in an aggregate sum, lawful money of the United States of America, sufficient to indemnify the Obligees under the conditions of this bond as hereinafter set forth, but not exceeding the maximum amount for which Obligor may obligate itself on the date of this bond in respect of any one risk or hazard under any law governing the validity or performance of this bond, said sum to be paid to Obligees, their respective legal representatives, successors or assigns, as interest may appear; for which payment well and truly to be made the Obligor binds itself, its legal representatives, successors and assigns, jointly and severally, firmly by these presents. SEALED, with its seal and executed in TWO counterparts, as of the 8th day of August, 1988. WHEREAS, the Obligor represents that PAINE WEBBER INC. is/are the unqualified owner(s) of $10,000 CITY OF REDDING (DANA DR. & VICTOR AVENUE ASSESSMENT DISTRICT) SERIES 1977 5.20% DUE 7/2/89 NUMBERED 46 & 47 @ $5,000 EACH WITH 7/1/88 & SCA IN BEARER FORM (such security or securities being hereinafter called "original" or "originals") , and that the same has or have been mislaid, lost, destroyed or wrongfully taken and cannot be found or produced, by virtue of which the Obligor has requested Obligees to issue and deliver to PAINE WEBBER INC. or his/her order a new or duplicate instrument or instruments (hereinafter sometimes called "duplicate"or "duplicates") , or to pay to PAINE WEBBER INC. or credit to his/her account the amount due on said original or originals without surrender or presentation thereof for cancellation or stamping or for any other purpose; and 4 • WHEREAS, on the faith of the foregoing representations and in consideration of this bond of indemnity, Obligees have complied or have agreed to comply with said requests. NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION ARE, that if the Obligor, the legal representatives, successors or assigns of the Obligor or any of them, shall in case the original or originals be found or come into the hands, custody or power of any of them, or into the hands, custody or power of any person, deliver or cause the same to be delivered unto Obligees in order to be cancelled, and shall also at all times defend, indemnify and save harmless obligees from and against any and all, claims, actions and suits, whether groundless or otherwise, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character by reason of the original or originals and/or the issuance of a duplicate or duplicates in lieu thereof or in lieu of any instrument or instruments of purported like issue and amount which because of alteration, change or counterfeit may or may not be identified as the said mislaid, lost stolen or destroyed original or originals, or the making of any payment, credit, transfer, registration, conversion, exchange, or delivery in respect of the original or originals without surrender thereof and/or in respect of the duplicate or duplicates, whether or not caused by based upon or arising out of the honoring or refusing to honor the original or originals when presented by anyone, and/or whether or not caused by, based upon, or arising out of inadvertence, accident, oversight or neglect on the part of Obligees, or any of them, or their respective officers, agents, clerks or employees and/or omission or failure to inquire into, contest or litigate the right of any applicant to receive any payment, credit, transfer, registration, conversion, exchange, issue or delivery in respect of the original or originals and/or the duplicate or duplicates issued in lieu thereof, and/or caused by, based upon or arising out of the release of any security or the satisfaction of any instrument or instruments, under which the original or originals and/or duplicate or duplicates are issued or secured, and/or caused by, based upon or arising out of any other matter or thing whatsoever, then this Obligation shall be void; otherwise shall remain in full force and effect. Obligor further agrees that if the mislaid, lost, stolen, or destroyed original or originals be found or come into the hands, custody or power of any person or into the hands, custody or power of the Obligees or any of them for any purpose other than cancellation without reissue, the Obligor will forthwith on demand obtain and deliver to the Obligees either such original or originals or such duplicate or duplicates or will pay to the obligees a sum of money sufficient to enable the Obligees to purchase in the open market securities of the same issue and amount as the original or originals. Obligor further agrees that, in case of any default under the conditions of this bond, the Obligor waives and releases any and all right or claim against Obligees, or any of them whether by way of subrogation or otherwise, for any loss, expense or liability incurred by the Obligor caused by, based upon or arising out of the enforcement of this bond by the Obligees or any of them. (No inaccuracy in the description of the securities herein referred to as original or originals shall alter, modify or affect the obligations of the Obligor hereunder.) Obligor agrees that its liability hereunder shall be absolute, subject only to the conditions herein expressed. II FEDERAL INSURANCE COMPANY FORM APPROVED / i CITY LEGAL DCi'T. Attorney-in-Fact • POWER OF ATTORNEY • L Know all Men by these Presents,That t�EDERAL INSURANCE COMPANY,15 Mountain Vie oad,Warren,New Jersey,a New Jersey Corpora- tion, has constituted and appointed and does hereby constitute and appoint Mark A.Cook, Robert Briganti,A.J. Krey,Joseph P. Milana, Dorothy Kern, Marie Hughes, Jean B. Kenney, Jeannine Fuscaldo and Chantal Cabrol of New York, New York. each its true and lawful Attorney-in-Fact to execute under such designation in its name and to affix its corporate seal to and deliver for and on its behalf any and all Lost Instrument Bonds wherein the said FEDERAL INSURANCE COMPANY is named as Obligor. In Witness Whereof,the said FEDERAL INSURANCE COMPANY has,pursuant to its By-Laws,caused these presents to be signed by its Assistant Vice-President and Assistant Secretary and its corporate seal to be hereto affixed this 1st day of April, 1987. I yFw�Eas``+• FEDERAL SURANCE CO PANY I G L.A./ By ._:__AL/,.____IL jAr. Rich d Hight George McClellan Assistant Secretary Assistant Vice President STATE OF NEW YORK . County of New York ss' • • On this 1st day of April 1987,before me personally came Richard Hight,to me known and by me known to be Assistant Secretary of the FEDERAL INSURANCE COMPANY,the Corporation described in and which executed the foregoing Power of Attorney and the said Richard Hight being by me duly sworn,did depose and say that he is Assistant Secretary of the FEDERAL INSURANCE COMPANY and knows the corporate seal thereof;that the seal affixed to the foregoing Power of Attorney is such corporate seal and was thereto affixed by authority of the By-Laws of said Company and that he signed said Power of Attorney as Assistant Secretary of said Company by like authority;that he is aquainted with George McClellan and knows him to be Assistant Vice-President of said Company,and that the signature of said George McClellan subscribed to said Power of Attorney is in the genuine handwriting of said George McClellan and was thereto subscribed by authority of said By-Laws and in deponent's presence. 4i4 E'McGOG Acknowledged and Sworn to before me 4r = on the date above written • NOTARY to PUBLIC / L 7•� Q �•-...mac-`'tie' 0 40 ary E.M gh Note lic NE`N Notary Pu ' ,State of New York No.01MC48 Qualified Queens County—Certificate filed in eons County Commission Expires June 30,1988 Financial Statement of Federal Insurance Company as of December 31, 1986 IN THOUSANDS OF DOLLARS STATUTORY BASIS LIABILITIES AND ASSETS SURPLUS TO POLICYHOLDERS United States Treasury Bonds $ 77,334 Outstanding Losses and Claims $ 1,528,840 United States Government Secured Unearned Premiums 762,695 New Housing Bonds 45,959 Expense Reserves 59,583 State and Municipal Bonds 1,649,189 Dividends Payable to Policyholders 21,916 Other Bonds 82,629 Non-Admitted Reinsurance 9,940 Preferred Stocks 2,786 Loss Portfolio Transfer —125,480 Common Stocks 235,840 Other Liabilities 210,714 Other Invested Assets 40,180 Short Term Investments 18,566 TOTAL INVESTMENTS 2,152,483 TOTAL LIABILITIES 2,468,208 Investment in Affiliates: Vigilant Insurance Co 93,780 Great Northern Insurance Co 34,659 Pacific Indemnity Company 162,388 Chubb Life Insurance Co 154,898 Common Stock 13 987 Bellemead Development Corp 207,303 Paid-in Surplus 538,353 Chubb Ins. Co. of Canada 25,183 Other 35,608 Unassigned Funds 212,293 Cash 16,199 Unrealized Appreciation of Investments . . 217,359 Net Premiums Receivable 458,339 Reinsurance Recoverable on Paid Losses 27,722 SURPLUS TO POLICYHOLDERS 981,992 Other Assets 81,638 TOTAL ADMITTED ASSETS $ 3,450,200 TOTAL $ 3,450,200 Investments are valued in accordance with requirements of the National Association of Insurance Commissioners. Investments valued at$14,079 are deposited with government authorities as required by law. • • NOTARIAL ACKNOWLEDGEMENT CITY, COUNTY 3 $$ATE OF NEW YORK, ss 8th AugustChantal Cabrol On this day of 19 , before me personally came to me known, who, being by me duly sworn, did depose and say that he is an Attorney-in-Fact of the FEDERAL INSURANCE COMPANY, the Corporation described in and which executed the annexed instrument; that he knows the corporate seal; that it was so affixed by order and authority of the Board of Directors of said corporation, and that he signed his name thereto by like order and authority. Notarial Seal NANCY A. %LANG Acknowledged and Sw n to fore me NOTARY KWIC, $fro• of New Yep► No. 48.79746 on the. to abo w en. Qualified m k";.;, County / , I //LOP Certificate Filed in New York Cogg1 ' Commission ExPi,as April 13 i989 Notary Public STATE OF NEW YORK County of New York ss. CERTIFICATION I,the undersigned,Assistant Secretary of the FEDERAL INSURANCE COMPANY,do hereby certify that the following is a true excerpt from the By-Laws of the said Company as adopted by its Board of Directors on March 11,1953 and most recently amended March 5,1986 and that this By-Law is in full force and effect. "ARTICLE XVIII. Section 2.All bonds,undertakings,contracts and other instruments other than as above for and on behalf of the Company which it is authorized by law or its charter to execute,may and shall be executed in the name and on behalf of the Company either by the Chairman or the Vice-Chairman or the President or a Vice-President,jointly with the Secretary or an Assistant Secretary,under their respective designations,except that any one or more officers or attorneys-in-fact designated in any resolution of the Board of Directors or the Executive Committee,or in any power of attorney executed as provided for in Section 3 below,may execute any such bond,undertaking or other obligation as provided in such resolution or power of attorney. Section 3.All powers of attorney for and on behalf of the Company may and shall be executed in the name and on behalf of the Company,either by the Chairman or the Vice-Chairman or the President or a Vice-President or an Assistant Vice-President,jointly with the Secretary or an Assistant Secretary,under their respective designations.The signature of such officers may be engraved,printed or lithographed. The signature of each of the following officers:Chairmen,Vice Chairman,President,any Vice President,any Assistant Vice President,any Secretary,any Assistant Secretary and the seal of the Company may be affixed by facsimile to any power of attorney or to any certificate relating thereto appointing Assistant Secretaries or Attorneys-in-Fact for purposes only of executing and attesting bonds and undertak- ings and other writings obligatory in the nature thereof,and any such power of attorney or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and certified by such facsimile signature and facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking to which it is attached." I further certify that said FEDERAL INSURANCE COMPANY is duly licensed to transact fidelity and surety business in each of the States of the United States of America,District of Columbia,Puerto Rico,and each of the Provinces of Canada with the exception of Prince Edward Island;and is also duly licensed to become sole surety on bonds,undertakings,etc.,permitted or required by law. 1,the undersigned Assistant Secretary of FEDERAL INSURANCE COMPANY,do hereby certify tha(theeforegoing Power of Attorney is in full force and effect. th August $$ Given under my hand and the seal of said Company at Warren,N.J.,this day of 19 SUR•.Hc�� a,, /mit��t mt oto 1 'W e ;a • g Ilf�/ and Hight Assistant Secretary *Fk'J Form 21-10-0334(Rev.6-87)N.Y.REG.MAIL PRI{oD P-82764(50M)