Adoption of a
resolution authorizing the replacement of the lost City of San Jose bond listed
in the scheduled entitled “Request for Replacement of Lost Bond” dated
May 17, 2001.
BACKGROUND
The owner of the
previously issued City of San Jose Improvement District #83-176sj (Senter
Road-Wool Creek Drive) has lost one (1) bond certificate and has requested
replacement. U.S. Bank Trust National
Association (U.S. Bank), the trustee and paying agent for this bond issue, has
delivered an indemnity bond to the City of San Jose which will protect the City
against future loss if the original bond is subsequently found and presented
for payment.
Section 53460
et. seq. of the California Government Code requires action by the legislative
body of the issuing municipality to replace lost bonds.
The City
Attorney has reviewed the affidavit of loss presented by the bondholder as well
as the indemnification policy submitted to the City. Based on this review, the City Attorney has prepared a resolution
indicating a finding of competent proof that the bond discussed herein has been
lost and that the indemnification policy provided adequately protects the City
against any loss from its replacement.
Costs of
replacing the bond is borne by the bond owner.
The bond to be replaced is shown on the attached schedule. The resolution, if adopted, will direct the
Director of Finance to cause U.S. Bank to replace the lost certificate.
This action has
been coordinated with the City Attorney’s Office.
SCOTT
P. JOHNSON
Director,
Finance Department
City of San Jose
REQUEST FOR
REPLACEMENT OF LOST BOND
May 17, 2001
|
Bond Owner |
Bond Lost |
Issue |
Date Lost |
Principal |
Trustee/
Paying Agent & Indemnity Bond Co. |
|
Kenneth H. Stringfellow & Myrtle A.
Stringfellow Trust |
Certificate Number 853 |
City of San Jose Improvement District
#83-176sj CUSIP Number 798160JK4, |
unknown |
$5,000 |
U.S. Bank , N.A. Seabord Surety Company |