HomeMy WebLinkAbout60-257RESOLUTION NO. uu-~ AUTHORIZING PAYi4ENT OF
THIRTY-THREE SA~?i~A ~i%NA ~4UNICIPAL IMPROVF24ENT
BONDS AND FIFTY-THREE INTEREST COUPONS
WHEREAS, heretofore, the Security First National Bank
accepted from customers and paid face value for Bonds and coupons
as follows:
33, City of Santa Ana, 1~% Municipal Improvement
Bonds, Nos. 993 through 1009; and Nos. 1025
through 1040, each for $1,000, maturing July 1,
1960, and each having July 1, 1960 coupon for
$6.25 attached. 20 City of Santa Ana Municipal
Improvement Coupons at $6.25 each, due July 1,
1960, from bonds nos. 1125 through 1135 and nos.
1491 through 1500 - total $33,331.25.
and said bonds and coupons were, on June 30, 1960, transported
to the Santa Ana Branch of said Bank by Brink's, Inc., were
receipted for by a teller in said BranCh and thereafter disappeared,
and search has failed to locate the same; and
WHEREAS, after long negotiation and effort, said Bank has
expressed the belief that said bonds and coupons were inadvertently
destroyed, and have now delivered to the City a Lost Instrument
Bond issued by Pacific Indemnity Company guaranteeing the City, its
agents and employees against loss by reason of the presentation of
any of the said instruments, which Bond is in the amount of
$33,331.25, the face value of said instruments, together with a
guarantee from said Bank whereby said Bank requests payment for
said instruments without their prior delivery and agrees at all
times to hold the City of Santa Ana, its officers and employees
free and harmless from all loss, liability, cost or damage, including
counsel fees and court costs which might be suffered or incurred by
reason of such payment without prior surrender for cancellation.
NOW, THEREFORE, BE IT RESOLVED: That the City of Santa Ana
hereby authorizes payment to the Security First National Bank in
amount of $33,331.25 for the payment and redemption of the 33 bonds
and 53 coupons,hereinabove described and referred to by number,
without the prior delivery of said instruments and the surrender of
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the same to the City for cancellation, and directs l%r. Hal Rager
of the Finance Department to draw a check upon the City naming the
Security First National Bank as payee for said amount and to
deliver the same to said Bank.
BE IT FUR'I~ER RESOLVED: ~nat this payment is made in full
reliance upon the obligation ~ said Bank expressed in its letter
dated November 30, 1960, wherein said Bank binds itself, irrespec-
tively of any Statute of Limitations, to hold and save the City,
its officers and employees free and harmless from any liability,
loss, cost or damage by reason of such payment as detailed in said
letter of obligation and undertaking and in the further consider-
ation of the Lost Instrument Bond of the Pacific Indemnity Company,
b~ng Bond No. 240427, filed with the City for the same purpose.
PASSED AND ADOPTED by the City Council of the City of Santa
Aha at its regular meeting held on the 5th day of December , 1960__.
ATTEST:
~.k~ OF 'TI~ ~OUNCIL
STATE OF CALIFORNIA)
COUNTY OF ORANGE )
CITY OF SANTA ANA )
SS
I, ~.~RION SUTTNER, do hereby certify that I
am the Clerk of
the Council of the City of Santa Ana; that the foregoing Resolution
was regularly introduced to said Council at its regular meeting held
on the 5th day of December , 196°, and was at said meeting
regularly passed and adopted by the following vote, to-wit:
AYES, COUNCIIA~EN: Royal E. Hubbard, Bob Brewer, A. A.
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: Stanley C. Gou~d, Jr., Dale H~. H~inly
dLS~R~ OF T~E COUNCIL
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