HomeMy WebLinkAboutRESO 9200Resolution No. 9200
Resolution of the Council of the City of Palo Alto Approving The
Affidavit of Loss and Indemnity Agreement with American Stock
Transfer & Trust Company, LLC and Authorizing the City Manager
To Sign the Affidavit and Agreement
WHEREAS, MetroMedia Fiber Networks, Inc. ("MFN") was a licensee of the City's
dark fiber backbone program, which later emerged from bankruptcy and is now doing business
as AboveNet, Inc. ("ANI");
WHEREAS, since 2004, ANI has distributed to the City of Palo Alto two stock
certificates for a total of 1,078 shares, announced a two-for-one stock split, which shares are held
in book entry form, and issued a cash payment of $10,780;
WHEREAS, the City cannot locate the two stock certificates and must seek their
replacement with the assistance of the stock transfer agent, American Stock Transfer & Trust
Company, Inc. ("AST &TC");
WHEREAS, in order to secure the replacement of the two certificates, AST &TC
requires the City to (1) sign and notarize its Affidavit of Loss and Indemnity Agreement, (2) pay
an administrative fee and fiduciary bond costs (to be determined when the Affidavit is submitted)
in connection with the replacement bfthe certificates, and (3) submit a resolution of the Council,
authorizing the replacement of these stock certificates;
The Council of the City of Palo Alto does hereby RESOLVE as follows:
SECTION 1. The Council hereby authorizes the City Manager or designee, on
behalf of the City of Palo Alto, to sign the Affidavit of Loss and Indemnity Agreement with.
American Stock Transfer & Trust Company, Inc. in regard to the replacement of certificates AN
0002604 (179 shares) and 0000965 (899 shares), pay the requested administrative fee and bond
costs, and submit a certified copy of this Resolution to AST &TC.
SECTION 2. The Council further authorizes the City Manager or designee to sell the
AboveNet Inc. stock as and when it is/ deemed appropriate to do so and pay any and all
appropriate costs incurred in connection with the sale.
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