The City of Turlock is downright bewildered over bearer bonds that have begun to pop up at city hall in recent weeks.
And bondholders are bewildered too, as the city is refusing to cash out the bonds.
According to Turlock Police Spokesperson Mayra Lewis, the bonds were issued in 1958. She says the bonds were street parking bonds.
Though the bonds are not fraudulent, their sudden appearance is mysterious.
“We (The City of Turlock) have no documentation of the bonds,” said Lewis.
City archives indicate that almost all of the bonds issued at that time have been redeemed. The source of funds to repay the bonds no longer exists.
As such, the City of Turlock will not redeem the bonds unless proper documentation is located.
Lewis explained that apparently the bonds have been found in storage units and at flea markets.
City staff is currently searching through Turlock's archives to discover if the newly found bonds were previously redeemed for cash.
