Bearer bond buyers beware.
The City of Turlock is reporting that people have been bringing in bearer bonds from the 1950s for redemption, but records indicate the account for the bonds was closed long ago.
The bonds were issued by the city in the late 1950s. The city archive files show that almost all of the bonds issued have been redeemed and the source of the funds to repay the bonds no longer exists.
However, in the last few weeks people have brought in these bonds for redemption. The individuals said they purchased the bonds at garage sales, flea markets and storage unit auctions.
City personnel continue to look through City archives in hopes of finding additional documentation that may shed more light on where these few bearer bonds came from and verify if they have previously been redeemed. The City of Turlock will not be redeeming these bonds, unless proper documentation with regard to potential redemption is located. They are asking the community to take all necessary precautions to verify the validity of any bond prior to purchasing them.