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RESOLUTION N0. 1290.,
, RESOLUTZON DETERR;IINING THAT THE PUBLIC
INTEREST, CONVENIENCE AN17 NECESSITY RE—
CUIR� THE CANCELLATION OF ALL OUTSTAND-
ING BONDS OF LYN}VOOD ACQUISITION�AND .
IPuiPROV'�.�dIEI�iT' DISTRICi N0: 16; , DIRECTING
iHE CITY TREASURER TO GAP�CEL BONDS AND
GOUPONS 06VNEA BY THE CITY; AND REQUEST_
ING THE COUNTY.TO DELIVER CERTAIN BONDS
AND GOUPONS TO THE CITY TRr.ASURER FOR�
bANCELLP_TION. _ , . , � . � �
The City Council of the City of LynP�ood does hereby re—
solve, determine and order as follows:
Section 1. That the City of Lynwood has heretoPore pur—
chased bonds of Lynwood Acquisition and Improvement District •
No. 16 of the Arincipal a,mount of �y13,452.43; that said bonds
and all interest coupons appurtenant thereto were purchased '
by said City at a price not e«ceedin� eighty per cent of the
total face ve,lue of sald bonds and the matured interest cou—
z�ons appurtenant thereto; that the improvements made, things
done,.rights acquired, and proceedings taken in the crea.tion
of said Acquisition anfl Irnprovement District No. 16 vaere and
are of general City interest, use and benefit, anfl the general
City interest at the ti�e of eaid �urchase wa.s, is and v�ill be
served and the City materizlly benefited by the purchase of
said bonds and coupons.
Section 2. That the County of Los Angeles ha.s heretofore
nurehased bonds of said distrlct of the principal amount of
�45,100.00; tha.t said purchase wa.s duly and la.wfully made at
a price not to exceed eighty per cent of the face value o£ the
unpaid principal and interest of auch. bonds; that the said
County c3oes noar hold said bonds and all interest coupons
appurtenant thereto.
�"" Section 3. That the public interest, convenience and
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necessity require and the best interests of the City of Lynwood,
the County of Los Angeles and all other taxing agencies for the
support of which taxes or assessments are levied on real pro—
perty in sa.id City and County will be served, and the taxpayers
of said City and County will be benefited b� a cancellation of
all of sa.id bonds of said district. That such a cancellation
will result in the restoration to the active tax rolls of many
parcels of land on which taxes are not novr being paid.
5ection 4. That the Board of Supervisors of the County
of Los Angeles be and they are hereby requested to order the
�roper County officials to deliver over to the City Treasurer
of the City of Lynwood said bonds of eaid district now held by
the County in the pri•n�i�pal a�ount of �45,100.00, together with
all interest coupons appurtenant thereto, for ca.ncellation.
Section 5. That the City Treasurer of the City of Lyn—
wood be and he is hereby ordered and directed to and
receipt for said County owned bonds and interest coupons and
he is further hereby ordered and directed to cancel the same
forthv�ith upon delivery thereof to him.
Section 6. That the City Treasurer of the City of Lyn—
v�ood be and �e is hereby further ordered and directed to ca.n—
cel all bonds oY said Lymvood Acquisition and Improvement Dis—
trict No. 16, in the principal amount of 4�13,452.43, together
with all interest coupons appurtenant thereto, now owned by
the City of Lynwood. Said last mentioned bonds shall be can—
celled by said Cit,y Treasurer upon receipt by him of a, certified
copy of an order of the Board of Supervisors of Los Angeles
County directing the proper Gounty officials to deliver said
Gounty oh�ned 'oonds to the City Treasurer of the City of Lyn—
wood Por ca.ncellation, but said City o�ned bonds and intereat
coupons sha.11 be iully cancelled by said City Treasurer prior
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to delivery to him of s�id County owned bonds as aforesaid.
APPROV�D AND ADOYTED this 18th day of March, 1941.
�._�a., . . _______�' ;
�` - PIIAYOF. OF THE 2� OF LYNlN00D
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% CITY� GLER_.,� CITY OF LYN1^700D
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•.STATE'OF C•:..TFOF.N7A )," ' ; - � . .
COUNTY ;OF,.LGS: fiN!1r.:,Eu: .3s. , - '
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GITY OF LYD;VVUUD ' ) i' - ` .
I,..,the undersigned Citf� Clerx of :the City ,of
. Lynv?ood,� .d.o hereby oertify _ thab ,the a:bove and f,oregoirig.'
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•. Resolutior..wa� _duly adopted'by the CiLy CounciT of said �"
� � ; • .Git,y .r�t a' _ - - - - - - regul:ar meetin��, thereof- held' in , •
. the City, HaTl. of: said City, on tlie 18th 'day of Maroh° , '
`, . T94. �1 ., and passzd �by. the foTlouiing vote: -•
. ". AYES's COUNCILP�YEN: Chris�ensen, liake, Zimmer= '"'� :
• - . � . ", man�, ,Mcb4eekin'and Meyer. ,
, .. .��, ' NOES: 'COUNCILi�iaN: None. � � �
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���.,; :ABSENTt. _COUNCILii;EN.: None. ' .
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°'. � � ' CI GLEk3K�Z`IT7�OF L. tar00D
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