HomeMy Public PortalAbout1417 (03-03-42) RESOLUTION N0. 1417
RESCLUTION FROVIDING FOR AND ESTABLI5HING
CERTAIN TRJST FUNDS IN THE REFUNDING OF
THE INDEBTEDNESS br' ACQUISITION AND�Ill4-.
PROVEit2E1VT DISTRICTS`P10S. 17, .18, 20, , 22,
23 AND 28, . t1ND R7[JNI CIPAL IP.riPROVEi:�1EN^t DI S-
TRICT N0. 1 Or^ TF.E CITY OF LYNWOOD.
l9HEREAS, this City Council is conducting a proceeding to
refund the indebtedness of Acquisition and Inprovement Distr.icts
� Nos. 17, 18, 20, 22,.23 and 28, and r;?unicipal Improvement District=
, .
No. l of the City of Lynwood, under the multiple district refund-
• ing provisions of the Assessment Bond Refunding Act of 1933,
, as amended; and -
Li'HERE.4S, it is necessary and proper.that certain funds be
established in order to properly complete and carry out saifl
refundinU proceeding; and , `
� YIHEREAS, the County of Los Angeles has, by resolution
heretofore contributed the sun of �157,000.00 to assist in
said rePunding; and •
NOIn?, THEREFORE, be'it resolved,by the City Council of the
City of Lynwood as follows: .
Section 1. That the public ±nterest, convenience and ne-
cessity reo,uire the of each of the funds herein-
� - a°ter established by this re�olution, and likewise require tne
� contribution, transfer and allocation of, �none,y, a.s, hereinafter
'provided`FOr, and thzt eGch o� the contributions,.alloca�ions
�and tr�n�`ers herein ordered is, in the opinion of this Council,
necessary and proper to best serve and protect the publie in-
terest, and it will be o' the greates� public benefit by re-
storing property to the ta:: rolls z.nd 'r.eeping property upon ,
. the t�x r�olls and thereby.securing the payment.of general taxes
from the said nropertles in s2.id districts.
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, Section 2. That a. trust fund, to be k_no��n and designated
as "Niultiple Refundin�.Settlement Fund,° be and the same is �
hereby.crea.ted and established. ,
Section 3. That a tY:ust fund, to be Kr.oian and designated
• as '�A. and I. Distr.icts Nos. 17, 18, 20, 22; 23 and 28, and Ivi. .
I. D. No. 1 Retirer�ent Fund," be and the sar�e is hereby created �
�,nd established. .
Section 4. That.the suin of �14,438.66 be and the same is
hereby ordered transferred from the Special Assessment and Tax
Relief..Fund to A. and I. Districte Nos. 17, 18; ?.0; 22, 23 and
28, ancl S��I. I. D. A?o. l.Retirement Fund and that the.sum of
�'¢8,906.57 be and the same is hereby ordered transferred fror�
Refuriding=,Trust; Eund:�'!�E'� heretofore established to said Re-
. tirement fund. That the sum of �p7;381.13 be and the same is
hereby ordered tra.ns'ferred from the Gene�al Fund in to said
Retirement Fund.. That the funds transferred to said Retirement
Fund, as aforesaid, are cl sufficient to adeo,uately provide
for the retirement of all the bonds and interest coupons of the
�non-consenting holders. " � � ` .
Section 5. The City Clerk and the Superintendent of Streets
of the City oi Lynwood are hereby ordered and direct�ed, immediately
,, u�on the recordationi:of"refunding.�assessment (sonetimes called
reassesement), to notiiy in writing, the County Treasurer and
County Auditor of the County of Los Angeles of the fact of tY:e
recordin� o° such assessnent (sometimes called reassessment),
'and reque.st the transmittal of tne.aforesaid County contriqution.•
The City Treasurer shall, ir,�nediately ubon receipt of the said
contribution made to asaist'. in the refunding, pay the same in to
t'r.e a.foresaicl :!�ultiple Refundin� Settlement Fund.
- Section 6. The Superintendent of Streets sh�ll pay over .
� all money collected upon assessment (sometimes called reassess- .-
�nents) included in tne sa.id assesement (sometimes c�lled reassess-
ment) levied in the aforesa.id refundirtg nroceedingsto:the City
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Treasurer., who�shall deposit the same in the aforesaid ?.?ultiple ...
Refunding Settlement Fund, and, in addition, .the City.Treasurer
shall nay in to said. Settlement Furid al1 �ums u�hich are or wi.l•1 .
be credited upon the said. aseessments (sometines called reas�ess-
ments) as cash paid thereon, including aL sums naid for any par- ,
,. , -.
ce1 of land in to the Interest and Sin'_�ing Funds for the payment
-., ,oi arincipal and interest of tne bonds to be refunded,,which
, said,sums �Qere paid after tne date of the adoption of the Reso- .
lution of Intention i m.the refunding proceeding. ,
Section.7. The City Treasurer is hereby ordered to Porth- ..
with set up the funds herein provided (if any of �said funds
have heretofore been set up and if a.ny of said transfers have
heretofore been macle, the same are hereby.confirmed and rati- ,
�. fied) and to.take�and do a11 acts tq carry out the terms of
this resolution. �- �
APPROVED AND ADCPTED this 3rd day of Ivlarch, 1942.
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�'"` � , �" �, P�IAYOR OF '1'HE CI'PY F LYNY+OOD •
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' PTTEST � '�`` . .
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CITY ,CLEF.K, . CITY OF LY1�INOOD
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. _ . STATE OF. C�,LI�'OR�?7A .. � ' . , , -
. COUNTY OF LOS l�NGr.liES: ss: : •�
, CITY OF ;LY1V'uV00D . � ) :� , ° , .
•• '• I, �tre uride'rsi�ned City ,Clerx•. of the' City'of ��
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• , Lynv;ood,.do lzereby certify that.tYie above and foregoing �
: Resolutior. was du]y adopted by the City�Council.of said.. '
, , . � City at.P. _ _ _ : reguTar meeting`thereof"held in'...
the 'City f Holl . of said City, on the ��_day, of March •
' • ~,`� 1�94�; and-�passed by.,the following� vote:
� . AYES: "COUNCILP.?EN: i.mkA. Mo a.;� en,.nrtAAkin., . .
�. ,� NOES!.: COUNCII;1ciAN: NnnP .
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