HomeMy Public PortalAbout1090 (03-30-38) . , .
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FtFSOLUTIOid ATTTHOHIZIPIG PSdD DIRECTIidG
SECUkITY-�'IHS'P i�ATIONAL BANK OF LOS .
ANGELES TO FU�CIi�SE C�R1AT_N BQNDS AIdD. ,
. DELIVEI3 SA:tE F'OR CdLYdCELLATI01d TO Ti3F:
� TREASJhiR Or TIi� CITY OF LYPd?�FOOD.
, . Vd?�REAS, the City of Lyn�n od is party to an
escrolv agreement pursixant to �vhich certain outstanding
bonds of Acquisition and Improvement District A?o. 19
of tho City of Lyn�vood lzave oeen delivored to the Se-
curity-b'irst'National Bank of Los Angeles, a National
Banking Association, as Depositary, and s,aid bonds are
to be purchased by the City of Lynti°A od and/or the Coun-
� ty of' Los Angeles, and �:rhen-.purchased are to be d.e-
livered to the Cour_ty of Los Angeles, and/or to the CitJ
of Lyn�^rood, as tLe case ma�� bo, and
- 6�JHEREAS, t�ie funds heretofore contriUuted by
the County of Los Angeles iri ti�e proceedin� f'or re-
; fundin� the indebte �ness of said District, and funds
available to the City of L,pnti�rood through cor_tributions,
paymente into the Interest and Sinking fund oi' the Dis-
trict, cash pa;�raents oi reassessr.ients, and the sale of
refunding bonds of said District are sufficient to can-
cel and retire all of the outstanding indebtedness of , ,
said district, and e.greer.ients for the retirenient and
cancellation of all of tne outstariding indebtedness oz
said District have Ueen duly entered, and the payment
for and cancellation o£ tne bonds held by said Bank
:�Jill re'tire all of the outstandixig indebtedness of said ,,
- District,
PIOI'd, T�!TREF�'ORE, TI� CITY COUIdC1L OF T_ �� CITY
OF LYPtP100TJ DUES HERESY RESQLVE, DETERt,1INE, A�tD OftDER
AS FOLL04JS:
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�(� ,. � " . Section 1. ,That tno',City ?'reesur'er of the
City ,oi Lym:o od be, anc� is hereqy ciirected . to ,pa}* to the
. � _ , , . . . . . .
° Se.curitg-First ivational Bank;of�Los Ari�eles sufficient ,
fun c3s to' -purchase �all. oi the outst�ziding, bonds . oi. Acqui.= ' � '�
sition."and Improcement District 310. l9 of the City of Lyn-,
, wood held by said bank (except such bonds as are`purchased �
, ., . ,
,, .:, : by,the County of Los AngeIes), as Depositary,' at the'pur`-
chas desi�nated in said escrow agreenient.and�or:in ..',
,. :; �� any escro�v' instructions pursuant to ��rhich said bonds`�vere ,
d'e,posited', s�id pur.cilase ��ri'ce being �;,400.00 for� oach -... .
'� ! �T,OOOr00 Uorid:and caupons appurtenant`the:�eL'o,. and
the said moneys for that purpose are hereby aopropria�ed ,•
H °. ' . fr the respective*.funds of t�ie Cit� of L3rn�^rood available. �
therei°or urider tiie refur_d�ng proceedings, and,resolutions " ;
'� heretofore, adopted bJ ! t'_�e Ci Lg Council of said City:: " ; �. �
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� , Soction 2. `Phat ��tlie` s'aid DeUOSitwr�r bar.��
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__ shall purchase the.bonds designated.in Sectior_ l her.eof ..
vvith the said funds so. paid.,to �'t `and .shall ,deliyer said
:.' � . : „ . • '. , . . `"� ., . �
. bonds to .Lk�e. City `Preasuier ��f� the City, of L3Tnti�.00d for "
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� ` cancelTation, and said.City T cancel said
' bonds � in accordanoe , ivith 'the provisions of tiie As'sessnient
� s' Bond Reft:ndin� act' of '1933,' as .airiended. f . -'
• , , � Sectior_.3.- This Resoluti'on .snall c�nstitute �
'- the -apProval in ��^�ritiizg oi this City Council of the pur-
chase of said bonds, and tne pa therefor. . ,
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S�c.tion �. That 'each and all of said bonds"
Yiave at�tached ther.eto or accompanying the same all out-
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�standing unpaid appu cou�ons tl�ereof, and no'out-� .
' standin� unpaid coupons thereoi are mis��ng, and {;here is
. ; 2.
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'., ,no readjustment or special price'or.agreement,to be made
on account of' rnissiri� coupor`s. .
/' Section 5. •That any�additignal instructions,
no�ices; or ti°rritings necessary or conveiiient in said�niat-
ter .si:all be �iven to sWaid deposita'rJ bant� by tk�e City
� Preasur , ,
'� er oi the City of Lynv�ood, andr,o is nereby'author-
� � iaad to prepare, si,�n and,aeliv'er to,said barik.any in- ,'
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,- structions:, notices, or writings requirecl for tne purpose
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.' ``, of performing said eSCI'O�N a�reement or, ca oui: any of�, ' "
" ° the instruct'ions bursuani, to 1°ihich ar?y oi said bonds vvere . . ,
• ` . , . deposilied. .. � ' i
. AvOPTED, SIGId�D and AP:?.`'.QVE� tYiis 30Lh da*� of..
N�Arcn, I938. - - .
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��,p,� ,, `u'�, �r� . . T:ayor o1' .tne City- of LS*r.ti^rooa
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.�. -E„ _:+� � / .. . . A . . . ' . .
'�,� " C� ty�, Clerk oi . t'r.�e C3t�* oi Lyn�aiood ., . '
• a� and, rk of �he City-Counoil irereoi.' '.
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: .� - ' , - :
' - ( SLAL
, , S2 Of� CI�l,IFO�NIA ) '
, � CUUid'I'Y" C�P LflS ANGELFS: ss. . ': . ; �. .
.. ' . CI`i"1 CP' L�Qiqt00D ) '- . "
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• I, th9 undersi�ned, Cit;� Glerk oi the� Citg, of ,
; liynco od, do hereUy' certif'y that •tne' above .and forogoin�; '
` -, F�esolution.l�:as duly adopted-by the G��tSr :Council oi said �.
. City at, an adjourned`roguTar rrieeting tilereof }�eld ir� 'L'he :.
� " City FIall oi said Gity, on the 30th day of P+i�rch, 1930,
� and passed by,the�followir_g vote: -
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.�'�� ,�' �to-. AYES: Councilmen' Nation Sny*doi and ,3oster•
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.y .: • .. .; rd , . . . . . - . . . .
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•'� 3r?OES ° • (.ouncilnieri . . None . . _
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, .;� .,� "'�n.n ,ca� g" c , . .. . . .. . .
,� a,, �.'• , .:.,,^ "' '!, p�3S�'�1T, Counc_�.lmen Lake 'a.nd Prieyer
�. j �".. l��` N,._,,, .. � n . � . - . • :. • � '. . , � . . .
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� � � ?` � � � ; CSTY CLERti� CITY uk� 1,1'�v,�rt�GD � .
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