HomeMy Public PortalAbout1106 (05-17-38) - - . . . �� .
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RESO�UTION N0. 1�106 ' '
RESULUTIUN Or' THE CITY COUNGIL OF THE
CITY OF LYN�i00D, CALIFORVIA, PROVIDING
FOtt TH� E:�PLOYti:ENT, OF' THE BR0IVIQ-CRUMN�R •
� COMPAIVY TJ ASSEMBLE CERTAIN BONDS:
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� WHEREAS, the City of Lynwood is conducting pro- .
ceedings to refund the indebtedness of Acquisition and Im-
provement llistricts�Nos. 5,�11, and 25 of said City under
the Assessment Bond Refunding Act of 1933, as amended;
and ` '
WHEREAS, it is necessary'that someone be employed .
to assemble the outstanding bonds of said Districts and ne-
gotiate with the nolders of such bonds,for the purpose of
securin� contracts with said bondholders for the exchange
or sale of said bonds in the refianding proceedings, and The
, Brown-Crummer Company has offered to perform .the..services . .-.....
of assembling said bonds and obtaining contracts from the
holders of,the outstandirig bonds for the sale or,exchange
of such bonds refunding proCeedings: �
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NOW„ TF�REFGRE, the City� Council of. the City of
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Lynwood does hereby resolve, determine and order:
Sect,ion.l: > That_The Brown-Crummer Company be
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and it is hereby employed for the purpose of assembling
the outstanding bonds of Acquisition,and Improverrient Dis-
tricts Nos. 8, ll,�and 25 of tYie City o£ Lynwood, and ob-
taining contracts from the. holders of such bonds for trie
sale or exchange of such bonds in the said refund'ing pro-
. ceedings, such contracts to be made prior to the time the
' reassessment is recorded,and said Company undertakes and
agrees to use its best afforts to assemble all of said �
- outstanding bonds. �
. Section 2. That the compe'nsation'of said Com- ,,
pany for said_services in assembling the bonds of Districts
Nos. 8 and ?5 shall be 22� of the principal amount of the
, outstanding bonds.of said Districts, except sucli bonds
thereof as are o�vned by the City of Lynwoon; that the
' compensation of said Cor,ipany ior said �services in respect
of District No. 11 bonds shall be 20 of the principal
� �aznount of the outstanding bonds of said District, except
such bonds as.are ovaned by'the City,o:f Lynv�ood.
Said compensatiori shall be payable for services
rendered in securing the bonds of any one of said �istricts
'only if said.Company procures contracts for exchange or '
sale of bonds of such District in the refunding proceed- , .
ings� in a principal° amount "of not "less' than 90% of the
principal amount of the outstanding bonds of such District,
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exclusive 'of bonds o��ned by.the. City `.of Lynwood, and �only
if the refundin� proceeding for.the.refunding of the in-
, debtecness of said District, completed: `
Section 3, The.price at which any of said�
bonds shall be paid for or.exchanged�in tlie rei'unding
proceedings shall be satisfactory to the City.
• Section 4. Such contraatS must,.,be procured
and filed witn the City of LynvTOOd on or before the lst
day "of June, and must comply with the.provisions of said
Act.
_,, P_DOPTED,.SIGNED, arid APPROVED this��37th day "" -`
.o�"-�
of-"N aY,,� T938 . °
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'�°,�' �� ° T�iayor o£ the City of ,Lynwood,
• i 9TTE - California. ' •
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City Clerk,,of the City of �
Lyrirrood,,q;California. � •
(SEAL) . 2. .
STATE OF CALIFORNIA )
� COUNTY OF L�S ANG.F L�;S )�
� CITY Cr^ LYNWOOD ) '
' .I, . R. W..Andersori , City Clerk of the
' City .of Lynwood; do nereby certify tha.t,.the_above and .
' foregoing re'soliztion was' duly adopted at a negular
m�eting of the City Council of' the City of Lynwood• �
� held on t Yie �17th day- of• Nay, 1938; by the following'
'. vote, to wit:
AYE�: COUNCILPrtEN Meyer, Snyder a.nd
Boster.
- . ' NOES: COUNCILMAI4 None. ' ,
:.: ABSENT: COUNCILI�iAN Lake and Nation.
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, � Clerk of the Cit� of L
, ' " California,
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" ' � . (SEAL)