HomeMy Public PortalAbout1107 (05-17-38) . '� ' � � . � ' '
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, RESOLL'TION .TdO. 1107. •
� RESOLUTION DETEFtMINING THAT �IE PUBLIC
IN�EREST, CONTZENIENCE, AND NECESSITY
' � • RE�?UIRE THE REFUNllIDTG OF THE INDEBTED-
NESS OF ACQUISITION Ai�TD IB2PROVEPdr TT .� ,
llISTRIC`PS �1VTOS. 15 APN 24 OF TI3E CTTY -
OF LYIv�Iv00D, An� REQUESTING COPtSEN`P OF
T?IE BOARll -0F SUPERVISORS OF THE COUNTY
' OF LOS AIQGELES THERETO AND THE CONSESdT
OF TIiE CITY COUNCSL OF TI� CITY OF
SOUTH GATE TO THE REFUNDING OP THE IP?-
DEBTEDIIESS OF SAID'IDISTRICT N0. 15.
WHEREAS, the public interest, convenience, a.nd
� necessity req_uire the refunding of the indeLtedne�s of
� Acquisition and Improvement District No. 15 the City
of Lynwood, and said District lies partially in the City
�� of South Gate and partially in the City of Lynwood, and
�° ` ' ' " "' `the'"13oard'" of Supervisors of the Gounty of 'Los •Angeles -
levies'the special assessment tax for tihe payment of
principal_and interest of the bonds to be refunded; and
VVHEREAS, the public interest, convenience, and
necessity renuire`the refanding of the indebtedness of
. ' Acquisition and Improvement Distr.ict No: 24 of the City
of Lynvrood, and the assessment district.lies.partially
in the City of Lyni•rood and partially in the County of
Los Angeles, and the Board o£ Supervisors of the County
� of Los �ngeles levies the.speci�al'assessment"tax for
the payment of'principal and interest of the'bonds to
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be re£unded; �., . .. ` . ,
N01V, TH THE CI1Y COUNCIL OF TAE CITY
OF LYN'NOOU, CALI£�'ORNIA, DOES HEREBY RESOLVE ANll DETERP�ZINE •
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' ' Section 1. That the public interest, con-
venience, and necessity require the:refunding of the .
indebtedness of Acquisition and Improvement District
Pdo. 15 of the City of Lyndvood under.the'provieions of
the Asseasment.Bond Refunding Act of 1933, as�amended,
` and this City•.Council-proposee to conduct'the proceed '
'. ings to re£und the indebtedness'of said District and•
hereby requests the consent o£ the Board of Supervisors
of the County of Los Angeles (said Board being the
' � legislative body which levies the speciaT"assessment
,' tAx for the payment of priricipal and interest.of .the .
bonds to be re£unded) and the consent of the City. � .,
� Council of the Gity of South Gate�(in which municipal=
ity a part of the llistrict lies) to the refunding of ^ .
�• the indebtedness�of s�id District under the aforesaid
Act and the levying of a reassessment therefor. . Said .
respactive bodies are requested to express their re-
_ spective consents by resolution arid a certified copy
of each of said resolutions shall be filed the ,
Clerk of�tHis City of Lynwood; .
' Section 2. That the,publio interest; con-
venience, and necessity require the refunding of the
, . indebtedness of Acquisition.and.Irnpro,vement,District
Ido. 24 of the City of Lynwood under the provisions of
the Assessment Bond Refundir� Act of 1933, as amended,
and this City Council proposes to conduct•tne proceed-
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ings to refund the iridebtedness��.of said��District, and
this City �Council hereby requests the consent of�the
: Board of Supervisors of-tne County� of Los Angeles (said
District lyin� partially in the County of Los Angeles
''and said Board being the legislative body v✓hich levies ;
the special assessment tax for th.e payment of principal,
and interest of the bonds to be refunded) to the refund-
ing of the indebtedness of said"Districi; under the afore-
' said Act 2nd.,the levying of a reassessxnent therefor. ,
Said Board is requested to express its consent by reso-
lution, and a certified copy of said resolution shall
be fiTed with the C1erk of.thzs�City of Lynwood..
Section 3. That the total amount of -outstand-.
ir� indebtedness of said District No. 15 is the sum of
' one hundred t�venty thousand, three hundred,fiity-six and . �
ninety-three hundredths dollars (�120,356.93). The
. amount of principal of bonds included therein is�the sum
of one hundred nine,thousand, twenty-two and sixty-six
hundredths,dollars (y;109,022.66) and the amount of due
and unpaid interest coupons included therein is the sum.
� of eleven thousand, three hundred thirty-four and ttventy-
' seven hundredths dollars (�11,334.27). These.sums of
� indebtedness, principal, an� due and unpaid interest are
, computed as of this date.
Section 4. That the total amount of outstand-
ing indebtednes,s of •said District,�No: 24 is ��.the sum of
ninety-£ive.tho,usand,-one hundred sixty-ths ee_and�,fifty
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" ' hundredths.dollars (�95,163.50).-: The.amount�of prin- '
cipal of bonds included therein.is the sum of ei�hty-
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eight thousand, six hundred'four'and:forty six hun= � ,
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, ', -. � dr edths dollar s(�28, 604". 46 )' and :the asnount of dize and
' ` , unpaid interest coupons',included� therein is tYie sum of
", ,�six thoiasand,,five hundred : fifty'-nine and"four huri- � . �
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: "c�redtlis dollars (�"6,559.04). . ''lh'ess sums �of i:nd'ebted= .
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�� 1.. ; ness; priricipal; and due and unpaid interest are.com- .
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;, �,: '�puted.as of'this date , •� �
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"` Sectson 5`. In:refunding the.indebtedness `
of said"Acquisition'and Improuement District No. 15,' �
' _ the County b;f, Los Angeles ovJn's �aonds 'of, said Dist'rict *
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"*!. ~''._ . : in the''amount of tvaenty'�trousandyz twenty*�two: and sixty . Y _
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- . -. six�hundred•tizs dollars (-�?2Q,022:66.) .prinoipal �ar Yalue,
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, �r and.it is�exp'ected'that`sa'ad• b'oncTs and'ther•interest`t'%< '
' �ther,eori will be oor_trlbut�ed by / the� County� to .agsist �in
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�,the�refunding.and that the County, iri addition thereto, "; .
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�will contribute the sum 'of forty-one thousand dollars ,
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; - � '; -, ,• • In reiund'i:r�; the indebtedness of Ac'q_uisition ,
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,. .`and Improvemerit 24,.the�County of Los , ;:
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,. An�eles`,otyns bonds in the amount of, thirty six� thousand ` ,.
� dollar.s'�(�'�"36,000.00) principal par value, and it is ex- '.
� �' ',-.pected that-tre County wi11 Contribute said.bonds and '
' _ � the interest thereon to assist in..the refundir� of said
indebtedness and, in.addition.'thereto, uwi3l contribute '
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x' - the, au.m� of t�velve thousand; eight, .Yiuridred forty-one and "
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seventy-eight hundredths dollars (�j12,841.78) in cash
to assist in such refunding. �
Section 6. That the.total maximum princi-
pal.amount for which a reassessment shall be levied
.. in the proceedings for the.,refunding of the.indebted- . .
ness of Acquisition and Improvement District No. 15 is
, the sum of twenty,thousand dollars (�20,000.00) and
' in the proceedin�s for,the reflznding of the indebted- �
' ness �of Acqtiisition -and Improvement,'District Ido. 24 ', • �
is tne sum of thirty thousand dollars {�30,OOO.CO).
. ` Section 7. ,-That refunding bonds_shall be
issued to represent any rea'ssessments not paid within
,thirty (30).days frora the date of recording the re-
assessment, and for any reassessmer_t not�pa_id within
,:thirty (30) days from�.the date 'of recor'dation thereof,
a refundin� bond v�ill %ssue. �,in �the manner and form ;, �,,
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provided in said Assessment Bond,Refundin�.Act o£
1933, as amended. Said refur_dirig`bonds shall extend :
' over a p,eriod ending nine (�') years from the second �
, �.day-of'January next sucoeeding the.fifteenth day of
,. � the next PTovember their and an even
. annual proportion of the'principal.sum of each bond
shall be pay2ble coupon on the second day of Janu-
� ary of each year after the fifteenth day of'the,next
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November following its_date, until the vrhole is paid.
Said r'efunding b'onds shall bear 'inter.est at the rate
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of six per cent (.6�) per annum, payable semiannually
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' ',- by coupon on tHe` secanci days o,f"Jarivary and . July, re-"
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' sAectively,, of' each year: after'the date• of said Uones.. ,
. Upori..any of �_such bonds aatea after the f"our,teenth : day
. �a �. � of T�ay of ariy;year `and on or before the fourteenth da'y
:`of the follovring'Novemb'er,� the> first. inter.est .coupon. � . .
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' s shall become due arid rpayable �on'::the second 'da.y. of the .„ �
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� next succ,eeding•Janu � ! ` ,� ' �
.- � - , . ' ` ` . �ary, and upon.such bonds;'dated.aft;er ' • •�
� tYie fourteenL'h'� day o�f,Nqvember of.�'any year and .on or be- `..
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,` •', .;' : fore the fourteeni,h day of, the �following i.Iay; the_ first . ,� '
,� • ��intere`st'coupori.sha_l2'Uecome,due on;the'second'�day of
r . '`. � ", the,next..succeec�ing �July " Each refunding bond'shall '
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.- , represent the �reassessment Tot; �.piece, or par- :
cel of land cescribed in sa'id.bond, and-the.pr.incipal
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,` aniount,of each bond•:shall.be`the amount'of the�unpaid
� �reassess*_nent upon�the lot, piece, parcel of land de-. "
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, sc'r ibed in such- bond. : - '� ' �� `
Section S. Interest'maturin'g or accr,uin� �� "
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•'�'_ subse.quent to:the'date the'Re,solut�ion of Intention•in •._
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. " : '�. -the refunding proceeding:'is�adopted_upon any:of,the
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�- :::outstanding bonds' of said'-distri_cts exclian�red, paid, or '
. ~ 'pu'rchased in'the refunding� pr,oceedings' is 'to be',paid.'
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5 s ' . ADOPTr.D, �STGNED, AI3U APPROVED; this 17th:
� day.r-df';May, 1938. . � - ' '
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, �`-� ��� ` �?�% � l2ayor.Pro:Z'em of the City of
� =r. �`ATT{ :.� 4 =�.� Lyn�yood, Calif,orn,ia.
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' `' ,City Clerk'�o�'�the City.of ' •% • '. . .
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Lynwood;'•`California _ . •
` _ � i (SEAL�,. ' • :
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STATE OF CALIFORNIA ) ` � .�
COUNTY OF LOS ANGEL�S,) SS. �
CITY" OF LYNVVOOD ) � '
I, R. W:. ANDERSON, City Clerk of the.�City of :
Lynvaood; California, do hereby certify that."the above .
- and foregoing resolution was duly adopted by the City �
Council of the City of Lynwood, at'its regular
meeting held on.the 17th day of May, 1938, by the fo1-
lowir� vote; to wit: , ,
. ' � AYES: 'Councilmen NIEYER', SNYDER, BOSTER
^NOES: Covncilmen. c�
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/"' ABSETdT:Councilmen NATION, LAKE
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i� -. City.Clerk of the City of Lynwood,
, (SEAI,) � Califor,nia.'' •`_ . . .
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