HomeMy Public PortalAbout1109 (05-26-38) Hc^,SGLII'rION NQ. 11 '
' " t?ESOliUTl�tJ.OP T'P� CITY .C�UPICIL� OF :
� � TF:',�' CITY OF' I;3N'JVOOD, CALIFJRi3IA,'
DECLARIivG TT5 INT�'NTION TC R�FUND
� TI3F' IN'DEBTEP.PdESS CF A,CQUISITICN
, AND �IPfiPROVEN�NT: DISTRICT, N0. 24
OF' SAIli CITI', FIXING A TIP�'� AND
PI�ACE FOH HrARING A2dD GNTNG
' � NUTICE THER�Gb'.
VdHEHEAS,, the�Board of Supervisor,s of the County
of Los Angele� has by resoluti'on duly adopted, certified -
. copy of which,is filed with the�Clerk of .the City of -
Lyn�vood, consented to the refunding of the indebtedness '
of Acquisition and Improvement District Dto, 24.of the
City of Lynvaood under the provisions of the P.ct herein-
after nentioned and, consented to the levy of,a, reassess-
ment therefor: ,
- .. _. _.__. ,_._. __:. . _�. NOGV, Tf�HE�'Ot2r��, IT IS HEc"tEBY RESOLVED, b.Y .the . __... :
City Council of the City of Lgnwood, California, as
follows: • .
. Section 1. That the public interes�t, conven- �,
� ience and neces'sity require the 'refunding of the indebted-
ness of Acquisition and Improvement liistrict No. 24 of the �
-0ity of Lynviood, California, ana it is the intention of '
� the City Council o£ said city to saicl,indebtedness
under the provisions of an act of the Legislature of the �
State of California deaignated as the "Asseasment Eond
� Refunding Act of 1933," approved June 5, 1933, as amended, -
and for the purpose of refunding said indebtedness said City
` Council intends to levy a reassessment and to issue refund-
ing bonds as henein proposed. �
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Section 2.. That the total amount of outstand=
•�.' in� indebtedness of said District to be refunded is the
sum ,of ninety-five thoueand one.hundred.sixty-three and
fifty hundredths.dollars ('�95,163.50). The amount of
�• the principal oi' bonds included therein is the sum of
eighty=eight.thousand six hundred four and £orty-six . ,
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' hundrenths dollars (�88,604.46). The amount of.due and
� unpaid interest.coupons included therein is tY�.e.sum of
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six thousand five hundred fifty-nine and,four hundredths •
dollara (�j�6,559.04) . Thz amounts �ref'erred to' in this sec-
tion are deterrnined as of the date this resolution is
' ado�ted. . , � .. -
Section.3. That the .total maximum principal ,.
amount' for which a reassessment shall Ue levied in the
• 'proceedings for £he s�efunding of said'sndebtedness is ' '
deter,rrii.ned to be the sum of thirty tYiou�and dollars� � � � Y � `
��30,000'.00). _ .
Section 4.' That ref'unding bonds shall be issued �
; to represent.any reassessments riot paid within thirty (30)
days from the date of'recording•the reassessmerit,. anfl for
any reassessment not paid within th'irty (30)•days from the
date of recordation-thereof a refund3ng tiond will issue
in the manner ana form provided in said,Assessr,�ent Bond
xefunding Act of 1933, as amended. Said refunding bonds
shall extend over a period endirig nine (9) �*ears from the
second day oF J'anuary next succeeding the fi£teenth nay of
the next November following their date, and an even annual.
proportion of the principal s,um of each bond shall be.paj�- ,
able by coupon on the second. day of .January of each year �
after the £ifteenth day of the next November following its =
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� date, until the whole is paid. 'Said refunding bonds shall '
• ,. � bear interest at the rate of�six per cent (6�) per annum,
pa�able•semiannuaily by coupon on the second days of
Janu�.ar;� and July, respectively, of each year after the ',
' date of.said bonds: Upon any of such bonds dat'ed aft�r
the fourteenth day� of �fay of any year and on or before the
fourteenth day of the following November, the first intar-
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est coupon shall becorne due.and pay�able on the second day
of.the next succeeding January, and upon such bonds dated
after the fourteenth day of November of any year and on or
' before the.fourteenth da;� of the followin� eday, tne first
.� interest coupon shall pecorne.due on-the second day of the
next su.cceeding Jul�. Each refundin� bond shall represent
the reassessment upon the lot, piece, or parcel of' land .
.: described in said bond; and the principaL arnount o£ each '
' ' bond shall oe' the amount of the unpaid reassessment upon
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� the lot, piece, or parcel"�of�land described'in.'such bond.
Section 5, The a�nount of tne proposed contribu-.
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tion of aoublic, funds' to be_ made to a;ssist i'n'such, re'fun3ing.
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is: as follorvs: The County of Los' Angeles wi`ll. contribute '
� : the sum of.twelve thousand eight�hundr`ed'fort�-one and seventg-
eight�hundredths dollars (�12,841.78) to assist in refunding
� the indebte3ness�,of said dis.triot, and said County of F�os
Angeles will also contribute a,ll of the bonds of said,district
' which are now owned bg"said County, and all unpaid iiiterest
.
, � thereon, and the�par value princi�al of said bonds is'the
' � sum of thirby-six thousand dollars (�36,000.00), and the �
� amount o£ due and unpaid interest coupons ther�oP as of this
i date is the sum of seven hundred twenty-eight and twenty
hundredths dollars (�728.20), and said bonds and all interest
• coupons appurtenant therato will be cancelled in the refunding
proceeding. • ' �
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Interest maturin�; or accruing subsequent to
. the date this resolution is, adopted upon an� bonds ex-,
changed;'�aid, or purchased in this refunding proceeding
is to be paid. �
Section 6. That the 21st day of June, 193F3, at ',
the hour of 8:00 o'clock P, M. of said day is the date'and
'' hour and the Chambers of tne City Counci,l in the City Eall
in.the City of L�nwood is the place fixed for'the nearing
of objections to said refunding. At any time not later than
the hour set for hearing.objections to said proposed r.ef'und-
- ing, any person�intere,sted and any owner of propertj� whlch
is subject to reassessr�ent in the refunding proceedino.may
' '. file his written objection against the propose� refunding '
cvith the Clty Clerk of.the City of Lynwood. An objection
must contain a.description of the property in which each
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signer thereof is•interest sufficient to identify the same,
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and.shall set f'orth the nature cf each signer's interest
therein, and shall be delidered to said City Clerk at or
be,fore the time set for hearing; and no other protests or
objectioris shall�•be cons,idered. ,. .
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Section 7. �•The�refunding of said indebtedness
'. , shall not be authorized unless the written corisent of tlie
owners of �a• rna jorit;� in area of the land in the distri'ct �
subject to assessment to pa�,the principal and interest
� of the outstandin� bonds is £iled v�ith said City Clerk,
and any owner of land in said Acquisition and Improvement
District Ko. 24 ma�* file his written consent to such refund-
r
ing at any time. prior to the adoption of the'resolution
ordering the refunding. . '
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Section 8. The land whicn is proposed to be •
_ reassessed f.or the refunding of the outstanding indebted- '.
ness o•f said Acquisition and•Improvement liistrict No. 24 ,
� consists of all such lots, pieces or parcels of land within-
said Acquisition and Improvement No. 24.as are .
, subj to asse to pay the principal and interest
' of.the outst'anning bonds which are to be. refunded in'this
proceeding. 'Phe exterior boundaries of said P.cquisition
.and Improvement District No, 24 are,described as follows: ,_ ,
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Beginning at the northviesterly corner of
Lot 373 of Tract No. 2551 as shown on PJtap re- '
�- corded in Book 24, pages' 7�., 79 and 80 of Maps,
Records of Los Pngeles County, California; ,
' tYience easterljr in a direct line to the north-
, easterly corner.of said•lot, 373; thence south- �
erly along the�easterly lines of Lots 373, 374,
375, 376, 377, 378, 379, 380 of said Tract No. •
2551.,•to the southeasterly corner of said Lot
' - 380; tneiice easterly in a'direct line�to the
southwesterly corner of Lot 466 oP said "i'ract
No. 2551; thence southeasterly in,a direct line
- ' to the northeasterly°corner of Lot 493' of said `
-•- Tract,No. 2551; t.hence southerly in a direct `
� line to the southeasterl;� corner of �aid Lot
.� 493; thence easterl� in a direct line to the
northeasterl;� corner,of Lot 509 of said Tract
No. 2551; thence southerly in a direct line
• to the northwesterly corner'.of Zot 483 of said -
Tract No. 2551; thence easterly,alon� the north-
• erly line of' said lot 483 to a'point SO feet
westerly of the northea-sterly corner of said .
lot 483; thence southerly 50 feet at a right
�angle to the northe'rly line of said lot 483;
thence easterly in a-direct line to.a poi•nt on
the easterly line of sai.d lot 483, 50 feet
svutherl'y oP tYie northeasterly corner of said '
lot 483; thance easterl� in a direct line •to
the northwesterly•corner of Zot 482 of said'
Tract`No.�255T; thence'`eaaterly in a direct
line to the northeasterly corner of said lot ,
" 482; thence northeasterly..in'a direct line to
'' "the.northwes'terly aorner.of Lot 1241 of Tract .
• No. 3335 as shown on NIap,recorded'in Book 36,
� `` "''page 42'of Maps, Records of Los Angeles County,
California; thence easte.rly in a direct line •
to the nor,thwesterly.cornem`of Lot 1242 of said
Traat Nd. 3335; thence southerlg along the west-
erly line of said lot 1242 a distance of 57.67 „
' ` feet; thence easterly in a direct line to a_ point
on the easterly line.of said lot 1242,' 57.87.feet . .
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' southerly o�' .the northeasterly .corner of�,said
� lot 1242; thence easterl in a direct line to
• the northvuesterly corner of Lot 1251 of said -
' ' Tract No. 3335; thence easterly in a direct
� line to the northwesterly corner of Lot 1254
of said:Tract No. 3335; thence southerl� 50
feet along.the'westerly'line of said Lot 1254;
thence easterly to a point on the easterly
. of said lot 1254, 50 feet southerly of the
northeasterly ,said lot.1254; thence ,
•.�eas'terly.' in; a� direct,�line to; a.point, on the west-
� � erly line of Lot 1255 of saict�Tract.No. 3335, 50 ,
feet southerly of the nori,nwesterly corner.of said
lot 1255;' thence easterly in a direct line to a . �
_ . point on""the easterly"line°of'said lot 1255; 50
• feet southerly of the northeasterly corner of said
' lot 1255; thence northerl� in a direct line to the
northeasterly corner of said lot 1255; thence
� easterly in a direct line to the northwesterly' •
'- corner of Lot 1258 of' said Tract No. 3335•, thence
southerly 100 feet alon� the westerly line'of said
'' lot 1258; tnence'easterly in a direct line to a
point on the easterly line of said'lot 1258, 100` .
" feet southerl� of the northeasterly corner of said
lot 1258; trience southeasterly in a direct line to
the northwesterly corner of Lot 1310 of said Tract
' No. 3335; therice easterly in a direct line to tlie
� northeasterly corner of Lot 1305'of said.Tract.No. '
3335; thence southerly in a direct line to the north- .,
westerly corner of Lot 1304 of said Tract No. 3335;
- thence easterly in a direct line to the northeast-
erly corner of Lot 1299:of said Tract No. 3335;
, thence northerly in a direct line to the north-
westerly corner of Lot 1298 of said Tract No. 3335;
thence easterly in a.direct line to t he northeast-
erly corner• of said Lot 1298; ,thence, ea.sterly in
� a direct line'to the northwesterly corner of Lot
_ 10.,.�1ock.1 of Tract No. 7816 as shown_on Niap re-
corded in Book 91, pages 20 to 22 inclusive of Maps;
•Records of Los Angeles County,�California; thence
easterly in a direct line to the northeasterl;� cor-
ner of said Lot 10; thence northeasterly in a di-
. , rect line to an angle point in the westerly line�of
� Lot 22', Block•1 of sa3d Tract No, 7816, said angle
� point bein� 117.50 feet northerly of the southwest-
erTy corner of-4aid lot 22; thence northeasterly
in a direct'line to an.angle point in the northerly
� line of 'said lot 22, said angle point being'16 feet,
v+esterly of the northeasterly corner of said lot 22;
thence easterly in a direct line to the northeast-
' erly corner of Lot 37, Block 11 of said Tract No.
� ` 7816; thence northeasterly in a direct line, to the. .
most northerly point o£ Lot 1 Block 15 0£ said Tract
IQo. 7816; thence southerly along the easterly line
of'said Lot and Block to the prolongation westerly
of the northerly line of Lot 18, Block 4 of Tract
No. 9288 as shown on N,ap recorded in Book 124, pages
42 and 43 of iViaps, Records of Los Pngeles County,
California; thence easterly in a direct line to the
most northerly�angle point in Lot 19, Block 5 of . •
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said Tract No. 9288; thence easterly in a direct
line to the northv�esterly corner of Lot 15, Block
• 5 of said Tract No. 9288; thence southerly in a
diredt line to the northwesterly corner of Lot 18,
Llock 5 of said Tract No. 9288; thence easterly,�
- along the northerly line of said lot 18 and the
prolongation thereof to the center line of Atlantic,
Avenue; thence southerly along the center line of �- '
Atlantic Avenue to the prolongation easterly of the '
southerly line of Lot 176 of Tract No. 8716 as shown
. on Map recorded in Book 145, pages 63 and 64 of Maps, �
- Records of Los An�eles County, Calif'ornia; thence
. • westerly in a direct 'line to the southwesterly corner
of said lot 176; thence southerly in a direct line
to the soutHrvesterly corner of Lot 177.of said Tract
No. 8716; thence'westerly in.a direct line t o the
� most southerly angle poirit in the.�southerl;� line of
` Lot 166 of said Tract No. 8716;. thence westerly in
• a direct line to the southwesterly corner of Lot 140
', of Tract No. 8716; thence westerly in a direct line �
to the s,outheasterly corner of Lot 1 of Tract No.
9862 as shown on i�ap recorded in Book 137, pages
.. 21 and 22 of Maps, Records of Los Angeles County, ,
.- . California; thence wester•ly in a direct line to
the southwesterly corner of Lot 29 of said Tract '
No. 9862; tYience'westerly alon� the westerly.pro-
, 1on�ation of the southerly lirie of said lot 29 to
the westerly line of Lot 3 of Tract iVo. 5709 as _
shown on map'r°corded in �sook 65, page 23 of �daps, '
Records of Los Angeles County, California; thence
' southerly along the westerly line of said lot 3 to
� `" " the southwesterly corner of said lot 3; tnence-
� westerly alon� the we prolongati'on o£ the '
southerly line.of said lot 3 to the easterly line
of Bullis Road, as said Bu21is Road is sho�rvn on
� said map of Tract No. 5709; thence southerly along .
, the easterly line of said Bullis Road to the south-'
erly line of the Pacific Electric Hailway Company�s
,- �• Private ki�ht of Y1'ay; thence westerly in a direct
. line to the interse:ction oi` the ivesterly'line of .
� Bullis Road and the southerly line of the Pacific
• Electric Railway Company's Private Right of OVay;
thence westerly along,the: southerly line of the .
Pacific Electric" Railway Compari�*'s Private Riglit . •
of Niay and the prolongatiori westerly.thereof to .
the center line of Long Beach Boulebard; thence
, northerly:.along• thes center line o£ Long,.Beach i'
• Boulevard .to.,the' prolongation westerly of:the •.
northerly'Iinetof Lot 373 of aforesaid Trac't'No.` `
2551; thence easterly in a direct:line to tYie
northwesterly corner of aforesaid lot 373, the place
. of beginning, excepting therefrom all"Tand's now or
hereafter lying within the b oundaries of any public
way. ..
Section '9. That the Citp Clerk of the City of
� Lynvaood shall cause this resolution to be published once.a, ._
� week for two (2) weeks in the Lynwood �ress, a newspaper of
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general circulation pub,lished and circulate.d in said city. '
' Said Clerk shall also post or bause to be posted copies of
such resolution headed."Notice of Ref'unding and Reassess-. -
ment" u,pon all open streets said Acquisition and
Improvement District No. 24. Such notices shall be posted
not more than three hundred (300) feet in distance apart
and not les.s than three(3) of' suoh notices shall be posted.
Such notices shall be posted on or before the date of the
first publication of Gaid resolution.
Said Clerk shall also mail, postage prepaid, •
a co,py of this resolution as,published tc each person to
v�om-land in said Acquisition and Improyement �istrict No.
. 24 is assessed as.shown on the last equalized assessment
roll of Los Angeles County, at his address as shown upon '
- '' such roll, and to any person whether owner in fee or having
- a l upon or legal or equitable interest in any land �
within said'district �Nhose name and address and a desig-
` nation of the land in whi he is interested are on file
in the office of said Clerk.
The date of the first oublication o'f,this resolu-
tion and the date the notices hereinabove men-
� tioned and the date of mailing 'copies of this resoluticn
shall be at least twenty (20). days prior to the date of .
� heari'ng hereinbef'ore fixed.
ADOFI'ED, SIGNEll and APPHOVED,-this 26th day of
n4ay , 1938. ' .
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,��.��=" � . N,ay;o of tYie . ity of Dynwood,
--`' � � � * - � ' (/,'� California
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i�?,�� 7'���'� �Clsrk�of the Cit,� of &yn:woofl, �
jfi _' `' ° 1 = -� y'"California. �
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STATS vF CALSFQ;�TdIA ) �
, � C�UNTY OF LOS ANGELES ) SS. � �
CITY Ur^ LYNVd00D ) . . ,
I, R. �"J, ANDERSON, City Clerk of 'the City of
f Lynwood y . Calif'ornia, do hereby certif;� that the above
' and fore�;oing resolution was duly adopted by� the City
ad,oizrned
Council of the Cit� of Lynwood at its�'reoular meeting
, held on the 26th day of May, 1938, by the, followino '
vote to wit: , .
AYES: Councilmen Meyer,.Snyder a.nd Lake, . "
�,.,,,�,ca.W�.,oc: . . .
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y �,� � :�'y NGLS: Councilmen None. �
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� �� ;` � , ;} � 11BS.ElvT: Councilmen Boster and Nation. �
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1, ""��'�1�`" :,,..� � '� ry � �
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;�:�•.�,`? ��'` "' `=�� City Cleru of the, Ci�ymvood,
�,.^ � � . California. .
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a_, � •s � �%:��� _ � .. �S�EAL)
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