HomeMy Public PortalAbout1149 (09-13-38) :h , , .
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RESOLUTION N0. 1149 �
RESOLUTION CREATING FUNDS, PROVIDING
� FOR THE SALE OF BONDS O4VNED BY THE
� CITY OF LYN4VOOD, AND PROVIDIn?G FOR
CANCELLATION OF BONDS OF ACQUISITION ,
AND IMPROVEN�PiT DISTRICT.NO. 24 OF
THE CITY bP LYNWOOD.
WF]EREAS, this City Council is conducting pro- " .
ceedings under the Assessment Bond Reflznding Act of 1933,
, as amended, for the refunding of the indebtedness of
Acquisition and Improvement District No. 24 of the City
of Lynvrood; and
WHEREAS, the City o£ Lgnwood owns bonds of said
District in the total.par value principal amount of •
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WHEREAS, bond No. 80 of said District is not
included within any contract f,or the sale o£ the bonds,of
said Distr3ct to the City of Lynwood and it is desirable
- to create funds for the settlement of the indebtedness o£
said Distric£ and the retirement of said bond No. and
to fix the-prica at�which the_bonds of said.District owned
by the City of Lynwood shall be sold in said refunding
proceeding: �
NOW, THEREFORE, THE CITY C�UNCIL OF THE CITY OF
� LYNWOOD, CALIFORNIA, DOES HEREBY RESOLVE, DETERPdINE AND
ORDER AS FOLLOPIS : �
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Section l. That the proceeds of the sale of a13
reassessments levied in the refunding proceedin� shall be
,_. placed in a flznd which is hereby created and designated .
A. & I. No. 24 Special F`und, and the City Treasurer is
hereby sutliorized and directed to place all moneys received
� from the sale of said reasae_ssments in said fund and to pay •
therefrom any sums to be'paid by the City of Lynwood for
the purchase of outstanding bonds of said District.
Section 2. That the sum of �$1,523.64 be and it
is hereby appropriated•from Special Assessment Relief and
Tax Fund and the same shall be placed in a fund hereby �
, created and designated.A. & I. No. 24 Retirement E�nd, and
• said money shall be held in said Retirement Fund for the
• retirement or payment of said bond No. SO,and any moneys '
' remainin$ in said Retirement Fund after the payment'or re- -.
tirement of said bond No., 80,shall be transferred to said
Special Assessment Relief and Tax Fund, and,the City Treaeurer
is hereby authorized and directed to trans£er sa'id moneys to
` the Retirement Fund, and after the retirement or payment of
said bond No. 80 and all interest"coupons appurtenant.thereto,
to transfer anp balance from said Retirement Fund-to said.
Special Assessment Relief and Tax F`und.
Section 3. That the bonds of said Distri.ct in
• ' the total par value principal amount of �$8,500.00 now
by the City,of Lynwood be arid�they are hereby sold to� the ;
City of Lynwood for cancellation�.in this refunding proceed-
. ing and the purchase.price'to be paid.therefor shall be any
. sum remaining in the Special Fund created by this resolution
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after the'pur`ohase.of all outstanding bonds of said District
' . except bond,�No. 80.and all interest coupons appurtenant there-
to, and any moneys now or hereafter paid into the Interest and •
• Sinking Fund of said District, and the City.Treasurer of the
City of Lynwood is hereby autriorized and directed to pay the
•'purchase price for said bonds and upon payment thereof to .
cancel the same and all interest coupons appurtenant thereto.
Section 4. The City Treasurer of the-City of Lyn-
,- � wood is hereby�sutYiorized and directed;to�'receive from the
Oounty of,Los Angeles all bonds of said District now owned by
said County and,all bonds oi said District purchased by said
County from�.its contribution made to assist in refunding the
indebtedness of said District, and upon receipt of the same to
cancel said bonds.and all interest coupons appurtenant.thereto.
Section 5. That the public interest, convenience'
and necessity require the contribution of funds of the of
� , Lynwood in the amoun£ of �1523.64 for the purpose set forth in
Section 2 hereof,,to aid and assist in the refunding her.ein
. mentioned, and in so far as�the purchase price�of the bonds
meritioned in Section 3 hereof is belorv.the fair,market value
of said.bonds, the difference shall�constitute a contribution
by'the of Lynwood to aid and assist'in refunding the in-
' debtedness of said District., and it is hereby found and deter-
- mined that the public interest, convenience and necessity �
require such contribution. � �
ADOPTED, SIGNED AND APPROVED, this 13th day of
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Septamber, 1938. ` � ` � -. , . . . ,., , ._ _. _ ,_
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�,�, � .. , . �_ ' Mayor o .the Ci y of Lynwood, .
''� ` :`�ATTEST,: � ', California.
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��:. - " City C erk of, the City, o I,yntivood,
> > �:�; � ._ s . • California. . ,
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`STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF LYNWOOD . �
,.. �� I,�R. W, ANDERSON, City Clerk of the City
of Lynwood, California, do hereby certify that the
�foregoing resolution was duly adopted,by the City •
Council of said City at its ad,�ourned regular
meeting duly held on the 13th day of September, 1938,
by the follorving vote, to wit:
AYES: CounCilmen Lake,.NIe.ver and Nation �
NOES: Councilmen None �
• ABSENT: Councilmen Boster and Sn,yder
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; � �. �,„ ,. . �City Clerk of t e City of
� , � �` Lyn'vuood, , California.
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