HomeMy Public PortalAbout1157 (09-29-38) .
" RESOLUTION N0. 1157 •
_ RESOLUTION CREATING FUNDS, PROVIDING •
F'OR THE SALE Ob' BONDS 09'VNED BY THE '
. , � CITY OF LYNuV00D, AND PP,OVIDING FOR
CANCELLATION OF BONDS OF ACQUISITION
AND IMPr�OVE➢�NT DISTRICT N0. 15 OF
THE C I'PY OF' LYN�NOOD.
WHER�AS, this City Council is conducting pro-
ceedings under the Assessment Bond Re£unding Act of 1933,
� as amended,,=for bhe refundirig of�the indebtedness of �
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Acquisition and Improvement District No. 15 of the City
� of Lynwood; _ and . . " .
W�HEREAS, the�City of�Lynwood owns bonds of said
District in the total par value principal amount of ��'7,000;
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VVHEREA,S, bond No. 109 of said District is not in-
„ cluded within any contract £or the of the bonds of
said District to the City of Lynwood and it is desir able
to create funds for the settlement of the indebtedness of
said District and the retirement of'said bond No. 109 and
to fix .the price at which.the bonds of said District owned
by the City of Lyrrvvood shall be sold in said refunding
proceeding:
NOW, TH�.REF'ORE, THE CITY C OINCIL OF THE CITY OF
LYI�TWOOD, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND
ORDER AS FOLLOWS;
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� Section l. That the proceeds of the sale of all. �
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� .reassessments�levied the refunding proceeding_•shall.be � :
"' placed.in a fund which is hereby, created and designated-;
• A. &. I. Noc; 15 Special Fund;. arid the, City Treasuxer.is >; . ,
horeby authorizad and directed to place all moneys received •
'� from' the sal'e of�'s�aia �rea`ssessments in said fund and to pay •
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•', theref [sums to;,be paid, by the City of. Lyrnvood for
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�. ' therpurchase of outstanding bonds of said District. •-
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Sectiori' 2: ��hat the' suxn of .�664:8� be and it •
is'hereby ,appropriated from'Srpecial,Asses'sment.Relief and - �
Tax Eund and'.the s�ame shall be�placed in a'fund hereby- •
created and designated A. & I. No. 15 Retirement Fund, and . - �
.� said inoney shall�tie held in said Retirement Fund for'the `
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5etirement or payment of said bond No. 109, and any moneys
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� remaining in said Retirement'Fund after the paymerit. or.re-
tirement of sai.d bond No. 109 sYiall be transferred :to sai'd '
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" Spec,ial Assessment Relief and Tax F'und, and-the City Treas-
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- urer�is hereby authorized.and directed'to,transfer said '
morieys:°to- the"Retirement Fund, and.after the retirement.or ��
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': payment of said bond No. 109 and all interest coupons ap ,
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purtenarit thereto, to transf,er any balance from said Retire-
'' ment'Fund,to se:id Spe,cial Assessment Relief and Tax,Fund:
` ., , Section 3. ' That the bonds of said,District `
_ the .total par value principal amount of �7,000 now owned, .
. by the City of Lynwood be and they are hereby•sold to the
,= '. City of Lynwood for caricellation in this re£unding proceed- �
, ing.and the purchase price to._be paid.therefor shall be any
-.. ._ sum remaining in the.Special F'und created by th'is resolution �
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after the purchase of all outstanding bonds of said District
except bond No. 109 and all.interest coupons appurtenant tliere=��
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 authorized and directed to pay tlie
purchase price�for said bonds.and upon.payment thereof to'
cancel the same and all interest ooupons appurtenant thereto.
Section 4. The City Treasurer of the City of Lyn-
' wood is hereby authorized and directed to receive from the
County of Los Angeles all bonds of said District now owned by
, said County and all bonds of seid District purchased by said '
County from its contribution made to assist in refundinb 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 City of _
Lynivood in the amount of �'Y664.89 for the purpose set forth.in
Section'.2 hereof; to aid and assist in the refundin� herein
�mentioned, and in so far as the purchase price of the bonds
mentioned in Section 3 hereof is below the fair market 'value
of said bonds, the difference shall constitute a contribution
by the City- of� Lynwood'_,t'o''aid and� assi3t in refunding the� in-
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debtedness of said T�istrict, and it is hereby found and deter-
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,mined,that'tliehpublic interest„ convenience�and necessity re-
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,. ,. quire.such contribution. ,.,
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,� �',;' ��; ADOPTED, SIGNED AND APPROtiED this� 29th day of
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September, 1938.
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�` r. � ; Mayor City of Lynwood,
ATTEST.; California.
^� ��-; �
(SEAL)City Clerk of' the City of�Vrood, California.
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. ,,. ST�TE ,OE. CALIF'ORNIA ) •� ` - . ,
. ° COUNTY�.OF LOS ANG�LES .{ SS., , ..
. CSTY OF LYNW00�, ) � _ -
' � '�� I, R. LV. ANDERSON, City Clerk of the City of •
Lynwood, California, do .certify that the fore$oing. ,
' resoTution w as duly adopted by'the City Council-of said
. City.at�its ad ou�nQS3� regular meeting duly �
. e held on the 29th�ay. of September, 1938, tiy the`�following
.. vote, :to-wit"r . - . -
_. � AYES; ' C"ounciimen : Mever. Sn.vder and Nation
,_. NOES: Councilxnen ri�„p.
a . � . .. ` ' `ABSENT: :. Councilmen Bost�r �nd Lalce �
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.. ° City Clerk of the City of L nwood,
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