HomeMy Public PortalAbout1170 (04-04-39) , _. � .
RESOLUTION N0. 1170. �
AESOLUTION OF THE CITY COUNCIL OF LYNWOOD, CALIFORNIA
PETITIONING THE BOARD OF SUPERVISORS OF iAS ANGELES
" COUNTY TO PARTICIPATE IN A PROGRAM FOR THE LIQUIDATION
OF THE BOND$ OF LYNWOOD ACQUISITION AND It�HPROVEPIIENT
DI5TAICT N0. 2g
�%rHEREAB the City Council of Lynwood, California, did on No-
vember 26, 1929 create Lynvrood Acquisition and Improvement District No:
26, for improving� the extension of Imperial Highway in said City from
Fernwood Avenue to Alameda Street, including the making and improving
of a crossing over the Pacific Electric Right of Way at Imperial High-
way and Fernwood Avenue, and iasue bonds for said improvement totaling
�25,343.57� bearing interest at seven per cent and maturing on Novem�
ber 26, 1949; and
WHEREA9 said improvement is not local in nature but is of
general public benefit and has been recognized as such by the Gounty of
Los Angeles in its Special Assessment Relief Pro�rain; and
WI�REAS, there are now bonds outstanding of said District in
the principal sum of �20,943.57, of which �5,400.00 are past due, to-+
gether with delinqu'ent interest in the sum of �5,871.74; and
WHEREAS the City of Lynwood owns �$2,743.57 principal of said
bonds and is willing to cancel the same as a part of the liquidation
program for said District herein set forth; and
WHEREAS the balance of said debt being in the principal sum of
�18,200.00 Ss now available for purchase in accordance with optiona now
held by the City of Lynwood for �13,650.00, which price is at seventy�
five cents flat; and
PlHEREAS the total assessed value oP said Di.strict 1s �37,800.00,
of which amount �31,120.00 is tax delinquent, approximately $�29,000.00 of
assessed value being more than five years delinquent and eligible for tax
sale upon the termination of the tax sale moratorium August 20, 1939; and
WHEREAS the said District has been more than eighty per cent
tax delinquent for several years and was 92.61� tax delinquent for the
fiscal year 1937-38, said tax delinquency beiag cauaed by the aforesaid
debt and the uncertainty as to the leviea which might be made in the
future in payment thereof; and
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WHEREAB, exclusive of 1938-39 levies, there are accumulated
delinquent City, County and school taxes in eaid Distriet oY approxi-
mately $10,000.00, the greater part of which would be paid within a short
time iY said property were relieved of said bonded indebtedness, and in
addition to the delinquent payments there would be restored to the ac-
tive tax rolls more than �30,000.00 of assessed value of land; and '
WHEREAS approximately fifteen acres of land in the Dietrict,
whieh constitutes more than one-half of the area of the District and
approximately two-thirds of the asseseed valuation thereof, ie owned by
Helen R. Maxwell, 833 Fourth Street, Santa Monica, California; and•
WHEREAS Mrs. Maxwell's property is tax delinquent since 1931
and will be sub�ect to tax sale as aforesaid and is not marketable so
long as said A& I debt remains a lien thereon; and , I
WfiEREA3 under the approved plan of the Los Angeles County Plan-
ning Commisaion, Santa Fe Avenue is now proposed to be extenfled South
from South Gate and NortY� from Compton so as to run directly through
Mra. Maxwell's property; and
WHEREAS sald City and County are arixioua to secure,a Right of
Way for Santa Fe Avenue before Mrs. Maxwell's said property is improved,
' and the value thereof thereby greatly lmproved; and
WHEREAS Mrs. Maxwell is willing to grant said Right of Way,
the same to be one hundred Peet wide and extending for a length of ap-
�roximately one thousand feet, in consideration of the purchase by the
Gity and/or County of all the outstanding bonds of said District No. 26
and the cancellation thereof, together with the cancellation of the ac-
cumulated delinquent assessmente; and
WHENEAS the City of Lynwood is willing to contribute $850.00,
, in addition to,its bonds aforesaid if the County will contribate
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�12,800.00, which co�bined sum will purchase all the bonda of said Dis-
, trlct; and
f WHEREAS the 3pecial Assessment Relief Committee of the County
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i of Los Arigeles has considered this plan and has evidenced ite
� intention to recommend it to the Board of Supervisora with the condition
� that �9,000.00 of the required amount be used for purchase of bonds now
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--- ------:__6« Santa Fe ------- -
Avenue as proposed throu�h the property belonging
to said Mrs. Maxwell and including her property
l_vi_nn lva.th_md_thim_n.n.cl_wi_t.hni.i.t_th.o_an3.c7_c.cco.aa,mc,n.}
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at seventy-five cente flat and the balance of �3,800.00 used. to pur-
chase bonds at the time the gas tax funds for the fiscal year 1939-40
are availa.ble; and
WHEREAS such proposal bhe City of Lynwood would be're-
quired to advance the sum of �4,650.00 in order to purchase all of the
bonda at this time and hold the same until the aforesaid �3,800.00 would
be available, which said City is willing to do.
` NOW THEREFORE, the City Council of Lynwood, California does
, hereby petition the Board of Supervisors of Los Angeles County as fol�
1ows:
' 1. To contribute �12,800.00 towards the liaui-
dation of the bonds of said Lynwood Acquisition
and Improvement District No. 26, �9,000.00Oof said ' �
amount to be used immediately for the purchase oY
� bonds of the par nalue of �12,000.00 and �3,800.00
to be uaed when available for the purchase of
bonds at a rice not to exceed sevent -five cents
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flat, sub�ect only to the condition that the Gity
of Lynwood acquire a Right of Way for Santa Fe
Avenue as proposed throvgh the property belonging
to said Mrs. Maxwell and including her property -.
lying both within and without the eaid assessment
District and the further condition that the Gity of
Lynwood contribute the bala.nce of the Yunds required
to purchase all the bonds of said District.
2. Upon the purchase of said �12,000.00 principal
of bonde witYi all interest coupons appurtenant there-
tb, as aforesaid, to deliver them to the City of
Lynwood for cancelTation.
3. At the time said �3,800.00 is used to buy bonds
of eaid'District as aforesaid, to deliver said
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bonds`and all interest coupons appurtenant thereto
to the City�of Lynwood,for cancella.tion.
-'� ' Da.ted this fourth day of April,.1939,
� ' CITY OF LYNWOOD ` . , . ,
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�` ""`"ATTEST . i �
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ai :i� OF C iLir'��,^:�1,:, ., � . , -
. • COG.JTY �i' LOS �.c:f���:�: �s.... �..
CITY ,OF L1.�:,'Gv� . . ) ,.
_.,.� �I, .Lk�e Cuic'.er�i C1.rk w�a C_1;y of
' �' " L;,. �.i�ood, do hereb�� certify that the abo�re and fore�;oii�� ,
' k ��•ras :dul�.'adopte;d U;�, the Ca � C�i::�il of' said•
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., C:.t;T �.t ar. - - - - 're.,,ular ;�eetixi;; tcaeraoi� Y.31a•in
. the 'City H.'.11'o'f� �aicl `Ci1.y, o;z t,'�e 4th ,La;T of , -
AAril, �,1.3 9; aud passed by the follovting vote t .
, :+ LS: CC�J��CI1,I�.�;r:Id: �hristense, Lake, Pdeyer '` .
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�,::�� ;;-:; . . . _and ` Snyder. _ �
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• 3 ,� :; ,Ti��Id'1: CGDP•;CIL LTd:�Nation. '
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. - . , ,� . : CIT;� CLEFik, CITY..OI�, L`fi�iGi00D. . .
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