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HomeMy Public PortalAbout1173 (04-27-39) RESOLtTi'ION NOo 1173 , . RESOLUTION AUTAOt�IZING, DIREGTING aND COi`7— ` FIhdING TF.E ACTION OF Tf?y' CITY TR�SURFR. � • � IN P`JRCHASING BONDS OF LYNi�00D ACQIIISITION ' �.' Ab1D IMPROV�.4ENT.DISTRICT N0, 26, CANb�LLING . . '' GERTAIN �O�.TDS OF SAI➢ DISTRIC^1 21ND DP:LIVER: ' . ING CERTAIN BONDS OF'SAID DiSTRICT TC THE. " ,.-. TITLE INSURANCE Ai ,TRJ�T, COi,?PAI�TY. UIIDER A - . ; TRIIST AGREEMENT �7`i'Et,`�'D INTO BY SAID COt,,�FAlIY ., . dklD TF� CITT OF LYbTi7COD. , Be it' resolved by the City Coiincil of.the City of Lvnwood �' . �° . ` as folTocvs: � 17HERFAS; This City, the County of Los Angeles and the property owners. � of Lynwood Acqcigition and Ingrovement District No. 26 have develope'� a plan for the retirement of of the outstanding bonded ind"ebtedness of said district; and : t7HE?�AS, under said plan the City o£ Lynmood is to acquire a right of � way for Santa Fe Avenue through a portion of Lot 2 and all.of Lot 3 of the J..d. ..� Bu11is Tract from the ormer thereof; and � , � ;7HEREAS, as a part of said program the Board of Supervisors of Los Angeles y Coui:tq has purchased'ontstanding bonds of said district_of the par v�1uP ot ��.2000.00 for $9000.00; and ' � , , PIHEREAS, the bala:.ce of�the outstandiag`bonds o£ said'district amounts to the principal swa of $6200.00 and are a�railable £or purchase for the si:m of $4650.00; and . . . . � . . ",7�R�.4S, as a part of eaid plan, a11 of the outstanding bonds and coupons of said'district are to be cancelled.ezcept bonds in the principal sum of $5100.00 tivhich are to be delivered to, with their appurtenant'coupons, the Title insurance ' � and Trnst.Company of Los Angeles, CaLi£ornia s:nder a trust agreenent heretofore approved by tbis Cit� CounciZ, said tn:st.agreement providing'that said bonds are to, be sold to the Cocnt� of Angeles at a price approved by this Cit� Council or the same are to.be returned to the Gity of Lynwaod; and 4YHEREAS, the City o£ Lynwood no�v owns bonds of said district of the par value of $2743,57 N0P7 TFIEREFOt�E, the City Council of the City of Lynwood, California does hereby resolve, det.ermine and order as.follows: � 1. That the Cit3r,Treascrer be and he is hereby � . . .. �. . . . ' .. � � . ' k . � . •. authorized, ordered and directed'to purchase,bonds � yly . f` � .. of Lvnwood Aequisition az�d Improvement District IJo. 26 of the par "value of $6200.00, paying there£or the snm of $4650.00 from the Special_Assessment and Taa Re].ief Fund. 2, That the City Treasurer be and he is hereby' authorized, directed and orderad to tase deliverv oY the aforesaid bonds in tha principal sum of $12000,00, which bonda�have been purchased by the County o° Los Angeles, and forthwith cancel all of said bonds arid the interest coupons apnurtenant thereto. 3. That the City Treasurer be and he is hereby suthoriaed, directed and ordered to deliver-bonfis of the said district amounting t�ethe principal s��m of �5100.00 ' together with their appurtenant coupons, 'to the Title Insurance and Trust Conpany of Los �:�elzs, California . nnder a provision of the said trast agree�ent heretofore entered int• by said Compax�y and the Gity of Lyni�ood, . 4a That the City Treasurer be aad he is hereby authorized, directe3 and ordered to cancel a11 of the outstanding bonds and couoons oP said Lynmoo3 Acquisition and Improve�ent District Ido. 26 except the said bonds in the princinal sum of $5I00.00, which are to be delivered . to the Title Insurance and Txti.st Corupan,y as aforesaid, 5. Aqy acLion of the City Treasurer heretofore duno or coramenced in accorda.nce with the directions herein— above set forth ara hereby approved, confirned and rat-- i£ied. APPROVED AND tiDOPTED this 27�n day of April, 1939 � b1..�. . . � . e y' � ++r e � � ' ' � .. • y:_ � �� � � � i . � .=ti. t .. � � ^ � ; i. " . LF.�s � .. . . _ . �.,,"`, , , " ; biayor o° e City o£ Lynwpod ` � . \v` .� � . . ' ATTESTc �' ' � � + ;- `i; - . . �1. ������../. Cit G erk of the C' of Lynwood By�.z r�� � � epu y yr er . _ _�� ry �.�. . 4 .. � � .. r . + � . . . . . � . . _ . . � . ' � '.. .. w . � � . • . . . � .. t. '�. . r . . .... . 4 �� q x . �. � . .. ' . ` : >. . � + r . . , /.,, ,� .�. . . . . l• T ,".�•�...' Ja'.: .. .���*.. ... _ 'p .♦ . . �. ; . . . . .. . � . � � . . . . � . . .. � .�, ... . . .�.:. ' . � . . � _ . � . •. . . :' .. . .. . . -• .. . • ' �.•. �..;� '� ���., o . 1 ti ..'. .. . ' � -- . . � � . . . ��� � . . . . _ . �� . .. . _�.' .. ,. . ' t : '� �. . , f . , . . . � � - .� e, 1 ° . � . � , . � . � . . . _ .. • ... .. , , . . . . . . � �. . ;. �. .. � . � . . y � .-. .. � .� . . . . . . . ...s�. .. . . .... . „ � -.- , �� ' t .' r4 4 . . . � . ( . 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