HomeMy Public PortalAbout1174 (04-27-39) RESOLUTION N0.]174 ,
' RESOLUTIOPd DETERIuIZNING THAT THERE �IS SUF..
FICIENT MONEY IN THE INTEREST AND SINKING
' E'UND TO ADEQUATELY PROVIDE FOR THE RETIRE-.
MENT OR PAYMENT OF THE OUTSTANDING BONDS
OF ACQUISITION AND IMPROVEMENT DISTRICT N0.
2g OF THE CITY OF LYNWOOD AND ORDERING THE
BOARD OF SUPERVISORS OF LOS ANGELES COUNTY
TO DIRECT THE CANCELLATION.'OF THE UNPAID
SPEC29li ASSESSP.4ENT TAXES LEVIED TO PAY PRIN—
CIPAL AND INTEREST OF SAID BONDS,
Be it resolved by the City Council of the City of L,ynwood as
follows:
WHEREAS, The City Council of the City of Lynwood is the legis--
lative body which condu cted the proceedings for the issuance�of the bonds
of Acquiaition and Improvement District No. 26 of the City of Lynwood; and
WHEREAS all the outstanding bonds of said district have been re�
tired, cancelled, or redeemed except bonds in the principal sum of �5,100.00
which have been delivered to the,Title Insur�nce and.Trust Company, under a
- trust agreement providing as follows:
1.. That said bonds are to be sold to the County
of Los Angeles at a price approved by this City Coun—
cil and upon.the delivery thereof to.the County the • -� -
said.bonds are to be immediately cancelled; or,
' 2, That said bonds are to be re—delivered to the
City oP Lynwood, in which event they would immediately
be cancelled; and
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WHEREAS by reason of the aforesaid, all of the bonds and coupona
of said district will be completely retired and cancelled without further
payments from the property owners of any delinquent and unpaid special
assessment taxes heretofore levied on account of the bonds of said district,
NOW THEREFORE, the City Council of the City of Lynwood, California
does hereby resolve, determine and order as followa:
l. That.as the result of the arrangements made
for the purchase by the County and the cancellation
of tne.outstanding bonds of said district or the
delivery of said bonds to the City of L,ynwood for
cancellation that there Ss sufficient money in the .
i . - ��. f . � . . . . -. . •.. .. . . _ ' .
Interest and Sinking Eund of said District to
adequately provide for the retirement or pay—
, ment of the penalties, interest and principaT
of all outstanding bonds of said Lym�rood Acqui�
sition and Improvement No. 26 as the same are ,
or shall fall due.
2, That the public interest, convenience
and necessity require the cancellation of all
, of the unpaid taxes and assessments and the .. '
penalties and the lien.thereof levied .
for the payment of the penalties, principal and
interest of the bonds of said district,
3. That the Board of Supervisors of Los
Angeles County is hereby ordered to direct the .
officer having control of the record to cancel
all of the unpaid taxes and assessments and the
penalties thereon and the lien thereof levied
for the payment of the penalties, principal and
interest of the bonds of said Lynwood Acquisition
and Improvement District No. 26.
4, That a certified copy of this resolution
be forthNith delivered to each of the following:
1. Board of Supervisors of Los Angeles County
2, Los Angeles County Auditor .
3. Los Angeles County Treasurer and Tax Collector
APPROVED AND ADOPTED this 27th day oP April, 1939.
_�f he City ` f L,ynwood
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City Clerk of the City of Lynwood
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The undersigned, C. A. Ruby, City Attorney of the City of '
, Lynwood, does hereby approve the above resolution and does consent to
the cancellation of the unpaid taxes and assessments and the penalties
thereon and-the lien thereof levied for the payment of the penaltiea,
principal and interest of the bonda.of said district.
Dated: Apri1 27, 1939
C. A. . u y, Cit torney
CSty of ynw od
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COuP�TY Oi: LOS :::d::�.d��:i,: ss..
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, , I, t'rie. a��dersi jna3- Ci ��r C:L,rli oi .z;:� ;C11;y of
I�;r�:aood, do hereby cer.tify that the abobe an:l foregoiilg ° •
. k�:::,olution �ras duly adopted Uy the C�.� C::��.:�;1 of said �
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'- April � 1°3 Q, anci passad by the fq1T?�rring vote:
• AYt�S: COJi�TCILIui::Td: Lake, Christensen. Meve, r• � .
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, CITv CLEFtK; CITY 0£�' L`��:i00D.,
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