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Home My Public Portal About1177 (05-02-39) � .. ' / RL�SOLIITIOId N0. RESOLUTION D,�.TER:vfI2?IPJG THAi T?3�RE' IS SUF- rICI�NT I?iOIdE�.r IT� TE��,' ITdTER�ST A?�?ll SIDtKING ' FUND i0 ATEQJATELY PROVID� FOR T� RETIR�- 1�PTT Ofi FAYM�'NT OF TF� OU^STIiNDING BOI1liS OP AC'�J,UISI^1IUDT A'tIll IivlPr?CVE3a�PiT DISTRICT IvO. 26 OF T� CI'PY OP LYI�;•D OD !�?D ORD�RIP?G TH� ��BOARD OF SUPERVISOAS OF LOS Ar1GEI:ES COUPTTY - � TO DIR�,CT T�� C�:NCLLZ�ATIOP7 G?�' T� UidAPHID SPE,'CIE.L' ASSESSi�1�+N`i' 7'AXP�S LEVI�D TO T'9Y PI3ITT- CI?'AI, A�TD IIdT�1ZEST OF SAID BOiv"DS. Be it resolved by the City Council of 'the City of Lynvaood as follotvs: , i�lH�REAS, The City Council of the City of Ljn�^rood is tho.legis- lative body ��ich conducted the proceodin�s for tho issuance of the bonds of Acquisition and Improvement District No. 26 of the City of Lyn�m od; and 1�1�-3ERE�1S, th� Board of Supervisors of Los Angeles County has heretofore, under the authority of the provision of Sections 1526, 1627, and 1623 oi the Streets and IIi�,hs�rays Code, purchased. bonds of s�id district of the par value of �y12,000.00 ior tho surm of �9,000.00 and has delivered the same, together vJith all their appurtenant coupons, to -, the City of Lyntvood for cancellation;and F�lI�REAS, the City of Lyna�ood has hereto£ore purchasod the balance of tho outstandin� bonds of said district; and � 6"dHEREAS, all the outstanding bonds and interest coupons of said ' district have been retired, cancelled, or redeomed or.copt bonds in tho princiaal sum os C5,100.00 and their appurtenant coupons which have boon deliverod to the Title Insuranco and Trust Company, under a trus't agree- ment providing as £ollo�vs: ' 1. That said bonds aro-to be sold to the County of Los Angeles a.t a orice approved by this City Coun-• cil and upon the delivery thereof to the County the said bonds are to oe immediptely cerzcalled; or, ' 2. that said bonds are to be re-deliverad to the 3 City of Lyn�rood, in v,� ich event they ��.o uld immediately be cancelled; and l;!��EAS, by reason of the aforesaid, all oS the bonds and cou- pons of said district �aill be completely retired and cancelled �:� thout further payments fro� the property o�vners of any delinquent and unpaid -1- special assessment taxes heretofore levied on account of the bonds of said district, N04J 'PI3EREEORE,� the City Council of the City of Lynvm od, ' California does hereby resolve, determine and ordor as follor��s; 1. That as the result o£ the retirement, cancellation and/or redemption of bonds,.as � aforesaid, under'the provisions of said section of the Streets and ri�hti=ra;�s Code and the arrange- monts made for the qurchase by the County and tho cancellation of tne said {�5,100.00 oi outstanding bonds of said district, or the delivory of said bonds to the City of Lym��ood for cancellation, that. there is sufficient money in the ?nterest and Sinking Fund of said llistrict to adequately provide for the , retirement or paymen� of the penalties, interest and _ principal of all.outstanding bonds of said Lymrrood Acquisition and Improvement Ido..26 as the same are or shall fall due. 2. That�the Soard of Supervisors of Los Angeles County is lzereby ordered to direct the County Auditor and County Tax Collector to cancel all special assassment taxes to�ether i��ith penalties ' t. and�or intere.st thereon levied to retire the indebted- ness of said l�cquisition and Improvement llistrict Ido. 26 and edzich said taxes, penalLies and/or interest are unpaid; excepting hoF^�ever that as to assessnents, interest And oenal'ties upon oroperty the ormer of r�ich has elocted to pay dolinquent ta?;es and assessraonts under tho provisions of tne la�v commonl;;T kno»�n as the f ten paym_ent nlan, but has not thereby redeemed the property, a portion of t�e assessments, interest and penalties equivalent to the amount qaid under the ten � paym�nt plan, vrhich has been placed in the Interest and � Sinking Fund. of the district, shall not be cancolled but , _2_ the remaining portion shall be cancelled. It is ti�e intent of the iore�oing that all of such district �ssessments, interest and �enalties shall ba elimin�ted, first, by:pa�nent, and second, the balanee by cancellation. 3. Tnat the Cit� Council of' the City of Lynr hereby finds and determines that the can- cellation of assessments as aforesaid is in ac- cordance vvith a uniiorm plan v�nich is fair snd equitablo. 4. `Phat tne County Auditor is hereUy authorized and instructed upon tY?e cancellati�on bf the aforesaid unpaid special assessment taxes, penalt�es and/or interes�, to notify the State Controller of tne credit r�hich shall be allo��aed upon tho right of re- demption ior any property in said district �^d�ich has been deeded 'to t?�e 3tate for sL�ch delinquent ta:�es. 5. Thut a certified copy of this resolution be fortnvrith delivered to each of the follo��:ing: 1. Board of Supervisors of Los An�eles County. 2. Los Angeles County Auditor. 3. Los Angoles County Treasurer and Tax Collector. A�?FiiOV�'D nS�D A�OPTED tnis 2nd y'� I�Zay, 1939. . .,..,.. � ��,y.�� r l .� �.�W �`N . r �- ' �� f-� �� :, ,�""'�.`� �iayor of the City o Lynvrood '�, `"-%�",�'" .,, �+ � A`�TEST: "'-'' \ ` c L ` ` �. w �. .� j "/ ., : ' _ i, ��/�� _ � / , -t t� / � City,,Gler,k oi �the�f Lyn�:o od , _3_ • � . . _ ,� . - _ • A� . . . � ; . � ... . _ � . . . • . � . ' ' ,.. . > , . .. : . . � , . oj :��; v1'.C!1l,ir`Cit�bl:� ) ,. .. � CGU��TY Oy�' LOS =:td::r��c>: ss.. - , .. CITY Ob' 'Li�i-iGC:� ) . - ,. . I, .ttie u tc.2r�i,�ied Ci c�r Clerli oi �;;a C'�1;y of .. . L do,hereby certify•tnat t�ie above and fore�;oin� k�::ulution ;aas-duly adopted Uy tI1e.Ca�. C•:��.::.;�1 �I' said � C:.tg �:t �,�c �..xxxxxaxxare;, c�3etin;;, t�:erabf ��ld in . the.'Cz'cy 'ri�,ll uf's:szd. City� o,Z� tlze �nd �;°�,�,�T of�; • _. xxzxxx � 1�3 `?• ,, ancl passed by. the fcllov�ing vote: " . i:Y .C::.li��CILI`iJ. etancan .T�4P��ar -': " y , . �Snv.,�de r_.and Lake___ . . ,, ,�;,-a•�"� �- ,� .' 1�O�S: COJ�?CIL?�ti.��: "None. y �. * ., . . • . . : � >_, '-+t, '�i��;lv`r:� CGJiuCIL��1.T3:None�. _ . . . : �„, ��, r . ,� � ' � i . . � • --.__ _'— �=�._._...__ � � �V � i p `+� � . .� .. � w . � �fr' . �� .• � � � . . .. . � � , v f: � � �. . �. . .. � ' . )i � � .. . . .. - _ , TT ' y -'" ,�� `. CIT� CI.EIt�;, CITY OF L'fiJ6i00D. � '. .'+.:., . . ... .. , . � , . , � � ' ' ' ' � �