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Home My Public Portal About1182 (06-05-39) , . . . , ' _. . . � . . . � � , .. . . , . � � " . Aj , . �� HESOLUTION N0. llA i . ' BESOLUTION OF THE CITY COUNCIL OE THE .� CITY OF LYNFd00D EEQUESTING THE BOARD OF "_ ' $IIPE&YISORS OF THE COUNTY OF IAS ANGELES TO ALLOCATE CE&TAIN FUNDS TO BE USED IN ,. _ . �. THE LIQIIIDATION OF THE BOA7DS OF LYA�POOD , . ACQUISITION 6ND IMPHOPEMENT DISTIIICT N0. 18 . � Be it reaolved�by the dity Covncil of the City of.Lyawood sa £ol�» loae: ` . � WHEBEAS, in 1929 a.nd 1930 Acquiaition end Improvement District No. 18 was created dith a principal debt of. $887,473.11, for Acgnieition aad Improdement oP Century . . ' � . BQUI6YSTt3. � SIIa ' � � ' . � . . � � . . ' . . . . '�EFIAS, said.principal debt beare iatereat at the rate,of seven per cent � per annum end maturea aerially until March 4; 1955, the date of maturitq oP the last, � bond; and �REAS, there are riov outstanding bonda of said.District in the principal sua of $65Q,473a11; of which $193,000,00 are'Past'due; and , y�EE9S,. intereat oa said bonde is delinquent eiace 3uly 2; 1933 and there aie now ane and unpaid interest coupone of said District,aggregating $243,914.55;'aad . � F7HEREAS, the asaesaed value of the land in'�eaid Dietrict for the £iecal . _ 3:ear 1938**1939 $475,240.00; and , • :.. _ ± . WHEREAS, enen tlwugh'there has been no pyra.miding aad ia moat years a levy . eonsiderabl.y lesa than the normal rsquiremeat; �the asseasment delinquenciea for the respeetive 9 gince the creation of said debt have been as folloea: • 1930.+31 ` 48.11 " 1931�+•32 61.86 1932r33 73.42 : , 1933-�:34 76.63 � ' ' , ,, ' " 1939e+35,. . . 81.89 .> ._ , ` 1935*36 78.03 1936_+37 , 75.25 , ' ,Z937r.38 68„17 . a�� . . � �. �HFItEAS, there as�e approaimately 3100 pazcels of property in sa.id District, most oY phich are oivned by indi6idual ownere and not by iastitntions or holding aompanies; and . • � PIHERElyS� a large portioa of the property in the District has been deeded ' to the State for noa�aYment of taxes and the iormer owners thereof are in immineat danger of losing their propert� unless relief caa be given them;. and . y� : f t, .. . - . � . .. . . 9f�RF.AS, asaessments made for peymeat of said dabt are,for the most part prohibitive, there being in one zone in 1937N1938 a rata of $405,00 for each $100.00 . assesaed valvation of the property in that zone; and WHEBEAS, all of the bonds and coupons of said District are oaned by the Pacific States Savings and Loaa Conpany, nhich institution was taken over by the Building and Loan Commisaioner of the State oi California on March 4, 1939; and �PHEREAS, there ie noa pending in San Franci� Connty Snperior Court a ault Eo determine the legality oY the take-�ver�by said Commisaioner; and �PfiEREAS, during the pendency of ea.id suit 14 is imposaible for this City to enter into aa agreement for the liquidation of said bonda, either aith the saitl Company or vith the Bnilding and Loan Co�issioner; and p7HEREpS, under the b-3 Plan for apecial assaeament relieP, the County of Loe Angelas has determined that�the public interest in said Diatrict is 39 azid ' '�AS� for several yeare the County impounded funds to•the credit of eaid Dietrict uatil thexe aae a total amount of $83,329.69 to its credit, but which funde hava since been taken Yroa said Diatrict and used in other .special asseasment relief sork in the County; and , 1R�REAS� there has beea aet np in the preliminary budget oY the County for -- 1939�1940 the sun of $1,000,000.00 for special asseasment relief; and I 9PHEREAS, ehovTd all oY said money be used £or relief of a.d valorem aesese» ment Districts it wonld be possible for the.County during said year.to assiat in the liquidation of many snch districts; and . WHE£{EAS, by reaeon of the aforesaid facta, ve are nnable at thiB time to present a definite pro�rom For_the liqui$ation oP the bonds of said Diatrict but in vlew of the fact thrit it appeara likely that the bonda of esid District eill be available for liquidation or retunding within the fiscal year 1939-1940 wo be2leve a program should now be co�enced which eill make it possible to take advantage of axyy opportunity which mighS asiee during said fiacal year Yor the liqnidation oY ' said bonda; and �REAS, through the cloae cooperation oY the Board of.Suparvisora of Lus Angeles Connty and the City Council.oP the City of Lynvood, elevea Acqnisition ' and Improvement Diatricts (Mattoon Act) have either been refnnded or all of the boada thereof purchased by the City aad County; aad � yPHEREAS, it ie the opinion of the Ci Council of the qity o£ Iynwood that � with the remova]. oY Dietricts Nos..18 end 20, all of the other 6cquisition and Improve- �ent Dietricta of the City of Lyneood can be fully liqnidated within aix months thereafter. N04f THERE�'OHE, tha City Covncil o£ the C3ty of Lynwood, Ca7.ifornia doea hereby resoZve aad determiae as folloae: . 1. ThaE the Boazd oY Snnervisors of Los 9ngelea County be, • and they are hereby raqueated end urged to determine the mas± imun contribution ehich could be made in the liquidatioa oP the bonds o4 eaid District et the ma.ximum price acceptab2e to � the said Board of Supervisors, aad thati the amount thus ?:a determined be aet uP either in the 1939-+1940 bu8gat or be allocated or "ear marked" in anch a esy that the same aoulfl - be held'available for use in aseiating this City to liquid':-. ate or refund the bonds of said District on a progrem and under terms satisfactory to the said Board oF Snpervisore, , � 2. That cartified eopiea of this Eeaolntion be forthwith delivered to each one oY the members of the Board of Super� � visora oY Los Aaga2ss County aad oae to the Clerk of said Board.- gppgppED AND ADOPTID thie 6th day of Jnne, 1939.. . �� , � -�� .�'" . �- � y � .a % L s_ �.. - . Meyor pro tem of the City oP Lynwood r Y`` - . ° � •°•� ;% . 'ATTEST:. � ,. i „ f — �� ` �,; �_: ... 9 ' � / / � . ._i. -. "' _- . . . . % T � �AAy�A � City•C1erk of the City oY Lynnood ,, »$., i • 'A ' .. , . . �. . .. .. . . ' . . .. . . . . .. � ' . . . ' . . . ` . . � . . . � � . .. . , . ' . ' ' . ' . . � . , . . . � � �. .. . ' .. ,�.. .. . . . . , . . . . . �'1 • S1_.i� � Or' CeiLii�'C�,l i�.:: ' ) , , , ,. . � COuidTi' iii�' LOa :;i1:"r.�-��: as. CI'P`i OF L�.,; ;��,� . � ) , - � • I, 1.,�e :...�c��r:,i Clerk :�i :oi:e' Csty , of . - � Ly.i:.�ood, do certify that the above anii fore�oin�3 � _ k.,ul�:tion ��as duly ad��;ted by the C;. �� Cc:�. of said ; , � °C:.ty 'c;t �_ - - - - re:,,ular r3eeti,i� t:�eraof`Y.:.1& in , tha Clf,p H�.11 uf s:r,iu City, o;i tne 6th �i:a�r of . . ' :(�,ne" r ,i:3 9, aild passea by.the •follo*aing vote:: . , . , . . . . . . . . , � ;;`CiS:' CC I��CILiu;�IJ:_�'hristensen, T&eyer and - . , y � - Nation.� ,,�, , �. �_� . . � . T,,.7-T r� � _ J „� , - . . � � . . . , . � . . � . . . .. � y- i�O,.,S �COJ*�CILt,;wi�i None.. �,y � � y; . . . , � . ,�`.� .��.,. �'.Ti��IdP w�C,GtJPuCIL��:iT•d: , T , � , ,�.e..�i1d_ 5nvder. � � f . ... ; v °"'_„ ; �"1 :: � ; , . � � � � . , : � „�.,� �, � � .a..�l�c�rrs-r�-s. •� . ' . ' ' .. r._. ` -' �r' CITY CI,Fs'tt�i; CITY �OF L`Cdii00D. ^ • ' , . . �. . : � ,- � • : ; , ; ., I ` �, ' . .. . .. . f : � • . . • . . � ` . � � , . . . . • - : , s �,„ ' , _ _ . . ' . , . . . 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