HomeMy Public PortalAbout1183 (06-05-39) , .` _ - +
, � . . �
' - '. . � . ` . EPSOLDTIO_N NO.. 1183 � ,
• RESOLVPION OF THE CITY COIINCIL OF THE " .
CITY OF I,YNw00D, REQDESTIN(3 THE BOASD OE
'.. '' SUPEH9IS0&S OF�THE COIINTY OF LOS ANGEL�S
. TO ALLOCATE CEETAIN FUNDS TO BE USED IN
; TH� LIQUIDATION OF THE BONDS OF LY�YPOOD
. , 9CQUISITION bND.IMPAOPl�SENT DISTBICT.NO. 20' . , .
. Be it resolved by the City�Conncil of the City of Lgnwood as fol« �
lowa: .
WHEREAS, in 1929 Acquisition and Improveiaeat Dietrict No: 20 eas created
with a principal debt of $93,233,81,_for�Acquisit'ion 'and Improve�eat of Tweedy»6bbott
, Road; aud . :: ' . . '
WHEREAS, said priacipal flebt beare intereat at tha.rate of sevan per
per annum and maturea seriallq nntil Jannary 2, 1948,"tha.da.te of maturity of the�
' last bondS'and . '.. '
, 9PHEHEAS, there are noa outstanding boada of said in the'principal '
sum of $81,233.61 oP which $32,000.00 are past due;.and '...
' . qPHERE,AS, interest on said bonda is delinqnent,since Jnly 2, 1933 end thare�'�
'. - are now due and unpe.id,interest coupoas of,eaid District aggregating $23,658,62; and •
�HEAS, the asaesaed value oP the land in said Diat'rict for the fiscal
� year I938-�1939 i►as $38.015;00;'and ' • . • .
.WEE&EAS,.even thongh there ha,s beon no pyramiding aad in most'yeara a lev'y
. considerably lesa thaa the aormal requirement, the asseasment-delinqnenciea for the
� reapective,years aince the creation of said'debt have been as�followea' ' �
, 193�+31 ` 41.22 ; .
1931»32 57.01 .
193?r33 64.13'..
1933-34 . 67.05 .' _
1939h35 Ao Levy
' . . 193''s+36 Ro Lavy _ , ., .
, ,
, . , 1936-�37 . No.Levy w '. �
1937�38 � 67.85 ..
,,
' and;
�°. WHEREAfi, there are,approximateZy�? parce2s o4 property in said�Diatrict,.
most o£ ehieh are ovned by individval owners and inatitutions or holding
companiea; and :: . ,'-.. ..; _
pPHEREAS, a large portion of the oropertq in the Distriet has been aeaaea
to the Stata for non»ptyyment of taaes and the record owaers thereof are 3a imminent•
danger of losing their property nnless be given them; and '
'. , Y � M ,
, ,
�PHERF,AS, assessments msde for pqyment of said debt are for the most.parS
prohibitive; and
FIHEHEAS, all of the bonds and coupons of said DisLrict are owned by the
Pacific States Sa4ings and Loan CompaRy, which institution was taken over by the '
Building and Loan Commissioner of the State of California on-March 4, 1939; end
17HEEEAS, there ie now pending in San Francisco County Scperior Conrt a enit
to fletermine the legality oY the take-�ver by said Co�issioner; end
YPHEHEAS, during the pendency of eaid auit it is impoeaible for thie City •
to enter into an agreementE�r the liquidetion of said bonda eithar with the said
Company or with the Building and Loan Commiasioner; and
TlHEREAS, under the Ae»B Plaa for special assesament relleP, the County of
Los Angeles hae determined that the publlc intarest ia said District is 98.11�i;
and
phiEBEAS, for several yeare the County imponnded funds to the cred3t of said
Diatrict until,there wa.a a total amount of $30,267.03 to ita credit, but which fuads
have since been taken from said Diatrict and ueed in.other apacial.assesament relief
uork in tha County; aad • �
41BEREAS, there has been set np in the preliminaiy budget of the Couaty for
1939�1940 the sum of $1,000,000.00 for special asseasnent relief; and
• �i._RFAS� g]lpu].d 87.1 of said money be used £or relief of ad valorem asaees»
ment Districts it wonld be possible for the County during said year to�easlst in the
liquidation of many euch districts; and
� S7�EEAS, by reaaoa of the aforeeaid Yacts, we are unable at this time to
present a flefinite program for the liquidation,of the bonde of said District but in
view of the fact that it appears li2cely that the Bonds oF said District will be
available for lignidation or refund.ing within the fiacal year 1939�+1940 we believe a
�rogram ahould noa be coamenced ehich wSll make it poasible to take a8vantage of a�y
opportunity which might arise during said fiacal year for the liquidatioa of said
boads; and
SP�HEAS, through the cloae cooperation of the Board of Supervisora of Los
Angeles County aad the City Conncil of the City of Lynwood, eleven pcquisition and
Improvemeat Districta (Hattoon 9ct) Lave either been re£unded or all of the bonde
thereof purchased by the City and County; and
, . �
- , . ,
r � • , r . ,
�>. : . , .
.. �73E9S, it is the opinion o£ the City Council of the City of Lynwood ' "`
that aith the removal oF Districts fioa'. 18 and'20, all of the othe acqniaitioa and
".. Impro�ement,Diatricts of"the City oY Lynaood can.ba fully ltqnidated.within six
moriths thereafter, ; • .
• NOW THE&EE'ORE, the City_Council �oF the City of Lynwood, Califonaia does
°� hereby reso2ve and determine as foll,ows: ,, .; � ..
• 1,. That the Board o£ SuPervisors�of Los Ange2ea County
be, and they are hereby requeated and urged to determine "
-- the maaimum contribution�nhich could be made in the liqnid-+' �
� ation of,the bonds of sald Diatrict at•the maaimum price .� �
� acceptable to the -said board OF SIIDBTV�90TS�. 8AC1 Ek15..t t� ,
� amount'thus determined be aet nn either in the 1939+-1940
budget "ear marked" in such a way $hat �'..
�� the same would be beld aYailable for. use ia assiating S�Ls �' -
' City to liquida.te or rePuad the bonda of,said Matrict' ,.
. on a,progre.m and nnder terms "satisfactory to tha,said Board . '
. s ..
..
, .. . ...., � , "� "
of Superbisors. •
�. 2;.' �That certifiad copiea of this Beaolution be forthr+ '
' pith delivered to,ea� one o£ the.meabera oY the Board ^
of Superv�ss of Los 9ngeles County and one to the Clerk • -.
, .- .
. , '.pf'aaid Board:' . V � ` � ..
' pppgppPD'gND ADOPTED this 6th day of„Jnne; 1939s- '. •
. ����� q t. , ,�,.
�nI � l� �� � 9 �L. . � . .
� ' . ,.. �. � +:,� . • e ' /�/-( 1`�% !� .
,;���, .�
�� � '` � �, ; Mayor pro tem of the, City of LynROOd �
,r �„ � �,+, . -,r r- . -
�
, . ATTEST'�.�, �,� F ,�, ; . .
�..
�, "' 9 � ; c. . . � -- � � • , .
� > . _� .
�;. - . . - //ti � " —��
City Clerk?of the City of Lynnood � ,'
. ..� � - .
' . 3^ , ' .
. '
' . . �^ p�. . . � : • � , . . � ' � .< . . . • . . .r' � . .
.. . , �. . .. ,. . '��� , �.. . . . . , . . . � � ' . . � .. . , �.
, � . .� / � � } _ Y '�.L ( J !ry Vr � l . V:L/A�JAJ��I+l\.:.Il:�� ..'.�� � , ' � •, ' .. ' � . . ,. .
.. . . ' . CllUiV1Y.V1� Lh/J �Vll.bllL1J. JS{� .. .� ... � . � � ' ' � , " .
. . _. .. . .l{1�1'Y., ��? ld�i ..,� .� ':: . . � . .�. �. . . ., .. .. ' .
�-.� I, Lzi�, :.ir�c�r i;,ne:: Ci•i.;i Clerli oi t;ia .C::��`of ��
L„ :::ood;.,do hereb;,r certify that the above anii foret-oing
" R. :;olution i��as .dul� �adopted, Uy* th� .C� �;r C. �.c�:ail ui' said,
r. . . . �.F :'1 . . � . '
. (� '{� . . y. . ♦ � . '.. � �♦ . .. .. . -. . � �` .
. . V�II��.,4�4 b�! " CC�.:�L�.1�LY��IiIC�iEi�IllZj (�L1Qr401 �13�1: I.n ' e. . •
' ! _. r ' . . .. . . . . � '' .. .. . . . , , ' .
. th� city x��.11 �f s�:�ia cii;y, o.z,ti:ie� sth :;�,;r or
_.. T ,:1:3 9 and passe,u oy the foi lov"aing`vote:
. , tiYLb:. CU:I��CIL:%i:2J:_`'hristense�:;Pvleyer and - �
. ,. 'Nati'on.' . �. . .
` � .: --- ----- -- — � :
� .�' iJO�$�: COJT?CILPef;!;N. 'None. . � �
,- `" a >
��S�til :�CGJi�iCIL��y21: Za�e_.and,"''nvder.
b .
�' ` . -
� -•.�> r �;: $ _ . . . .
:j � .. �
_ . *� � � ` Y �� �Y � � . . � ; � / ..
+ ; f '; '
, � V ��^ _ CITY GI,EFtIC, CITY Ob� L�d;i00D. .,
.
.. .. , ,°'s` .' .
° •::. . „ .., . . ; ;', ' _.. .
. . ',,
. �: . . ..