HomeMy Public PortalAbout1185 (06-20-39) . .
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, • : ; . . . ., RESOLUTION No. . � iR5 .. ' .. . . .. , ,
� RESOLUTION fFF TY,E CITY COUNCIL OF. �`: .
'" " '' THE CITY OF LYNNOOD; CALIFORNIA, `.. .,. � ` -
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DECLARING IT°-INTENTION�TO�REFUND • .
' - TF3� INDEBTEDNESS OF'AC6�UISITION AND . _ ' `
.. ' IMPROVEM.ENT DISTRICT V0. 7.'OF SAID ' .
� CITY, AND FIXING A' TIPt� AND, PLPCE : �
, FOR HEARING, �AND.GIVING'NOTICE THEREOF. '
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� VdHEREAS, the public interest,_'conyenience,.:and �
� � 'necessity require the refunding of,the indebtednes.s,of • `
�,' .. �. Acquisition and I�mprovemept Dis.trict No': 7 of the City of •
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Lynwood,,California, under the�proqisions of the Refund-
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•� ing Assessmemt Bond Ac,t of 1935, as amended; ; " '
�' ' NO�PI, THEREFORE, 'IT_ IS- HEREBY RESO LUED;. DETERMIN- �
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` ,ED A'ND ORDERED by the City �ouncil of the Citg.of Lynwood, . .�._
California, as follows: ' ,
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Section�l. .That.the puplic.interest,,convenience, -
"_ and'necessity requ3re�the sefunding of the'indobtedness of
� ' Acqulsition an.d Improvement District'No.- 7 of £he C,ity of
.. ..Lgnwood, CaliPornia,-and it.is the intention.of the City .-. �
,- Council oP said city to refund.said indebtednese under the ,: .�
-�, . ' provisions �.of en Act of .tYie Legislature of . the 'State of � �
California designated as the Refunding Assessment Bond Act.:
. of.1935, as,amended,, and; fbr the°purposa of�refunding . .
said indebtedness, sa3d City Council intends to.levy an �
ass,essment (sometimes called a rea�ssessn�ent) and to issue.
refunding bonda as_ herein proposed. � � - .
. ;; ,Section ?.'.That the`total amount of the
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�' outs,tending Sndebtedness of said d�,strfct to be�re- � ,
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�° flunded is the sum �of..sixt . orie thousand�.four;hundred . -
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' � �. fiftg-four and':fifty-six hizpdrod%,dollars .(�61,454."56 ),.` • �� �- '
(' The amount of'the ; rinci al,of bonds included.therein
�. P .. is
� tYie sum of forty-hine thousand six hundrad twenty-three �"
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and thirtg-eight hundredth's dollars (�49,623.38)' "The
; . amount of.due and�unpaid inter.est.c;oupon9'"inc_luded w�
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`� ''- therein is the sum of eleven� thouyand`.e,i�r�t hundred� '' • :
'; thirty.-one and eighteen hundredths dollars (�"1•1,831`.18).� :
- ,. � The amounts�•referred,to in�this seetion are determined as. �
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�; � . - of the date, this reso'lut3on ie adopted... �`
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, - 'Section� 3. : Thet..the. total maximum prin-, � , - `
+. � . oipa_1 -amount for which �an- assessrnent (sometimes cal.led _
.• �a reasses'sment) ahall be .le.vied in .the proceedings for '' '
- � : ^- � . >the� rofunding of sa id indetitedness ��is,;°determined rt'o be. ': - �
_the.sum o£ sixty=one thousand four hundred forty-four` „
� ,_ and fift�-six hundreflths do-llars. (�61,444.56j.. ...
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� � Section�4.' That�for all assessments not .� ., .�
paid within thirty..(30) days:`from -the date o rec�rdirig' ,
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'�the as.sessment (except..unpaid assessments upon public
' �property for�which bonds are..pot "to be i�sued�), refund-. ' �
ing bonds shall.issue as provided-in:said�Refunding As _
', � sess:nent Bond Act of 1935, as amended'.� ' Y
-_ Said refunding bonds shall mature in.`ten _(10) � •,
annual�,series and a'n-even anrival proportion of the a$gre-
�' gate principal sum`thereof'�shall be payable on the,'s'ecAnd
. day of.July of everg year until the vrho.le . is paid;. the .. ,
fir.st'anrival series or iristallment being payable' on the `, �,
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second day of July.next succeeding the first ten (10)
, mo�ths after the date of said bonds, and,.the last aeries �,
` or installment being payable nine (9)�years after the : �
first annual serles or 3nsta1lment is payable.
Said bonds sriall bear interest;at the rate
of five per cent (5�) per annum, payable semiannually ,
by coupon on the second daJs of January and July,
respectively, of each year." The first`interes
ahall ba payable on the second da3 of January next
aucceeding the first four (4) montHs:aft_er the date of'
the bonds and shall be for, the interest accrued to that
time, and interest�thereafter shsll�be payable semi.-_ •'
• annually on January s,econd and July second, as aforeseid. ;
- Secon3 5. The payment of interest accruing
. on anp bonds after,the date of the latest due and
interest coupona thereof included in the amount of due .
and unpaid' interest as state@ in this resolution is to be �
authorized but in the event any of such bonds:can be acquir-'
� ed without �Ehe.payment of anp,or all of such.interest. it. - �
need not be paid.' - " .,- :
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. " ��Section 6,. �Thet the rl3th'� dag _ Jta��v ,
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1939; •at the hour of 'i ;a� a'clock, �M•, in'.the aVfb .r�
of said day, is the date and��hour,_and the chambers of the
City �ouncil in trie City Hell in t'rie City of Lyni^,00d' is the
-_ place fixed for the hearing of.ob�ections to ssid refunding.
At any time not later than the• hour set for hearing ob-
�ections to said proposed refur,3ing, any person interested
and any owner of property which is subject to essessment
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in the .refunding proceeding may file his written ob�ec-
- tion against tho proposed refunding with the City Clerk
, of the City of Lynwood. ; An ob�ection must contain.a
description of the property i.n rvY�ich each signer there-
of is interested, sufficient to identify the same, and �
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shall set forth the'naturo of �eaCh signer�s interest
therein,_and sl�all� be. delivered to said City Clerk at ,
or before the time set for hearing, and�no other.protests
or ob�ections shall b.e .00nsiderod�.'� ' '
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Section 7. The re£unding of said indobtednes�
' � sha11 not be authorized unless the written consent of the
l 'owners of a majority.in @rea of the land in the district
- sub�ect to assesement to pay the principal and interest ' •
of the outstanding bonds of eaid dfstrict is filed with
. said clerk, and any owner of la�nd in said .distr"ict may
file his written consent to such refuncling at any`tisne
prior to the ado�tion of the resolution ordering the �
refunding._ ..
Section 8. The land which is preposed to.be.
assessed for the refunding of the outstanding indebted-.
ness of said district consists of' a11 such'lots, pieces,
or parcels of la nd within said distr�ct as are subject '
to assessrnent to pa y the principal and interest ef the
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'. ,_ ____ ,,. „_ outstanding bonds which are to be re£unded` in this pro-�'"
. ceeding. The exterior boundaries o£ said Acquisition
and Improvement District No..7 are described as follc�us:
4.
Beginning at'the northwestorl� corner .
� of Lot 7, Tract No. 5456, as per map recorded in
� Book 59,� Page 66 of I�4aps, Reco"rds of Los 'Angeles •
' . County, Californa.a; thence easterly, along the
northerly line of said Lot 7, to the southwesterly
cornor of Lot 6, of eaid Tract-No. 5456; thence
northerly, along the westerly line_of said Lot 6,
to the northwesterly corner of said Lot 6; thence
' easterly, along the northerly line of said Lot 6
.' • and the prlongation thereof, to the northeasterly '
cornen of Lot 97 of said Tract No. 5456; thenca
southerly, along the easterly line of said Lot 97
to the southeasterly corner of said Lot 97; thence
easterlg, along the northerly Tine of.Lot 96 of .
said Tract No. 5456 and the prolongetion thereof,
- to the southwesterly corner of Lot 108.of said
' Tract No. 5456; thence northerlv, elong the wester-
15 line,of said Lot 108; to the northwesterlg cor-
ner of said Lot 108; thenoe�easterly, along the
northerly line of said Lot 108 the prolonga- �
tion thereof, to the northeasterly corner of Lot
199 of said Tract No: 5456; thence southerly,
along the easterly line of said Lot 199, to the
southeasterly of said Lot 199; thence
I' easterly, along the northerly line of`Lot 198
� , of said Tract No. 5456, to the southeasterly :
corner of Lot 204 of said Tract No. 5456; thence
� northerly,.along the easterly line of said Lot
204, to the northeasterly corner of said Lot 204;
. thence easterly, along .the northerly linecff Lot 1,Block 1,
Tract No. 6474 as per map recorded in Book 71, '
'. Pege 5 of Maps, Records of Los Angelea �ounty,
Celifornia, nnd the prolongation.thereof, to the
� center line of Lon� Beech Boulevard; thence sout.k-
easi;erly alon� the center line of said Long Beach
' Boulevard, to: the prolongation northeastemly of
the northerly�line of Lot 239, Tr@ct No. 2551 as said lasi
per map recorded in Book 24, Pages 78, 79 and 80 mentionet
of maps, Records of Los Angeles �ounty, Ca lifornia; prolonga-
thence southwesterly, along e nor er y ne_o tion and
said Lot 239', to the northwesterly corner of said along
Lot 239; thence, in a direct line, to the north-.
westerly corner of,Lot 240, of said Tract No. 2551;
thence southeasterly, along.the westerly line of
seid Lot 240 and the prolongation.thoreof, to the,
northerly line of Lot 325 of said Tract No. 2551; •
thence southwesterly, along the northerly line of
said Lot 325 and the prolongation thereof to the
� northeaste,rl:y corner� of. Lot ,414 of said Tract No. �,
2551; thence westerl�y, along the northerly 11ne`
of said .Lot �414 and -Lot.B of said Tract �No. 2551',
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� to the nvrthviesterly=corner-o£, said I,ot B;. ' �
thence.southwesterly;, along the easterly line ,
of Chester Street,. to.the southweaterly corner
of said Lot B; thence southsrly, at right an�les ,
� to the southerlg line of Lot 433 af said Tract •
• No. 255T, to the northerly line of the Pacific
' Slectr.ic Railwa� Compeng�s Priva.te Right of Way; .
, �.thence northwesterly, along tre,nor.therly line:,
of�the said Pacific Electric Railwa� Company�s �:
Privato Right'�o.f.Nlag.and the prolongation there-
of; to the prolongetion�southerly,of the wester= '
. ly line of State St (formerly'Modfeska Avenue), ,
as. said State.8trset is.'located�north of :said Paci-.
fic Elec,tric. Railway, Company,!s ,Private. Right of .�
�. Play; thence southerly, al'ong the prolongation ,
' southerly wester.lg line ef ssld State Strest,
to.the center line. of said Facific Electric Rail-
way Company�s Private' Rig�i.t o_f 4Yay; thence vresterlg �
�. • aLong the center`line `of,the said Electrib
, Railway Company�s. Pr3vate Right of Way; to the ,•
prolongatiorr soiztherly'of the evesterly line of Lot
' 10, Block 6,,Modjeska Park.:as per map recorded in �
Book 9, Pages 142 and.143 of Maps, Records of Los
' Angeles C.ounty,,galifornia; thence northerly'elong -
� the prolongati,on southerly of said westerly line
" � ',of sai3 •Lot',10, to tfie northerly line of said � ,
' ' Pacific Electiric Railway'Company�s Privete Right '
. ° of Way; thence vresterly, along the northerlyline .'
. " of said Pacific Eleotric.Railway Company!s:Private
�. - Right of Way, to tYia ea§terly lihe•of-the SouT.hern
. Pac3fic Railroad Company:��s Private Right'qf !Nay;
thence northerlq, alon� the'easterly line of"said _.
_ Southern Pacific Ra3lrcad Company�s Private F�ght
;of Way, to the northerly line of Tract No. 921 as
� � per m�p recorded in Book.18, Pagea 106 and 107 of
� R4aps,.Records. of Los Ange�es County, Californi�a; .
� thence easterly,,�•a�long.the northerly line of said, ,
•Tract No..�321 and ths prolongation thereof, to,�.
' ` .the prolongation southerlg of the westerly.line,of
' `.,Lot 43, Block,2,. Modjeska.Park as,per map recorded
` in Book 9,"Pages '142'and 143 of Maps, Records of � '
Los..Angeles Countg, Californfa; thence northerly, -
� along the southerl,q prolon�ation of the westerly
line of said.Lot 43, to the southweatarly corner
� - of said, 43;.,thenco nor.therlg,.along the wester- .
�' ly line of 'sa Lot�'.43.<�Rnd �the prolongation thereof,
to the„northerly lipe of Norton-Avenus; thence east-
erly, along the'norther'ly of said Norton Avenue,.
� ``� � to tHe''proTongation southerly'of'tha wes-terly lina
of'Lot 51,,�•Tract No<.;5456.as'per map recorded in
''� �' Book 59, Page "56 ,of Maps�,` Records `of Los. Angeles ,'
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� County, California; thence northerl,y, along` :
the sou•therly prolongation o£ the tivesterlg
, ,� lino of said Lot 51, to`the' southw
.. corner of said Lot 51; thence. riortherly, along .
. , the.westerly line o£ esid Lot 51' a`nd the, pro- •.
longetion therebf, to the northwesterly. corner �
, . • of Lot 7 .of said Trnct •No. �5456 the �of �
', heginning.. ' . . .
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. Section 9.-.That-the City.Clerk of the City
of Lymwood shell ceuse this resolution to be pub- , ,
lished once a week-for two weeks in the "Lynwood '
Press", a newspaper of general circulation printed,
publlshed, and circulated in said city. Said City "
Clerk shall also post, or cause to be posted, copies .
of such resolution headed "Notice of Refundin�•and '
Reassesssent" upon.all�open strsets within �aid�di.s-
trict. Such:notices shall be posted not mo:e than .
, thrse hundred (300) feet in distance..apart and not less
tHan three (3) of such notices shall be posted. Such
notices shall be posted on or before the date of the
" first publ3.cation of sa,id resolixtion.
Saic�. clerk shall also mail, postage prepald,
a copy of the resolution as published to each perscn to _ .
� whom land in said district is assesaed, as shown on tha
, last equalized assessment roll of Los Angele.s County,
� at his address as shown upon such roll, end to ang per-
son, whether oivner in fee or having a lien upon or legal
or equi.table interest'in any land within said district,
whose and address and e dosignation of the land in
which ha is interosted are on file in the office of said
clerk. .. .
The date of the first publication.of said reso-
lution, end the date o£ the posting of copies of such
resolution, and the date of the mailing of copies of such
resolution shall be at least twenty (20) days 'prior to
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" the,date of hearing here3n.fixed..
' ADOPTED, SIGNED', AND APPROVED, this 2.Oth
day of June ,.1y39. • .
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�,,k-^ � iayor o the C o Lynwo � '
r. „'� �.�', n . �alifornia. , '
� �
r ,�r`Z. ATTFST: �'i'i' . . ,
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_ ``�. c�ty c er — of=the Ci y o .
��` Lynwood� California:
�SEAL���� � � �
STATE OF CALIFORNIA (
COUNTY OF LQ6.ANGEL�S • ) SS�.' • . � '
, CSTY OF LYNWOOD, ,.'( .,_ ,.��
.•I, R. YV. A'NDERSON, Glerk of� the �itg,of Lynwood,
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California, do hereby certify that,the feregoing resolu-
tion was dulq adopted,b,y the Cit�'Council of the City of
Lynwood at its ree�ular meeting
hold 3une 20 , 1939, by the following vote, to �vit:
v.
AYES Councilmen t�rtavar_ nriaTannan. SnydPr -
andL�ke
NOES: Councilmen �ron ,
` :�..._ , •
- �T : ABSENT: Councilmen Nat on
y_
, ' , `� . --
` y ♦ k a '
�` v�.:.`��- � �: /
+ y 4- Ci y C erk of the C ty Lynwood,
.. ` , -, � CaliSornia. �
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