HomeMy Public PortalAbout1200 (08-15-39) : _� . ,
� :. . . . , : . : .
RESOLUTION.NO. 1200 . .
, , RESOLUTION.OF THE CITY COUNCIL OF THE`
. CITY,OF'LYNVJOOD ACCEPTING OFFER OF .;. � � '
:. " HOLDEfi5 OF DUTSTANDInTG BONDS AND COU-
- PONS OF ACQUISITION AIJD I1�PROVEMENT ' �
DTSTRICT N0.•7 OF SAI�U �ITY TO SELL ' -- .•.
�SAID BONDS. AND COUPONS 'IN, TfIE. PROCEED- , .
� � ING TO. REFUI�TD THE INI3EBTEDNESS. OF SAID , ,
' ` DISTRICT, ACCEPTING OFFER TO PURCHASE '
.' ° THE ASSESSI�qENT TO BE LEVIED IN SAID� , ' '
� REFIIIQDING PROCEEDING, AND;CREATING-� • '
, . CERTAIN FUNDS IAI CONNECTION WITH SAID -
REFUNDTNG,PROCEEDING:• .
�, . � :
�� WHEREAS,�this City Council�is-conducting a pro-
.: ceeding . to refund the indebtedness'of'Acquisitiori and
,� Improvement Distr3ct No. 7 of the City �of Lynwood, Cali-
;fornia; under the Refunding Assessment Bond Act of 1935,
>. , , , ..
.._ __,
as .amended;, and r . _ .. .. .. ' - . , � , . �
� ',WHEREAS, �Belle Crowell ancl Ida Crowell are the� ,
owners and holders of all of the outstanding bonds and.�
" .. interest coupons`of-§aid'District and riave presented to :
, this_City.Council_their offer in writing to,.sell'said
, : �,; .,-i " :''" . �
bonds and� coupons ir_ tYie re,fundirig'pr.ocee'ding;:: and it
� is dasirable�` that° sa.�id offer� be- accspted;• and' • '"'� �
� � � . � , . . L .
' �NHEREAS, Be11e Crowell and„Id'a,.Crowell have
, presonted to this�City Council3�th.eir,of.fer� purchase
_ the 'assessment .levied and recorded iii s'aid refunding `- - • - �
; - ,
� proceeding, and it is desirable that:said offer be
cepted; ,and � �. �
WHEREAS, it is,.necessary.and desirable,tY�it
� :, certain fiznds be areated in conriection with sa,id refund-
' ing proceeding; - � .
'' NOW,'THEREFORE, THE CITY COUNCIL OF THE CITY OF
LYNWOOD, CALIPORNIA,.DOEti,HERESY RESOLVE; DETERMINE, AND
OADER AS FOLLO�VS: , � �
. Section l. That the offer of said Belle -0rowell and
� Ida Crowell to purchase the assessment levied and recorded
. in the proceeding-to refund -the indeb'tedn'ess of.Acquisition
and Improvement Distri�ct No.: 7 of the City of Lynsiood, be and �
the same�is hereby accepted at the price and upon the terms. `
. , . _. , ,
and conditions stated in,sald.of,fer, and the City Treasurer ,�
� . ..,�,,, ;�
_ of the City of Lynwood-is hereby suthorized and directed to
place the proceeds from said sale of said assessment in a
fund which-is hereby created_and designated "A. & I. No. 7
Settlement Fund," and the said City Treasurer is further •
authorized and directed to transfer to said.tiettlement Fund
the sum_of �p4,006.56 from the Znterest and Sinking Fund of
� said District. The Superintendent of Streets of the City -� --
. ' . . . . . . . - ' a
• of Lynwood is hereby authorized and,directed to �doposit with
. said City Treasurer all moneys collected upon assessments.
levied in sucYi refunding'proceedings,, and said City Treasurer
is hereby authorized and directed to pl'ace said moneys in a
fund hereby created and designated "A. & I. No. 7 Cash
Collection Fund," and also to:p'lace.in said Cash Collection .
Fund all moneys in the Interest and Sinki,ng Fund of said
District which are to be credited as amounts paid on assess-
ments levied in such refunding proceeding. Said City.Treas-
,_ *urer is hereby authorized and directed to deliver to Belle
- Crowell and Ida CroVrell aTl refunding bonds issued in such
proceeding and to pay to said Be11e.Crowell and Ida Crowell
�'' - at the times and in the manner provided in,the offer herein-
above accepted all:amounts credited or collected upon�assess-
� ments levied in such proceeding.
2.
Section 2. That the offer of Belle Crowell and
Ida Crowell to sell, in the refunding proceeding all o£ the
� outstanding bonds and interest coupons of said Acquisition
and Improvement �istrict No. 7 is"hereby accepted at th'e �
price.and upon the terms and conditions stated in said offer,
and the City Treasurer of the City of Lynwood, after recorda-
tion of the assessment to be levied in said refunding pro-
: • ceeding and as soon as money is,available therefor, is
hereby authori2ed and directed to pay for said bonds and '
,
coupons out of the A. &�I. No. 7 Settlement Fund herein-
a.bove created the purchase price stated in said offer, and
upon receipt of said bonds and coupons to cancel the same.
_. ADOPTE�D, SIGNED, AND APPROVED this 15th.�lay of
August, 1939. ~' ,
� _ . ,. , .. .
" _. ` t` . . � � �� ` .
``' �����z�%�-rti �f� ay�r .o, h 9 of Lymvood,
� , Cali"£ornia.
, �� , City CYerk 'of the City of _
L �`°� d;.Ca],�fornia. (SEPL) -
'. ::� ��:J-�-^('�-�: �� . . .. .. .
�� �-`�ti� �-���_ - - - - - - - � �
+ STATE OF CALIFORNIA ) �
COUNTY OF LOS ANGELES) SS.
' CITY OF LXPNVOOD ) . ° ~
I, R. W. ANDERSON, City Clerk of the C3ty of. Lyrnvood,
- Californis, DO HEREBY CERTIFY that the foregoing`resolution
was duly adoptad by the City Council of the City oY Lynwood
at its regular xaxxxxxx meeting,held August 15th.,, 1939,
by the follo�ring v�e, �o i�vit: •
°..,..
� � Councilmen bieYer ;SiiYder an3 L' ake -` °�"'�r..—' � `
�� � � � . ', :
. > 'v�' . .� �., :,, '
�; �. . , ,, �.
;� �: � Iv'OES. :Councllmen None
_ � " ti�� : � � „� ,� �
�• , ABSENT: Gouncilmen Christensen and Nation '
� � � _ , �
� � �=�
,`'
,-` ' Cit Olerls of the City of
" ` (SEAL) Ly �°$� � C31i Sa.
�Y�J..—r�.-�-� � c�YYl�I?�t.c - .
. , - Deputy Clerk
3.