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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.