HomeMy Public PortalAbout1203 (08-15-39) 1
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RESOLUTION N0. � 1203
RESOLUTION OF THE CITY COUNCIL OF .
THE C IZ`Y OF LYNV'VOOD, CALIFORNIA,
AUTHORIZING THE PURCHASE OF TY,E
OUTSTAIdDING BONDS AND. COUPONS OF
ACQUISITION AND IMPROVEI�NNT DIS-
. TRICT N0. 4 OF $AID CITY, AND AU-
THORIZING THE CANCELLATION THERE-
° OF AND THE CANCELLATION OF ALL
IINPAID ASSESSMENTS LEVIED TO PAY
THE PRINCIPAL AND INTEREST OF SAID
BONDS, PENALTIES AND INTEAEST.
WHEREAS, Belle Crovrell and Ida Crowell have made „
and presented to this City Council their agreement to sell
�"• alI of the, outstanding bonds and interest coupons of Acqui-
sition and Improvement DSstrict No. 4 of the City of Lyn-
wood for a purchase price of �6,011.03, plus 50� of the �
accrued interest on said bonds from July 2, 1939, to date
of payment for said bonds ar�d coupons; and
WHEREAS, moneys to pay f or said bonds and eoupons
are available in the Interest�arxl Sinking Fund of said dis-
trict and Prom funds contributed by various property owners
• in the district; and
, , WHEREAS,.it is desirable.that said bonds and cou-
poris be purchased for said price, and that said bonds and
. coupons and alT unpaid assessments levied to pay the same be
cancelled snd annulled:
. NOW, THEREFORE,,T� CITY GOUNCIL'OF THE CITY OF -
LYN'AlOOD,.CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND OR-
DER, AS FOI,LOWS: � _ . .
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SECTION 1. That the�City Treasurer of the City of
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Lynwood is hereby authorized and directed to transfer all
moneys in the Interest and Sinking Fund of Acquisition and
Improvement District No. 4 of said City to a fund which is -
hereby created and d"esignated A& I No. 4.Settlement Fund,'
and said treasurer is fur,ther..authorized and directed to
place in said Settlement all moneys received from
or on behalf of property owners as a contribution to,aid '
-- and assist in the purchase and cancellation of the debt , ,
of said district. . .
` As soon as, moneys.are adailable therein, said �
treasurer is authorized and�directed to pay from said.Settle- �
ment Fund the said purchase price for said bonds and cou-
pons of.said District No. 4 pursuant to the said agreement .
relatin� thereto, and upon re.ceipt of said bonds and coupons .
to cancel�the same: � � , . ,
SECTION 2. .Upon tho cancellation by said treasur-
-. er. of all�of the outstanding bonds and interest coupons of
F ,. said District No. 4., the unpaid special assessment taxes
levied to pay p"rincipaT'arid'interest of said bonds and all �
penalt'3es and interest 'tfiereon s}iall be deemed cancelled and
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� annulled, and imnediately upon said can6ellation the C,ity '
Treasurer,of the City of Lynwood and the City Clerk of said ...
� City shall notify the�Board of Supervisors of Los Angeles
. County, the Auditor of said County,�and the�Tax Collector
of said County that said�bonds and.coupons have been can-
celled and that the unpaid �special assessment taxes.levied
` to pay the principal and interes.t of said bonds and all �
_ penaltie.s and interest thereon are canoelled end annulled,
and said Board of Supervisors, said Auditor, and said TaX �
�� Gollector are hereby requested, upon receipt of such notice,
,
to proceed to make the necesssry entries showing the can-
cellation of said special assessmont taxes, penalties and
interest.. � �
� SECTION 3. That it is the.intent of this Qouncil
that in ordering the,aPbresaid canc tha amounts o£
' ' 2: . .
ad,yalorem assessments levied to pay the principal and in-
' terest of bonds of said District No:. 4 paid under the ten
payment plan be treated as assessments paid, and only the
� unpaid balance of the ad valorem assessment is to be can-
� celled; and the ofPiciAls of Los Angeles County mentioned
in Section 2 hereof.are 2iereby directed to oancel orily '
that portion of tho ad valorem assessment which was not
deemed to be an assessment paid in e,ffecting the afore.-
said cancellation.
The descriptions of the-respoctive parcels of
property, the ten pay account numbers thereof, and the
amounts paid under the ten payment plan for the respective `
parcels, 8T@ &9 follovrs: ' •
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ADOPTr. SIGNED and APPROVED this. 15th.�lay �
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of August, 1939..
Z.�/ !=� • ' L � '
• - � Mayo of t e C o f�ynmood,
� California
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STATE OF CALIFORitIA )'
COUNTY OF LOS ANGELES )., SS.,
C ITY OF LI'N4y00D )
I. R. W. ANDERSON, City Clerk of the City of
Lynvrood, California, DO HEREBY CERTIF'Y that the forego-
ing resolution ovas duly adopted by tne City Council of ths
City of Lyrn•rood at its i�id;��]�.?':X�.�"X regular meeting .
held Au�ust 15th.,, 1939, by the following vote, to wit:
AYES: Councilmen �:?eyer, Snyder and Lake
� NOES: Councilmen None
ABSENT:Councilinen r.hri ctPn.aan AnA NAt.inn
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� "' ' City Clerk of the Citg oP Lynrvood,
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