HomeMy Public PortalAbout1247 (07-16-40) �..
REBOLUTION N0. 1247
RE30LUTZON OF THE CITY COUNCIL OF TI3E
CITY OF LYNWOOD THE BOARD
OF BUPERVISOfiS OF TH.E COUNTY OF L03
AIVGELES TO CONTRIBUTE�OR APPFtOPRIATE
DELINQU�NT TAXE3 TO AID IN THE REFUND-
IIQG OF � L7CNWOOD ACQiTISITION AND IMPFtOV-
MEN2 DISTRICTS NOS.,IB,AND 20.. ,
Be it resolved by the City Council of the City of Lynwood .
as followa�:
WHEREAS, there are bonds outstanding of Lynwood Acquisition
and Improvement�District DIo. 18 in the amount of �650,473.11, together
with delinquent intereat coupona in the amount of��284,118.41, and in
Lynvuood Acquisition and Improvement Diatrict No. 20 bonds outstanding
in the principal amount of $$81,233.61 and delinquent interest coupons
in the sum of �30,862.02; and
WHEREAS, the approximate delinquent general taxea in said
district No. 18,�without interest or penalties, totals �235,414.09,
I and in said District No. 20 said taxes total �17,000.00; and
WHEREA3, there are Pifteen Acquiaition and Improvement dis-
tricte over-lapping said Diatrict 18 to varioue extente, ten of whidi
diatricts have been refuncied, as well as aeEtain 1915 Act bonda; and
WHEREA9, there are two Acquisition and Improvement districts,
both oY which have been refurrded, over-lapping said District 20; and
WHEREA3, the Citg oP Lynwood has commenced negotiationa with
the owners of the bonds�of said diatriota �or the liquidation of said
bonds in reYunding proceedings; and '
WHEREAS, certain gasoline tax money has been tentatively al-
located by the County of Los Angelea to eid in the refunding of said
districts. -
NOW, THEREFORE, the City Council of the City of Lynwood does
hereby resolve, determine and order�as followa:
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. . . .,"- . -
1. That the outatanding bonda of said dis-
trlets, the general taxes accumulated against the
propertlea therein, together with the over-lapping
� assessment liena create a total debt Par exoeeding
the ability of the property o�enera to pay even
though substantial aesistance ia given said dis-
triota by a contribution of gasoline tax funds.
2, That the bond holders of said diatrict
must accept a substantial disoount in refunding
their securitiea.
3. That the County of Los Angeles muat oon-
tribute the mazimum amount of gasoline tax money
available to aid in the r�trnding of the bonda of
said dlatricta.
4. That the Board of Supervisora of the Coun-
ty of Los�Angelea be and they are hereby petitioned
to contribute or appropriate a sufficient amount
of the delinquerittaxes levied upon lande lying
within said diatricts to make posaible a redemp-
tion of said districts on terma which will be
,juet, fair and equitable.
f 5. That Special Counsel Robert A. DHofYitt
be and he ia hereby authorized and directed to ne-
gotiate with the Special Asaeesment Relief Com-
mittee and the Board of Supervieore of the County •
of Loa An�eles in order to determine the amount
of said delinquent taxes (and the intereat and
penalties thereon) which should be contributed in
said refunding proeeeding.
6. That the City Clerk be and he ia hereby
direeted to certiPy two copies oY this resolution
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.. � _ . .. � ':�.
and de3lver one to the said Special Assessment
Relief Committee and the other to Supervisor
' ` 071111am�A. Smith,
. APPROVED AND ADOPTED this 16th 'day of July , 1940.
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ffiayor of the City of nwood
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. CITY 'OF `I�YNWOOD ` ) , `' , '
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,^ , I, -the iindersigned Clerk�'of �the City, of � '`
Lynvrood; do,., the ,ttbove and foregoTng` `;, ,
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�� Resolution was duly��adopted by the City<.Counci,l of";sa2d '
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F _., 4 ` 1 ,�City at a x ;xXxxxxxxxx regizlar me'eting thereof he3d in '� �'
. � the City Ha1T; of sa�id,City; on,the 1�6Lh �.ay of� Julp ."' _
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� 'vYXrX;>Y�; 194� ,�and passed by the following-�uote: . :`
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` �AYE3. COUNCILP�EN, I(4cMeekir;:.Zimmei^nan;Lake , •
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� ; ,��� NOES COUNGILtv�AN None
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