HomeMy Public PortalAbout0986 (05-26-37) • . •RESOLUTIOIQ N0. 986 �
KNOV1 ALL PERSONS:
Tha.t i�rhereas �the City Council of the City oP Lyn���ood
. has heretofore, on T�Yay 4, 1937, by resolution No.985 approved
� � an escrova agreement between bhe City�of LyniRrood and the Security
� � First National Bank of Los Angeles,.the purpose oi.which is_to
,' -, open an escrow as a part of a plan to acc�uire and retire the ,
', + present outatanding bonded indebtedness,of Acquisition and Im-
� .provement District 1Jo.� 19 in the City of Lynt^rood; '
, �. ,� And.whereas, said agre.ernent incorporates as a,part
r . ''
.. thereof a form of escr.ow instructions'From th.e landotivners of. � `
' the sai.d district, marked Exliib,it �f:B", and a form of escrow in-, "
structions from the bond holders�of the bonds of said district, ,
� 1
^, ,: .na:rked Exhibit nA .: . . . . , ... ' ..
" And whereas,,:the Mayor and tne City Clerk of the City
of.Lynwood have heretofore, on May'13t1i; 1937,.executed said,a-
., greement.for and on behalf. of'the said,.'City; �
_. And whereas, since last said date''certain'changes ha�ve
•- been made in the rvording arid forr� of suid Exhibit "8 - .
� NOVV, THERr,F,ORE; 'be ,it reso�lved, by the Mayor arid the
City'Council of_the City; of Lynwood,; California;�that tne•said�'
" agreement, �together srith i,he said Exhibits "A" and "B" in the
•. form and wording as attached hereto are hereby ,approved and ac- "
' cepted as the.true and final escro�v agreement as conter�plated by .
, the said plan, as aforesaid, and the acts of tne said Mayor and
the City Clerk in executing said agreement are.hereby.,affirmed
' , and ratified:'
Adopted in Lym�rood, California this l� day of Nay, 1937.
�•_�� Ai;tes �.. , . . G. Hoster
`— ---� Mayor of t'tie City of
Lynrvood
R. 1V. Anderson ,
- City Glerk of the City
oi' Lynv�rood.
� ,� � �11 � �:. � ` " , . .. , . . . . � . .. ' _ . � . ' .. .
,- ' ESCROVV AGREEPlfENT' A1VD FURCI3ASE YT,AN `� .
- ', RELA^lING TO ,BONDS OE LYNt�l00D; CALIFORNIfi
' ACQUISITION AND IN`rROVE?;'fEDtT DISTRl"CT NUNIBER 19.
' `Phis Agreement; made as, of this ��� day 'of P�Iay,. 1937,, be-
tween the City of Lymvood, a municipal corporation refor- •'
red�.to as !`City"), party of the first part, Security=First,iQational Bank
' of Los.Angeles a national bankin� association (liereinafter re:ferred to
as Depositary ), party oF the second part.
W� I T N E S S E T H: � „ .., ; -
'� � 1t.�3F'B�AS, the City, with. the �assistance oE the County of
. Los Angeles,::together with the co-operation of the, property ov,rners �r�ith= '
ir_�the ab,ove are attempting'to�l'iquidate the bonded . ,
indebtedness�of said Diat'rict, and iri,order.to acc'omplish the'afore- �.
said objective the City; for"the.consideration'heretofore settled and .
.• determined, has�A�reed'with the,Uepositary to create an escro�r ivith
_, the Depos�:tary to which property_o�vners in said Distric,t,.holders of '
" the bonds of said District, and o,ther persons yvho may deposit rnoneys� ' `
and bonds in the escrov� as hereinaiter provided, and tlie City shall '„
all become parties. , , . ` , �
. � . . 'NOt''J, TT3�HEFORE, THIS. AGREEP!Ik'D!T 1V'TTNESSETH: ,'
.
. . 1. ' There are no�v outstanding bonds 'of the said District '.
excepting`those owned by tiie City, in the principal sum of �p407,S46.37..�'
' - The City pro oses,to liquidate said bonds by purchasing the same.at a
pr3ce of 4��for.every �1:00.par value.wwith all unnaid interest - _
� coupons attached. .No additional consideration shall be'paid for ariy .,
.of.the coupons attached to or appertaining to the bonds,`the �riee to�
be paid being 40� £or every dollar of'the principal'of said bonds. In'
the event unpaid coupons,-matured.'or unmatiared,'have,been detached.from `
,any.oP said.,bonds and have,.been nego'tiated and are not available to
�the.holder of any.;,of said bonds,..or if for any'other,"reason said .";
• �.oupons are not delivered into t2ie escroPr hereby.created as herein-
•�fter provided��with the respective.bond'.or..borids.to which such coupons'�.
" • appertain, a separate� agreement �vill 'be made ivitli the holder of such •
bond 'or bonds by tne ,Ci•ty; arid tYie �Depositarg' .in each '-
case d'efinite and 'separate ;instructions from the City regarding tYie -
price to be paid'for each� any and all of� The
bility of determinin; wh'ether all unpaid�coupons'are a�tached t'o 'each
bond deposited hereunder rests,solely upon ,the.CitJ,`and the'Deposi=
� ° tary shall �in novvise be held responsible �or liable for pa,yment" of any .,
bond deli"vered unaccompanied by all unpaid coupons appertainin� thereto� °
wriere the City fails to:adyise the Depositary in writing with respect
. • thereto. , . ,
,� " ';2.. The holders of�bonds of said District will delicer.�,or�
forwarcl to the Corporate Trust Depa Depositary, I�ead Office�
Sixth and Spring 5treets, Los Angeles; California,.their bonds
accompa..nied by;a letter.oi.transmittal.prop.erly.filled out and signed
in the form heret'o'attacned marked E�ibit °A", fo'r'.payment in cash ..
(subject`to`the"foregoing"pro�isions in cases`where any unpaid, coupons
: are .missing) at the said priae of 40� for_ each ?�1.00 of' principal ' .
amount of such.bonds. In case any�'bond or bonds are delivered unac-
' companied, bg all. iinpaid 'eoupons, `the Depositary tvill notify the City ,
' as the riumber and amount oi such bond and�the coupons missing ,'
',.' " therefrom, wheretipon`the•.City will- undertake'to°agree witYr the holder '
of sucYi bond or bonds as to'the przce to be paid therefor�, and the: �
City..will thereupon notiiy in v� bepositary as to the terms
` of'such agreement. . . _
• :. . -1- .
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J;,.. : , . • .
" - 3:� The City will'compute and determine the amounts-the -: �
:�. ,' respective property ov�mers vJithin the -said District. are ex�?ected to .- �' "
, contribute and_pay tovr�rds the purchase"of,said bonda and the property
. owners'vaill deppsit the, ainounts of their respeative ,shares, co*�puted,
3nd determined by;the City as.a£oresaid', into the,Lynwood Br�ncli oi ,„
° the Depositary and•v�ill, concurrently with such deposit; deliver tc ;�',;�
:. s2id'Lgnwood 13rancYi instructioris in the form att'ached hereto marked ,'� �
' Exhibit. uIIn , . . , .
` 4. Subject to the provisions'of p�'ragraph 6 hereof, upon`
`the.deposit with tY!e Depositary by the holders thereof of niriety per:;` "
cent (90�) or mo.re in principal amount of s�id outstanding bonded .
V indebtedness, to-yrit,,boncls in the,principal.sum of �367,0�1.73 or
more urider`Setters of transmittal in £orm hereto attached'marked „
' , E�ibit "A'�;• and. when there' is deposited.� with Depositary by the
property oiArners as„aforesaid, together with furids deposited for.the
purpose.of buying said.bonds by'any'other''person or persons, including �
' the 'City of. Lynv��ood tlze County of Los AngeleU,' in-'an a��regate ^.; .
sum sufficient to purchase.ninet� per cent (9U;io) or-rriore in principal
amount of said outstaiiding bonds vepositary'shall purchase,said .
bonds.at the:<'zfore'said,a�reed price and pay ;over to the persons who .. .
' `deposited 'said"borids the amount;s �ue thern'by'reason of ti�e:sale �
thereof'at such price'or �rices: 'i'he.Depositary is hereby autnorized � ,
and directed-to deliver t_�e:bonds so purchased as aforesaid, with'a11
scqompan�Ting counons, to' the. Cit3T- or -to trie County . oi Los An�eles in �
accordanqe tivitl� the i�ritten,instructions�to be given to the Depositary
by the city:upori,the completiori of such purchase "or purchases. " s"
, _. . .,
, ,,; ' .'.�5. In tlze' event there have not been `deposited, v�itYi the
,' llepositary;"eitner, at its Head`Office,or at its Lynvrood Braricii; suffic�=. -
ent mone��s to purchase at.tne price or.price5 abreed upon as aforesaid,
all bonds deposited �vith the Depositary, the Depositar�' sliall not be
required to purchase said bonds and malze payment,tl_�erefor as provided •
in para�raph 4 hereo£; and in the event, at the ti�:ne the condit:ions oi ' '
paragraphs 4 and 6 hereof are f'u].fill8d,-there are insufficient �unds'.
available.iri the'hands of the Depositary,for tne purcnase of aTl b`onds
deposited,'the.Depositary shall notlfy the City in writing of tnat fact '
� and, if'withln ten`days.after the giving of such Umitten no.tice arrange- -
nierits satisfactory to t}ie Depositary are. not made by' the' City with the
depositing bondholders, the,bonds deposited hereunder shall.thereupon "
- v��ithout further order or�directions be'returned to the respective de'posit-'
- -ors,and tl�e moneys.deposited snall Ue repaid to`"the res�eciive depositors
of..such moneys.. �
�' 6. All,bonds deposited 1?eraunder and the records of de- k .
posits made by property ovmers�or by any'other per'son or persons as here- �=�
in provided, sha11 at".all ti.ries be available £or. inspeetion by:ariy person ',
or persons desigxiated in writing by the City. Before any bonds are pur-
' chased as proVided iri paragraph 4 hereof,..such purchase shall be approved �.
in writing b3* tne Ci�y Council of the.City or by. any person designatecl • �
' and appointed For such purpose by said City �ouncil by appropriate reso-
, lution. . � • . � . , , .
` 7, The City may at any time during the continuance of tnis
, agreemerit change; modify, or add to or delete from the sp"ecific.instruc- .
- ti:ons contained herein, provided that no.sizch-chanoe; modification; ,
addition or d'eletion shall alter.or i*n�air the obligation� of the escrova ,'
instructions of.tne depositin�'bondholders;or the property'owile or
,, otner person or persons who deposit moneys hereunder a� hereinbefore
provided, nor'shall any such change,'modification, addition or deletion
affect.ang.'of the provisioris�l2ereoi' relating to Depositary without � -
its written consent thereto.> , • , � �
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, '" 8. TYie pepositary, by the, execiztion of' tnis Agreeinent, '
,• • "agrees to act in accordance with the terms, provisions and conditions�
��' hereof;. and the Depositar� snall be responsibTe only Por tne saiekeep- .
' ing"and delivery of any securities� mone�*s or other property deposited. ;
:- ` laereunder:" Tn case an5* dispute should �rise as to the tarms of this
• Agreement or as to any act required to be' done by any of tne partles'
hereto,.the'Depositsry may secure the�written opinion or advice of '
Robert.A. P.foffitt; or of its o�rri counsel, and the Depositary shall be,' �-
fully protected in'acting to,such opinion or advice., witizout
, fur{;her.liability on its part. � � '.
' � 9. Unle'ss this .�greement is sooner terminated pursuant to '
' • the instructions of the depositing bondholders and proper�ST ot�aners
conti�ined in E�hibits "�" and,"B" hereof, res,�ecti�rel�, it sn.all expire
upon the completion ofl the pay�nents and delivery of 'tne bonds.purchased
. ` pursuant to the.provisions.of paragraph 4 hereof. -
,- Iid.l'UITN�SS �°�`HF,I'cEOF, The City of Lynwood has e;>ecuted thia -�
�,Agreemen� by i.ts,Mayor�and City Clerk', ,'and caused its seaT to be,''
hereunto affixed pursuant'to, resolution'adopted by its City Council,
and Security-��'irst National Bank oi Los l�ngeles 122.s caused this �gree-
:nent to,be executed by its proper officers thereunto'duly authorized. .
�.. � � � , '� .e.rLS.t�'�?a �a�:. • � .. � •' , � , .. . '.. �. . � . � . . � � � . .
, `,�-`�-� e rr , TFir', CI^lY OF' LZ'Nl^fOGD
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' . - SECURI`I`Y-FIRS'P :�TATIOTdAL BANi� OF
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^3 '� :
EXfiIBIT nAn
Securit9-First�N�tional B�ic of Los Angeles
Head OfYice, Corporate Trust Department
Sixth and Spring Streete . �
Los Angeles, Ca�ifornia .
Geatlemen: �
I ericloae hereflith the foltp�ving deseTibed bonda of Lmwood; California,
dequisition and Zmprovement Mstrict ITumber 19;
Seriee DaEe Numbered. Par Value Niaturitv
-�---�--=�-^--- ----�
--�-'-
j. . - -T -
. . - �. --. r - ^'�^ - ' �'�'- . . � . . . .
� arith-coupone maturit�,_ � ,and subsequently, attached Lhereto.
For and in coneideration of the efforts of the property o�vners within tho
D�strict to raise their proportion of the mone� necessar,� to lic,uidata the bonds of
the said Dist;ict, and in consideration oY Lhe efforts of the Citv of L,vnwood *o
effect a liquidation of tne said bonds, the undersigned agrees that the herein des-
cribed bonds and coupons will not be wi.thdrawn from this escrow before June 30'ah,
1937. The underaigned, horuever, reserves the righ*, to withdraw said bonds an3
toupons after last said date, unlees pat�m.ent is received therefor, provided, if I do
Aot by ttotice in writing deTxvered Co �•our Corporate Trust Department, Sixth and
Spring Streete, Los Angeles, California, demand the return of said bonds and coupone,
�hea your nuthority hereundeF and undor the Escro� Agreement and Purchase Plan ie to
, continue for such further period not later than Decomber 37_, 1937, as m.a,v be deter-
mined b,y tne City of L�mvrood. .
As provided in said Escro�s Agre�ment ?ou are hereb,y specifically a�tthor-
ized and instructed to deliver the bonds and coupons handed you herec�ith to the '
City of L,ynwood, California and�or to the Countv of Los 9ngelea,,CalifoTn�a, upon
pa,yment to you for m,v accoi:nt of the not sum of $400,00 for each $1,000.00 pa,r
value of bonds, sub,ject to an,q price ad,jnstment as sa,9 be made betvreen the C�ty of
L.qnmood and the undarsipned in the event thero are azt7 miss,in� interest coupons
appertaining to the bonds deposited heremith. No sdditional consideration is to be
received or demanded b�r,the undexsigned for the coupons, satured or unmatured, �
appertaining to said bonds and said coupons �re to be delivered with the same bonds.
' `No deductiona of an,� kind or for an,V_purpose are to be made �'rom the pro-
ceeds of said bonds payabla of the undersigned at the price her•ainbefore specified.
. Nr�me
Address
DEPOSZT RECEIPT
The urdersigned acknowledges receipt of the original of the foregoing in-
structions and the bonds and coupons therein descrlbed.
SECURITY-FIRST NATIOidAL BAATK OF LOS A1�TGELES
BV
9uthorized Signatura .
GENERAL . E�LT�I��aR��NAmYONAi. Escrow No._._1�+6-2j1� --- -. . -
---...--
Without Search of Title �NK OF LOS ANG�g.ES
. ..._-- - ..... - -June' 1,_....19�7.....
Escrow Instructions p � �
. ��'B� .
To Security-Firat National Bank of Los Angeles
1 . ...............The..v nsle.r.sx gta�s3...?zxoges.t�y.. o.m�.e x__iz�_T.�yn.�?and..Aaq�xzs.i.tian..and._ZAmxosenent-:-Dis.tsi.c�..?�a......
2. ..�.9_ hands..You_. he --- °-- -- -- � ° ' - -- -- --- - - - -- - -- ---- � ` .... -- -.._._.__.- - - -
3. .------ - ---- _ -- -- - --- - - - - - - ----°...- - °° -- - ----- -- -- .. . ...... ......_.........---.... - - -----�- ------ ..
q, .__.___.____._�f_on_or_before___,J`une__'�0,_ 1937,_.
g,. , gether..witli .co nmitments, to_.roa,y bv_ tne_ of __�,os_.,(�geles__ and�or._the_ pity,__of__T.�Ynwood,____
6. _ tot_�__not less_ th�n__�1�F7,42 then, �.re_tp..hQ.�,d, s�,id__funds.._in.escrg�r__�n�i__pay__s�,me,___
7. ..l��s�_Y.4ur escrQw �ee.--q%..59�_.Per �7, the ._�._.: �
8. ...then..Flembers..¢�.. th.e..L�A�?o0a..�itev..CounCi�.-- tp--p�,xCk�as_�._bnn.ds--af---�kt�._I,a'A.�tQO_d..AGqL1z.S7�t7,AZ1._a�ld
__ 9. ..Zm.n.x.o.yean�nt.:_Ai�t.r.�ct-No-'--7.�..�tith..fa�_�_v�,.1.uQ °� �at-�ess--t�'--$ -- - °-�- --
io ... � - - - --- ... --- - -- -- -- - - - - ----- -�- -- _. - - - --- - - -- '
11. ----------Sf--an_Qr':tQfase._J.wz�..�Q-,...1�3-7,...oz..lat.es_ti,we_.19.u�i.t__as..uroxid��_.f.ox..hes�aai,-dnu--x.e-----
12. ._cea.v�._.in._this---es.cr.aw---tivritt.en..ins�ru��a.ans--s.i.gned..by..a.zo�34x.i.ty,.Df.-the---xhen_merah.�rs---of --.the
13. __I
14. ._s.efundi�..�arfl.aeedings. under.. the.:As.sesssaent_Hond.:Refund..A,c�...nf_1 �3�.__in..cnsinec.tinn.. �.tla.......:.
15. ..aUn.vs-named..distti� t,...and__saisi._instrucxions..azxthosize..yon..tn__ga„y_.tfl...the..,�gerintendent...flf
16. _.Stsee.ts--°f--th.e..�.9.ty..Af..I�n.e�a�d..an_.amauot-:-wha.�}a..tk���--st�at.e..z.s...t�e...amaunt...of---t�.e.--s�ass�ss----
17. ..m�n�..l'z�ns..xe.�Qx.de�...a�ainst--t.he---nr.ap.exty.--�tes.czzhs.d._in...th;i s._es�.roe�.._gxA.vxd�d..sa9.d__lat�er-----
18. ..�,mnu�.t..les.a. ynur...e�cx.nvc--fe°---flf---�Q�---nex..ln.�..dQS.s_aQt---s�c�ed...the_amQ�nt...Q�'...m.o.ne�.-z.u---------------..
19. ---t.his...escsotc:---then..you--ar.e--�a---nomnl_Y---�i.th_.s�.z�...ins�xun�ions..----.An;�--maneY.�--t;�en..semaiz�i.ng--a,�a--
20. ._.thd s_.escrQ:�..is-_t-n-_he__naid.. aut...in..ac�nr.dance_-vri�h._the._�cxi.�tsn..ins�ruct.i.ons...af---a..maj-ax�ty..--
21. --af --�ha tktan..meab.ars..Df.-ths �it�...Cnuncil..of _Lyneo.od._ .......... ..._....... - ------ - - - ................,
22 . . � � ° - -- --- ........................--- ....- �------ -- -- - -- - -- - - - - ...-°°- --- - - - ---- - - -..°-°---...--°-.........._.
23. --.------....In..�h�..ase��._tne..cash..and...commi.t.men�a..as..nr.nvided._fnx_.abqva--zn--tl�e---a.maunt...af------------------ ,
24. _$].?}7,?k2�}..4Q__ha.YQ...na�._heen_.dennsitad..i.n..this.,.eacr.o�v h,r.�Ivne--jQ,.--1g�-7....ar__1a�QS..t.i.me..l.i.mat...
25. ..as._nrArid.e�..fnz_,her ein,...then..upnn--mar---�rrit:t_an__deraand..ynu--ar�--t�n..ga,v..hac1�._tA...m�.. tlie..money ----
26. -I--depA.sitet7. ,.._less__ynv.r..Qacr.n�r..fae...n£.,..SQ�---pQS..1ot.;_.hQ9aYS-r+---if...a.ma b iosa.t;�t:--fl�_..th.e...tk�en,,i??em-
27. ..b.exa.. oi...the. T,vn�nod..City...Gnuncil_.ha.sa..instsunte�...gau..ia..writing._tn...e�tQUd...�k�.�.. t.i.ae..la.mz t__.
2E. ..Af..June. 3D.,._1�37.�--- t-°--a..data..n.at__later.:..than..Ileeemhex.. �1.,-.19'3�-,---then..�ha---�ime._limi.t---ahaa.l---..
29 ..be...so.._extended.-- � - . ....................------------- .....-- - -°-- - ._..... -------- ...._.. - -�- -- °- ......_.... --
30 ....._-- ----°- ----- --- -°---� --- - -°--- ----- - -- �- --� - -._...--------- ----° - - ° � � -- °---° -� -� �� -- -
_ . ___.. _ _
31. __...........AA7
32. ..instzu�t�-.am�. o�..a..majora..t�!---af._�kxe.,.�hezz..�uemb.exs._o.£..tl?e..7�snw.o-9d--Da.t�y--44uncil--... .--- ...- --
; :..-- 33. ......._--------- °-------....... �-�----------°------°- --°-�-� - -� � ..... ----°-- - -- --°- ------------- ----------------- ------ - ...... - °--------- -...
34 . ............._In__the__ settleMent__� issue__which_ mig.ht___�,rise__ in:.connection_________.
35. �?itn this escr9w_Bp4il..a._�A�.�:G�.RA.Qr._;�rQb�,e;p_.�pt spe�i��9.2J.ly..QQ.Y.�S.ed in__these instructions,
36. the �itx..Qour��.��---qa---tk�e._Gi.te--o£..S,cn?7o-od--s.haa.1.�...kY...maJ9.�'?tY-°Qte.---ha,ve gqtiuer._�nd
..to._2,ct_for..me...azia..kzi..Ag'.:Ste.aS�-,...�XC.Q��.. tl?.a�...Sa3a---Q?ty.--.Q9.1dz1Qa�... s�a7,1.---�.Ye__no_, bpiaer_.to..alter.
37. . . . .
38. ..Qr.. i n.-aRY.-?'!3Y---Ch�Xl�e.. ¢�:..mRil�i f;�'.--tk1e---�g.e.�7.f ]. C._.7.xAS �_�:!iGt i qns...�.4.nt_ai ned _here i - g' ----------------------------------
39. --- ..... ......---°-- �� °-°-----------------------------------`------- -- - --- .........-------...-------°----......---------- ------ --°- .........----- °......_.--- - ..
'� 40 . ..............Y�%.are__tp_b�...�py�lslEd..s.oJ..eJ.y..1zy..y.Q7a.x:..ea.C.r.A�t..ZllSt.x1?.ct�.pn�„�n.d___�
41. ??ith. any other._ygree���i;_s..ox._tYi.tk1..�..tx'us.�..a,gx.e.��t.e.u_4s,...or..a� tq, t�ie co rectness :of_ the_____
42. _�?ount_..of_mqney.,j.._a„r,7__t0..�ay_QS_.a3..:tR.-.�kl�...Y.al.7.cl��y;___xe��_�,z�:ty_,.__qr..sufficienc� of_.the__bonds
qg, purchased ,..aus�.y�,ix._.liab.i.7.i.t.P.znd..s.es�onsihili.tx...sb.2J.l..h.e..c.on.f�.med..to _�kke___�ar�y�.ng.ou_�__qf.
44. ..thes-�-.9.ns.�xv.atS.ons<-----Ynu..a.r.e..nQ t---tn.:ns_:1iable--f °r.--nr.__�an � srne�...srith_.tkie__di�pQ.s a t.i.aaa..o� _ the
q,5. _mqr�ey__aft.ax...i.t..has..hesn..�aici..in..accard�w.ne...�i_th._t1ie...a,�rit.ten..instsuc.�a,nns._.of...a..mn.�'lQ=ity_.o.£.
4b. ..:the---�b.e.n__memher.s---nf...the_Iyn.�coa�..Ai t�-��un.cil--DS..as.--t°---tha..r.e�irQZ7ent..af_.s�.9.d.. honds.-an.d------_
47, ...sa7.�...Acquisitinn..anL..Sapr.oveir�.n�--Distriat..nx_as...
48 . --sa1.d..honds ` -- - -...- - - -- - -- - �- - - ----- -� - � -� - -- ----- ---- ....._ -- ----°.°°--- --° ----- .....
49. .__...--° - ..... - - ° ------ -....- ------ - ._......._- ---- - ---- --- ---... - - - - __---- - -
50. ----------- ..�e�.Or�...i.s_legal_siescxigtion..n£..�p.groner.�y..----Y�v__.are..no.t..t.n:.saxi.�Y--sais�.._d.escxar'�ioz1.<....
51. --- -- .... ---
-- - ... ....... ............._ -- ---------..............._------- -- .... ....- -...--- -°--..:.- - -° °-°-....... -------
52. ..... ....._I,A.'�... -- -� - flln� - ---- - Tract ---- - - - -- - - ---- ... - - -- � -- � .�ees
53. oti ��d-youc-eseteu-fuc.aAd.alLatliezthargesand�:cpenses.;� ���nection w�itla..Yhis.cscre�u. � .
� 54. �'Ferme-�f-4k;s-eseruw-�a-�e-coniplied-w�itb�uu�r-befere ...................-..�..,.....,m-.r_n-_-R.r...m:,�-=_--_,..--.r�-1x�-i�€-Ewt;-Yoa
55. a�-never�klic�iess. �-13ave-�een-ec+mg4ied-
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, �/ T+'SOLUTION N0. 985..,-�:� _ _ �
� _
KNDV� ALL PERSONS: . �
� " � - '���' � . � r . � .
That whereas nobert A, h3offitt, on behalf of "t&. of '
Lynwood, C�.lifornia; has. worked out a pla.n of;a q i�ring and�r.e-
j tiring the�present outstandirig bonded indebetness._of Acquisition
� _ I
- and,Improvernent Distriet No. 19 in the City .of LynNOOd!o - - --!
�x ,
And �here�T said plan includes an escro��agr.eemEnt between
, 1 _ .
the City of Lyn��ood and the �ecurity Fir.st I�lational Dan$ of Los
Angeles as escrov��lder: �. \ �
And whereas sa;d plan includes a form of agreement arx�
esGrow instructions f�rom the laizdowners of said district, and a
�
form of escro�v instructions from the bondholders of the bonds of
� said distric�: , , 1
� ,
� u
And whereas`the ��ayor and the City Council of the City of
`� Lynwood have made a eareful inv.estigstion as to-the-me-r-i-ts-of- s,aid.
plan:
�
And wheres there is a necessity and ocaasion for working out
' a solution that will retire the said bonds,commonly known as S�fattoon
� Boncis, from said 3i strict:
Pdow therefore, be it resolved by the Mayor aridthe City Council
of the City of Lynwood, California, that the �iayor a1d the City
Gouncil express to the public their conf'idence in said plan
� for acguirin� and retiring said bonds in !s. � I�istric£ No. 19:
That said plan for acquiring and retiring said bonds of
said district is hereby_ap proved:.
That the �iayor and the City Clerk of the City of Lynwood,
on behalf of the Citg of Lynwood, California, are hereby authorized'
to enter into said eserovr a�reement with the Security F'irst ISational
, Bank of Los Angeles, establishing the said bank as the escrow hold-
er in said plan of bond retirement.
Be it fu rther resolved that the City Council of the City of
• A
. �� � � ' • t ` '
� ' Cl',
STATE OF CALIlaORNZA, )
COUPdTY 0'r' LOS A1dGELr;�,: ">�_
GITY OF LYNBt00D. ) ,
I, the undersi`gned �it,y Clerk of 1�he City of �
Lynwood, do hereby cer'tify that the above and foreooing
No. 986
Resolutior� was duly adopted br the City Coun.cil of said
City at a �pe� ial ._ ��--��'' meetin� thereof held in
the City Hall of sa'Ld Cit�, on the 26th_ d'a,y of Mav•
, 1937 , and passed by the f�l,lo�ving votev
, AYES: COUIQCI�M�N: �ake. Nation_. �nd Bos - �
NOES: COUPTCILM None
ABSENT: COUNCILMLN: LaYe arid Snyder. __
. �'��� �. _ _ _ , ��
C1`1'Y CLr K, CI`��Ul� L�.'N�
g.RATE Og CALIFORNIA )
COUNTY OF-I+@8-ANGELES ( se
G I TY OF LYNV�OOD _
I� g, Y!, Anderaon, Cit 1'erk—of the City of Lynwood,
California, do hereby certify the abo�a Y� �� is a
true, csorrect and full copy of�said Resolution passed by eaid
, City Council.
// �Dated this day of _ , 1937.
Oity Clerk, City of Lynwood,
California