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HomeMy Public PortalAbout0992 (06-29-37) -; . . � � " . . i _ .� . . _ . . . .. � . Et�SOLUTION N0. 992. RESOLtI'i'ION EXTET�Ii�G •TIME OF A& I 39 ESCROtiY . ' ' _ �RFAS, an escrow has hereto£ore been entered into_ , . , ,. , s` � between the Security First National bank o£ Zos Angeles,and'the Cit,y of . ` Lynrvood for the purpose oY effecting a liquidation of the.bonded in-. ' debtedness of Lynacood Acquisition and Improvement District No: 19, and VPAEREAS, as a roart of said agreenent an escrow has been opened . ., mith the a£oresaid. Bank into vrhich escro�a the nolders of the bonds of . _ the said District 19 are depositing bonds committed for liquida-' ' tion at fortg cents for each one d'ollar par value thereo£, in acooidance ' -. with instructions substantiall,y in the form of the standard instruction• ' form attached hereto, made.a part hereof and marked Exhibit !'A",,, and the ._,, . : . , ' : proaert,y owners ivithin the district are depositing certain moneys vvhich -,. . � �,are to be used in liquidating the aforesaid bonded debt in accordance "�vith instructions from the respective propeztq ovrners who pay.moneJ in- � �� , . �. to ,said escrocv, as aforesaid, which said instri;ctions are in a standard � �, . . ... � . .. . _ , r . . , . .- � and uniform form; a copy of said instruction form is attached,hereto , .:. and made a part hereof, marked Erliibit "B°, and �� C7fiEREAS, ;the+said of-tfie -bondholciers'nr,ovide "as , follows, to-wit: . . .. � "'• `• ��For and in consideration of tHe efforts of the pronerty ' : owners �vi:thin.the District to raise their proportion of tne • monev necessary to l.iquid.ate the bonds of'the-said�District, ' . and in consid:eration of the efforts.of the Citv of Lynwood ' , to,effect a liqui@atiozi of the said bonds; the und.ersigned . , � ,; .. agrees that the herein described. bonds and coupons wi21 not be tivithdrawn from this escrow before June 30th, 1937. The � undersigned, however, reserves the right to �vithr'.raw said . • bonds and couoona after last said date,'t;nless pagment is. received. therefor, provided, i£ I do not by notice in`writing '- delivered to ,your Cornorate Tri:st Department, Sixth and Spring J ., . Streets, Los Angeles, California; demand the return of said / d� , �-� y��� ' ` �Yr? �„C/�� -i- . , � -. . " �� i' . ; - . . , . ' . . .. . . . ' . ...7 � . . � bonds and then your authority hereunder and t:nder tkie � Escrow Agreement'and Purchase P1an is to continue for such fur- � ther period not'later than Decemb=r 31, 1937, as ma�q be deter- � ' • �ined by the of Lynvrood°, and ' � YIfiERE9S, the said instructioi,s of the pronerty owners provide ' , . �, _ •. . as folloc+s, to-wit: ' °In the event the cash and commitments as orovided for above in the amoi:nt of $147,424.00 have not been deAOoited in this escrow by June 30, 1937, or later tise lir�it as pro- vided for herein, then upon m,p,written demand you are to nay ,. back to me the money I.deposited, less vour escrow fee o£ - . 50¢ per.lot; however, if a majoiity of the then members'of , , the Lynwood City Council have instructed voc in writing:to extend the time limit of June 30, 1937, to a date not later . - � than December 31, 1937, then the time limit shall be so extended." And {YHEREAS, considerable orogress has tieen made in collecting the necessary funds, and FTHEREAS, the City Council of the City o£ L,ynwood believes that if additional time is given the property owners to ra.isa the amounts re- quired of-them that sufficient moneys will be received in the escrow to ..: liquidate the aforesaid debt; and ' ' � ' �REAS, it is therefore deemed•advisable by the said C'ity.. Coi:ncil that'the said time limit of Jvne 30, 1937, be'ext=nded to December 31, 1937. NOW, `i�REFORF, BE IT 13FSOLVP:D by �the D,4ayor and the City Council of the City of Lynwood., California, that the aforesaid time limit of June 30, 1937, be and the same is hereby extiendefl to�December 31, 1937. BE FITRT�R RESOLV'�D that the CitY Clerk of the Cit,q of Lynwood advise the aforesaid Security First Na.tional Ban'r..o£ Los Angeles; in . crriting, £hat.the time limit as set forth in said escrow inst n:ctions is : extended as �erein provided, and that a certified copy o£ this Resolution �. , be delivered to said Bank.. - _Z_ - . ; , . ' .. . . - Adopted. in L;ynwood., California this day of June, 1937. . �` _ , _ . . ` • � � /� . • �C1z�'�L ,�'" C. G. Boster . , ` " � Ma�or of the City of Lynwood. � �, •,; , . � � . ' - . � � ' . � . . . . ' � ,. � . 3'q♦ � l �`rr � ', . , . . . _ . . . . . , . . � � � � � �, .. , ,. . . , . . . � . . � � ` � C � �" �- � � . . . . � � � �.. � n „{, n p � ' , . h � Q a � Atte9t • � � �. ' ` � - , . : � `t�' '� . � . . , �f �.��� � µ_ f �f +� � ' ` .. _ . . . . . - .. � • Y <M " i _ �C . - . ' . . . � . . . . _ ' u . , . l. . � y . . . .. � � :'"�� f `'�"^ CA. � �. .' � ' � . .. . . . . . . � . ' � - ' � �' . ' . . - � . . � . ..... � . � . �:� . . . . . . .. ' , R. ti7.. Anderson . ' � . City Clerk.of the Citv of ' Lynvrood., California" � ' - - .,'' . . . :`,.' , � . ,. .: , ,. . ... . . . �� _� ` . . '. . . .'. ' . . • � . . , . .. _� � _ • .. , . . . .. , , ,. ,. . , . . _ _ . .` - J �. � .. �i ` � .T � . . e . � .. . . .. " J, . . . . .. . . . . . . ' . � � .., r. . �S . . � "�'. ^�' ..:; •. ., rie ,r'. . . . '' i.. . ... C . ' ' . e . � � . ' ' . . ` .. - '... . , . y . . � . .', ,,., ,. ,. .._ . ._ ..(. . . ,. . .._ , � _� _ � - . , . , .. - , , �. � .. � .�,.. �.� . ' . .. � � -. ' . . . . ' . . ,. ..t. � . .. .. ., . � . . . . . . . r ' _ . .. . ' . . . � �. � ' .. � . . .:. . .. . . ., :. - „ .. . . . . . . -. . �- ... �.. , . :- . �, . . .. . : �, .. . �. ., .,� .,., ,. � . .`, : � .. ���i.�. ..,��. .. .-... . .,. -. � ��;� �. . _ .. . , ,� : •.... ` . . ., . � . :,. -..� . . '. �'. . STA"�'E OP CALT'�O:�NIP , ) • ` > : • . COUNTY OF LOS .ANGELF'5,,:, ss ; • ' , ''' ; CITY•, OF '' LYN1�3,OOD ,. � r,; A ti . �., � a � ;: `` . . , � �� � . ; . , :-. . �� I`, the undersigned,Cit;r C1'er.k of 'tne Gi�ty of ' - _ , , - . • �. ,,, , .,: ; . F , '� �' Lynwqod;-'do hereb'y' cer,tif,���,tkiat: the�'ati;ove and foregoing,. °' ,',' Resol'ution was duly adopted.•b,;� the. Ci,ty Gouncil of said. , . ; _ � . ' �. . .t� • � , City at�an ad�ourued �,regular" meeting the`reof held ln :�• . . . .� . . .. ., the; Cit,y Hall of ,saLC�.:Ci•ty; on the 29th,da,y of Si�ne � r , � _. _ , i ,.F , , . . ' .. � � ' xxxXxx�c1937. ,� ,and 'passed by the,�follo�ving vote , — -. � , �;;;;��-�'� � ' AYES c''COUtdCIL?vI�N : ;' Lake - '�ever, Na�ion� %�+Snyde r =`�` '� �.�?. � • • '' ' � � J „ ��� ' . and Bost.er _ . ..,` '�'jyL��'`.t`. ^r.�. v� 5 st . - . r .. . ,. ." � . . !. '` *�`7G•' � t�r.'�r` �NOES: dOUNCILM�v i None,. � � �' Y � .>--5 � f � .�' .r `.•. , � .. f `', ��•; ; f .� ��,ABSENT; COUNCILMiN : � Non � ' ' r�, ,, �„��M �,��, y x� y � . . . +e. . r _ � �Q.� �:,�: ,=x . . � �<, �� , ' � � �____— �!. < ,�,z� . a, • CI'1'Y (,LP�K�1� �ia�YN} 00� , , ., . �, "„ ,��r' . .. _ . � . . : ' , . , � . � . . . , _. , . , , . . ,.. � , , . .. : - ' . '- ' , t t: . .. _ . _ .. . , . . • .. , : . - , , , . . �: . . ... . , ., , *i ., . .. , : � - � �. - . , . . ,. . . ..:. �. ._ ..�,,. � i_ .. . . .. . , . , . . : , '.. ,,. , � _ . , ,. , ,. � , ,� ., � , ' � , . , '. . . . . . . .. . , .. . , � ,<, , :. , .. :, x " • .. . . . `,. . y . . , � . ' � � . - : . . ' .- • , . .. ., , . . _. . .. , � . . . � � . . . . . . ... . " . . ' . .. . ' .... ' . ' t . . ' . . . ' ,.. C . ' . ' . � �. . � .. • - • . . . . � . • � . . � " . . .: . � .. .', '. .. ' � ... . .. : . .. . . . . . . .. .. .., f . � ".-. . '. .. .. ' '� ).. i a. ! . . _ � . . � . � . . .. ' .. . ' . . ' . ! . . .. � � . . . I, ' ' . " . . . . . . . . ,` , . . .r.. . ' , 1 . _ u , . .. . . . � . . , EXHIBIT "A!' , �_ Seciirity-First Nati0nal.Benk of Los Angelea Head Office, Corporate 2ruet Department Sixth rihd Spfing 5tr�ets Los Angel�e, Catifornia ; Geatlemett! I enclose hefewith the following bonds of L��nwoofl, Califoruia, , OcqulaiCion end.Improv'ement Distrtct TTumber 19: Series Date Numbered Par Value rdatnritv with coupone maturin� ,and subsaquently, attached ;,h..ereto. For and- in consideration of the efforts of the propertv o�m.lers +�iY�Y..i�i the - District to raise their proportton of tho mone? necessar,t �:o lieuic.aca - bhe bo.�s, nf' � the. said District, and in corisiderati��^..of the efforts cf' the C'.t,y oi LVr.mood `.o - effect a liquidation of tiie saiu bunds, t�e ur.dersi,gned agrees '�hat the l�erein dea- 'cilbed bonds end coupona rqill not bo ±v�thd.rawn fron this es^raw befo^e •7une .0'��, 1937, The underaigned, ho�veve.r, reserves the righ4 to crithdra:v said bonds an.3 coupons after'last said date, unless pavr:ent is recsi�ed therefor, providei, ii I do not b,q notice i"n writing delidered to ��our Cornorate Trnst Departsen�, 5ixth and Spring Streets, Los Angelea; Caiifornia, de^±and tho return o£ said bonds and coupons; th�n �oi.r authorit,q h?reunder"and undor the Escrow Agre�ment and Purchase.Ptan is to continue for such further period not later than December 37., 1937, as .may be deter- mined'b,y tne Citv oP L�mtirood. As provided in said Escro+v Agreomea£ ?ou are h�reb,y specifica117 author- . ized•and i�istrudted.to deYiver the bonda and coupons handed vou herevrith to the � Citv of L�rn�:ood, California an,d�or to the County of Los AngPles, ,Cati£ornia, upon pa,yment to �ou for n,v accot:nt of'the net su� of $400.00 far each $1,000,00 par value oY bonda, sub�ect to any.prSce e,d,jcsbment.as.m.a�V be made.betmeen the Gity oP, L�7n+soofl and the undArsigned in the svent thero are an9 missing interest coupons appertaining to .the bonds,deposited heree�ith. No additionai considoration ts to be_ received ar denanded b� the undezsigned for the coupons, �:atured or unmatured, appertaining Lo said bonds and said coupons are to be delivered with the same.bonds, No deductiona of a�i;7 kind or for anY purpdsn are to be mede�£rom the pro� ceede of said bonds pa;7able of the und�rsigned at the price hereinbefore specified. , .Nnme Address " • . DEP0912'RECEIPT The undereigned ackno�rledges recei.pt of.the original of the foregoing in-�. • ;txtictiahe"ari&"tha'bonde and coupons'therein described. " SECURITY-FIRST NATIO�IAL BAPTS OF LOS AisG�'LES By , - Authorized Signaturo .- , GENERAI. , � 146 °319 ECiT1a1T9'-fl�I�ST� Escrow No.....----` ........................... Without Search of.Title , ��Ngt OF LaOB ANGELES ESCPOW II1StPL1C$10115 ---------------7une:'lt_.__....19.��..- _ ', , EXHIBIT ng , �o Security,First National Bank of Los Angeles . 1 . ...............Th�:.unde� si�ned_,pro�erty_, oymer_. in_ Lynivqod_. A.q.gukSi.ti.on...aud..Iut,oxovett�ut...Di.st.xi,a�.,.Np.,.... 2, � _ 19, hands .you_ heretia th._u ------ . . ... _ . . - ° - . .. .... . . . .. . . ..... .. .... -° � 3. ..., ....... -�--°..� � - - - - - . ...- - - -- - - - - - ° ...................- ,.... - - - ---..._,......._._._--- -- -- - - q,' ______________If on or__before_June__30,._1937_,._ a _sur.�__of__noney,___vrhich__to_-, ... 5, gether__i^rith comaitments to._pa;� by.the_.County_of Los_l�ngeles__and�or_the Ci_ty -- � 6, ..total__not less_ than_�147,424�._00, then you are to roia,.s� d_funds._.in..escroyr and.pay same,., 7, less_..your escroti� fee___of na.1ority.of the___:____. ,, g, _.then meribers, of the LynLrood Qounoil to__nurchase_bonds of_the_,Lym�ood Acqu sition..and :q, ..Improyement District No....19 tnth value__of than y �367_�_061 = 73 __ _ 10 . . _ :..... .. . . .. . - -- . . . . :...... . . - - - . ...._ - .. . _..... ---- 11::..__._:_._If__on_or_before June,.30,,_1937, _or later_ti�e__li�it,.as 12. ceiye___in th, s vrritten in tructlons s�_gned, b of_:the then of _the 13. Lynyrood City__Council stating that the_City. Council the C:tv of,_Lynwood.has initiated___, lq, refunding _proceedin�s_ nnder_,the !`ssessraent__Bond Refund Act_ of 1933_,in connectlon_vrith __.:_ I5. .'�bove___naned ,district',_..and„said _instructions..authorzze you__tg_ pay, to; the_ 16. . Streets.of the_ City_ of LynvJOOd an aiaount which_they state is amount of, the reassess=__ ' 17, ..�ent_ liens recorded__against _the .property descr bed n, this___escrow,__proyided said latter , lg, amount less your escrow of 50�..per does exceed_ anount in____ 19. , this._escroyr,__then..you are to___coT�nly r� said.instruct ons rsoney_then revnainin� 20. this. escrozr._is to_be_pa d__out in the__ylritten instructions_of . 21. ..of.the then_members of.the City_.Counc.l__of.Lsnwood....._ -- � � --- ......... . ...... .. - � - .. 22 -- -------- --- ---...-----° ......°_ .... - � ---- --- - --� - --- - ---- --- -----• - � -� ........._.:..........-- � �- -- ......,.,--•. 23 . ..............In.. the__event_. the_cash_,and_, corunitments_as_. nrovided__ for_above.. �n_the,_a�ount__ of_____._________ Zq, ,��47;424 00 have not__been_depos ted__in.this..escrotr_bv June..30,. 1937, or._later time._limit. � 5, as proyided for herein� then upon mr trritten demand_ are_to �ay bach to ne the money___ 6, ,I. denosited� le�s.your.escroiv fee oi',_50r per__lot,_hovrever, .�f_a.na�orit,�..of_ the then mem- 27, bers, of, the_ Lyntrggd__Q��y__Qpunci� ,}�ay.� .ins�ruc�ed ,you_ in tyr�t_. ng to__extend t'tie time _limit.. 2g, of June._�0,...1937.,,�o_a da�e_nq� ��ter t�han DeceTMiber_31.,..1937, tl'ien__the.tirie.11mit,_shall._,_ 29 . be. so extend�.d. .................. -- �----.......-°--------. ......... .. .. . .... .......: . . . . .. : :. ... ............."--......- ---'-- ------ - ---- --------.................... -------- ---- - - -�- ----- . ., °---° - . . - 30. - .:- - ..............- --- -� ------°--._...-- ----- - -..... 31. __...____...Any_b_gnds..,g�rc�as_�d___tp..be...c�_e.l,j,ve�ed,.or disposed._of_..�n_.accordanee__y�ith__the__vtritten_.__._, 32. ?nstruc,t of_.a_rla�ori.��i_ gf.. t,he.:then. taemb.e^s of .the. Lyn}rood _C, ty _Counc 1 .. .... ..... . ...::... . 33 . ..-----° - ------. - ...... . . ..... . ...-- ...... ..... ...---.__..... . .. . .. . _.:.. ....- ---.: ... .. ... Y; gq,; �_::: � 35. . Vnth this..escroy upon.a...guest on: or__�robleia not soecif, cally_ cosered in_.these nstructions, 36: the.. City Counc 1 of_ tlie_ Ci�y qf__Lyntrood shall, by _ma�ority_ vote, __haye _power. and ,authority ' 37. to.act...for me..and.i.n.mY....ste�cl, .eXC.�Rt. tkl�:�--S�,kd_Ckt.Y....Ci.Q.11I1.G.].]...Sh�l�._.1?aV@.-F?4--P9Y�e?'--tR..?.��.�T. 38, .Qr..in._any,_i!ray,__chanae__or__uyQ�lfy..:th�._sp�cif��__i:nstructions___contained:_lierein,.....______._, ----.... - . .. _ 39. ........- .......... .......:...- , ...........:....-°-----.._..- -�------.....-°-... - .......- ......-------- ------------ •� - ..._......-----�-- -.... - - ----- ----° ....._. qp, ___._._._._ You__are are not be concerned ' qi, t+nth_any other a�reements;_or Vnth. any .trust ,agreerients, or_.as. to the correctness: of the____, 42 . _amount o£_money I am,.to pay__or,as„to,the._validity,.:regularity;.or__suff ciency bonds 43. P.urchased,_and_ apd..S�S??oFS�l�.�l.ty_shall be.corfined_to__the carrying_out__of. ;'qq, .these: instruc�ions._____�pu_.�x�__�4t.�P_.b_�.�lab�e for,.Qr..�oncerned.�rith_the,_dis�osition of_the •q,5. .iaoney_.af�er z�.h�.s..b.�ez�..�aa.d..i.n..�cc.ar3anc�...wz.th..tl�e___wr;�.t�It__k*?s�ructions...of_a majority__of. qb, _the. then..;aemb�rS...Qf_.�he..�y.il.'1IC10.d..City...C.R1dXl�::.J...O.�'.:�5:..�9...L�e re��rement. of said bonds_and.____ , q,7, _said Acguis_}_��.OR...an.d_;IA1pSA.Y.er:7.6.:1t...L>i.stx.i.c.�._Rx.:�S.. t.9_.a�1y.:SU�t21��' leyy_ in connec�ion_.with_______ 48. ..said_bondS� -�- � ..:.-°--.... - - --- - - - ....:. - - --- . .........:......:....... .--- - ---- 49. ..----- - --- - °` ......_..... -� � -- ...................:..... .- - -- - � --- - ..... -- - - - - - � ...._, - -- 50. ' .............B.e�4?rr_.i:s..l�ga1...�es�r.igti.att..a�..m,y.gxo.pexLy..-----_Ynu---ar.e..u.at--�o__ye.r.z#'Y---sai.d..d�s.cxz.Rt_ian � 1. 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