HomeMy Public PortalAbout0996 (07-09-37) , . . . . _,. �
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RESO?�UTION N0. 996.
RESOLUTIOIJ REQUESTING.CONSFNT OF TE� CITY, ;. .
'. COUNCIL OF THE'CITY OF SOUTH GATE,, COUNTY . • ..
, •• OF LOS ANGELES, STAT7: OF CALIFORNIA,..TO THE '.
• REFUNDING OF THE INDEBT�DNESS OF ACCUISITION ,
" �°AND IMP$OV�2,�vT DI5TRICT NUMBER 13 OF,THE CITY ,:
' - OF LYNl`100D �ND :T� 7,�VYING OF A REASSESSPIP�NT � ' ' ,
. . THEREFOR .
Be it resolned by the Gity Coi:ncil of the City of Lynwood, California,
. as follovrs: . .
� : 1. Thab it'is determin�d that the public interest, conven'ience, nnd�
necessitJ;�require the refvnd.ing of the indebtedness of Acquisition a�d,.Im.- .
provement Dietrict Number 19 �of the City of Lynvrood, Countv of I,os Angeles,
State of•Califo*nia, and tke City Cot:ncil of said City of Lvnwood proposes to:- �
proceed under the provisions of an act of the legislature of the State oi Cali-
. forsia, designated aa� known as the Assessment Eond Hefun3ing Act of I933, ap- _
provad`Sune,5, 1933, Statutes 1933, Page 1915, and of all.acts sunplementary'
, thereto and amendatory thereof 'incorpora.ted by reference herein, to re£iznd'"tfie"" "`
saicl,indebt=dness of said�Acqnisition and Improvement District Number 19 and "
� to levy'a+reassessment therefor:. ` ' '" .' , .. '
_ 2. That the City Council of said Cit,y of L9mvood'aroposes that the •.
' outstanding indebtadness of said Acouisition and Improvement.District Number 19,
`,. in the total amoi:nt of Five Hundred Twent,y-Six Thousand,. Ons Hundred Thirty-
Three and 49�100 Dollars ($526,133,49) shall be refunded under the rorovisions
, of the said Assessment Bond Refi:nding Act of 1333 by the levy of a reassessment
in the mi�cimi:m principal amount oP One Hundred Thirtv-Five Thousand, Four Hun-
dred Ten and 88�100 Dollars ($135,410.88) upon all the lots or parcels of land
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. within tha said assessment District as are subject''to tax or�assessment'to pay�
_ the principa.l,and interest.of the outstanding bonds of said�AcquisitTOn and
' Improvement District Nt:�ber 19,' and-by the a�apropriation of A?inety-Two Thousand,
� Eight Hundred Thirty-Four and 81�100 Dollars ($92,834.81) by the Cocnty of `
', Los Angeles, the amourit of said reassessment plus the.said.contributions of
public_funds being Tess,than the total: amount of .the ianpaid;bonds and the out-'.
standing due and unpaid interest coupons which are.to be r=frnded;, .'
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` 3. That said`outstanding'indebtaddess consists of Fonr Hundred° '
•,` Twenty-Six.Thousand,yEight Huridre:d Eorty-Six and;37�100 Dollars ($426,846,37) •
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par value principal of bonds`,�and. Niriety-Nine.Thousand, Two Hundred Eighty , -
, Seven.and l2/l00 Dollars'(�"99,2874.12} matured_interest coupons'unpaid, of,said �
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" - bonds; mak'ing a'total oUtstanding indebtedness o:' Five Hundred T�venty-Six ` �;
' 'Thousand, Ona Hundred Thirty-Three and 49�100 Dolla.rs ($526,133.!�9) which the -
,. , said City.Cqi:ncil of�the"City•of L;)mvood pronoses to.refl:nd:as-aforesaid;
.� .� 4. That the sa.id: City Courcil of`the City of Lynwood propose,s'that
'the..total maximun principal amount £or which a reassessment sfia11 be levied .
- in the aforesaid� refunding proceedings sYiall.,be'the, swn oi'Cne Hnndred Thirt,y-
�'��.Five Thonsarid, Four Hi:ndred Ten and 88�100 Dollars` (�135;410.88). �
S..That. the City Council of'the City.of.L,ynwood"roroposes that re�
`�.`'funding bonds shall be to represent the amount'of any'. reassessments
included in said• reassessment not,paid within.thirty (30) days from the:'ro- .� . .
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�cording,pf said reassessmerit in the form 'and maaner provided.b,y sa.'id :Sssess-
` ment Boad Re£unding Act of 1933, as amended, and that said bonds s�a11 extend ,
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oder a period ending nirie (9) years.from the.second da,y;of January next suc-•'.
�° �. ,;. '_, ceeding the £i£teeath day o£ the 'next ldovsmber. following,'their date; and an `
�: ; even annual proportion:of 'the principal sum.of each bond.shall be payable', �
' by coupon,'on the second day of January every 9aar aft@r the fiEteenth day of
�th'e nex� november following their date,' until whole is paid, and . •
interest'�shall ba.pa,pable`semiannually by,coup'on, on the second days of.January .
, `. and July,.resp°ctidel,y, of �each year after the,date.of'said bonds, at the rate, ^
of.si� per (6�):per �nnun on a.11 eums unpaid�. Said interest,ra.te of six
per cent'(6�) per annum on a11 of said bonda is less'than the interest.rate
on ;the bonds to be re£unded., •
6. That each:bond shall.represent the reassessment upon the parcel of
�` land described iri such bond and.shal_1 be issued in,accordance with the provis- .,.
ions of saip.Assessment Bond Refundin� Act of.1533, as amended;
7.. That the tionds to be refunded:were issued to,pay for certain.ac= ' �.
qnisitions and improvement§ of portions of Elmwood Avenue, Bellinger Street; ',
;. and Norto� Avence, from the Mesterly line of:Lot 2 of J. J. Bullis'•�76.11 Acre
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Tract, as per map thereof recorded in Book 55, Page 28, Miscellaneous Record.s
" of Los Angeles County, to a'point 25 feet nore or less easterly from the westerly
line of.�right Rr�ad, as the same is shown.on the map of Tract 830Q, recorded in
,. Book 115, Page 57, of maps, records o£ sa.id.Coianty:
'' 8. Tnat the boundaries of said Acqcisit'ion a,nd Improvement District
2do. 19 are shown on a map on file in the o£fice o£ the City Clerk of the City �
of L'ynwood, California, to which reference is'hereby made;
9. That' portions o£ the said Acquisition and Imnrovenent District No.
19 0£ the said City of L,vn�ood, Cali£ornia, lie within the boi:ndaries of the
City of South Gate, Coi:nty o£ Los Angeles, State of California;
10. That the said Assessment 3ond Refunding Act of 1933, as amended,
provides in Section 4 thereof as £ollows, to wit:
"--ir case the assessment district lies partly within
unincorporated territory of a county and partly within
one or more suniciPalities, the legislative body of the
county, or ef any municipality in which eny uortion of
the district'lies, may conduct proceedings to refnnd the
indebtedness of said dietrict and to levy a reassessment
therefor; provided, however, that in any case in which the
asseasment district lies entirel,y within two or more muni- •
cipalities, or partly within unincorporated territory of
a county and.partl,y within one or more municipalities, or
in any case in which the legislative boc�y pr000sing to
conduct the re£unding proceeding is not the legislative
. body which legies the ta.x or ^�assessment fer the payment
- of principal and interest, of the bonds to be refunded, the
legislative body which Dronoses to condnct the refunding
proceeding shall obta.in the consent of the legislative
body of each municipality in which any part of the district
_ lies, of the legislative bodq of the county in c�se a pa.rt
of the district lies in unincorporated territory of the
county, and of the legislative body which levies the said
tax or assessment £or the payment of principal and interest
� o£ the bonds to be refunded, to the refunding of the in-
debtedness of such district under this act and the levying
of a reassessment therefor:"
11. That the City Council of the said City of Lynwood proposes to .
the City �' Cot:ncil of the City of South Gate, County of Los Angeles, State
of Ca.lifornia_, tha.t said City Council of the said City of South Gate consent
to the refunding of the indebtedness of the said Acquisition and Improvement �
District'No. 19 and the levying.of a reassessment therefor by'the City Council '
of the said City of Lynwood, and to the exercise of exclusive jurisdiction
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by said City Council of the City of L,ynwood over all proceedings necessary for
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the purpose of consummating the said refunding arid reassessment, all in accord-.
ance with the provisions of the said Assessment Bond R=fwzding Act of 1933, ae
amended:
12. That a certi£ied copy of this resolution be filed with the Clerk
o£ the City Council of the City of South Gate, California.
Adopted in Lynwood, California, this � day of Ju1y, 1937.
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= �� � �-��J� � c� G��-�z�
r ��'' `;� "� Mayor of the City of Lyn�vood
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�_ AttEBti:�. `�� � . . .
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City Clerk of the City of Lvnvrood
Z, �. NT. Anderson , City C1erk
of the City of Lynwood, do hareb,y certify that the foregIDing resolution rvas duly
passed by the City Council of the City of I,ynwood, State of California, and
approved by the Mayor of said Lity at a SpecLaY � regular meeting
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thereof, held on the 9th day.of Jul,y, 1937, and that the same was passed.
by the following votes; to wit:
AYES: COUIvCILtA.E;1 Lake, Nation, Snyder,
and Boster.
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= u�" ` �� . NOES: None
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��� �.�;;. ^ ;� ABS�,NT: Councilm�n Meyer. ,
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', City Clerk of the City of Lynwood