HomeMy Public PortalAbout1010 (10-11-37) ' � . ry. .6.�. � . , . . .� . . . .. . , . ' .. � . ..
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, RPSOLUTION 2d0. /o /D � '
'" RESOLUTION OF THE GITY COUNCIL OF THE CITY OF LYNWOOD, '
" CALIFORNIA, BEQUESTING THE LYNWOOD ASS.ESSMENT RELIEF COR=• ' ;
PORATION TO MAKE CERTAIN CHANGES IN THFIR PROGRAM FOR LIQUI-
' DATION OF T3�,DEBT OF ACQUISITION AND I2�APROVEMENT DISTRICT
N0. 19: �.
Be It fiesolved b,y the City Council oi the,bity of Lynwood as fol-
. . lows r r . �. , ' .
, ' 1. That the City Council of the,City of Lynwood, working mith the
Board of Supervisors of the County of Lo8 �eles, hae entered into a pro- _
• gram for the retirement of the, outstanding indebtednesa of L,ynwood Acquisi-' H M .
„ ,tion and'Improvement'L"zstrict No: 19. ' '
` 2. That it now appears that.tkie,delinquent propertv owners are not
. , . , + .
goi,ng to raise the amovnt of monev necessarq to assure the retiremerit of the
aforesaid debt under.the plan originallv,contemplated by t3ie nforesaid` -
, - . .. . ,. ... ,
. . . , ; . � .
: parties..
'_ 3.''That it now.appears tha,t the�balance,of required�funds can be�
r •. . . ,. .. : , :.. ., ,... ,
�,. _.. ,. .;raised onl'y,.through the re£unding and reassessment of the said indebtedness;
. that under•tha plan contemplated by the said City Council bonds v+o�:ld be
issued in said refunding proceeding;: only-against the property inthe district
which is taz delinquent and which does not pa'rticipate in the.cash escrow
_ plan how in operation:,'
• 4. Thatbefore the said District 19,indebtedness can be retired and
. before ;aid refunding procoedings can be completed there.mnst b'e a person or
' �' persons ready, willing and able to purchase.said refunding bonds for an .
amount, which, with-the money deposited in escrocv under the cash retirement ''
• plan, and �eith the Count=��s contribution, is'sufficient to pu.^chase all out--
standing District 19 bonds and coupons, . ',
5. That an effort has been mad.e to sell said proposed refunding bond.s .
in the usual channeLs of trade, but to date,no purchasers have been found.
6, That by,reason of the aforesaid, a group of property owners in the
, ,:said District 19 has formed a non profit cox�uoration i:cider the laws.of the
..,Sta.te o£ CaYi£ornia, knawn and designated as the L,qnwood Asaessment.Relief ,
'' Corporation; the at�ted purpose of which is to raise money to purchase said
, . .
refunding bonds when and if the,y are issued and»if no other purchaser or
' ' perchasera can be'found to whom said bonds can be sold,
' • 7, That this City Council understands that und.er tHe present set up
of said Corporation no,salaries are to be paid the o£ficers or &irectors
tliereof; until and unlesa all persons who contribute to the'Yund to pwr-
chase said..refunding bonds, and thl:s become members of esid Cozporation,
.`� are reimbursed in fvll for the amount of their respective contribution; that
after all member's are reimbursed in full, if any assets remain in said Cor-
- - poration, said asseta are to be liguidated gnd the officers, directors and
` emnloyees �re to in any such asset� to an ag�regate total `of not to
` eaceed 80� thereof; at least 2� of any'such :>assets are to be distributed
. pro-rata to the members,
. 8,'That.,it has been called to the attention of this City Council' -
that some citizens of L�nc�ood h�,ve ob,jections to the said method "said. Cor-
poration intends to use in compensating its officers, empToyees and directors,.,
' notwithstanding.the fact that no compensation is proposad'tio be p unless` .,
' and until' all members are reimbursed, as aforesaid, '
', , 9.''That- it is eictremely unlikely that:ax�y asseta will remain in
said Corpora:tion when and if the members have�been reimbcrsed.ns aforesaid,
-- and it.is, there£ore; extremely unlikely that any comp�nsation.would ever be
paid to said`officers, directors and for amployees under the plan advanced �
, . by.said Gorporstion.. ' `
�'l0, �Phat the principal objective of said Corporation and-of this
City Council, in this matter., is the retirement,.of the Mattoon debt of
said�D'istrict 19. . , � '
� 11. That an,y objection to the.proposed plan,.no matter how slight �
or how ill founded should be consi:dered and' the plan changed to obviate
a�y suoh objectionif the wholehearted supporttof every party concerned can
. �
thus be obtained. . ` ' ' '
12.:That the directors of said Corporation hsve'unofficial.ly ad-
' vised.this City Council that they'would recommend to thsir members the a.c-
. ceptance of a�v.suggestionsmade by this CitSr Council if the �,cceptance there- �
�. �.of would not �eopardize the ratirement of said debt: , ,
13.'�That this City Council,',therefore, proposes to sa.id Corporation:'
. . :
-2-
a. That the provisiona in the by-laws of,said
Corporation, relating to comnensation of officers, directors
and employees, be amended so that no provision ia ma,de
therein for payment of an,p compensation to any officer,
director or employer on any percentage basis or otberwise.
b. That thia Cit,y Council, i£ the ma.tter oY com-
pensation is in this way adjr.3ted,"wi11 render tke Corpora-
tion ax�y and all assistance in the col�ection of the neces-
. sary funds as ia possible;.that it will�a.ke said Corpora-
tion an integral part of the City's District 19 progreun and
will d.irect the personuel of the Cit,y's Mattoon Relief Of-
' ,. ..,�
� fice to assume a major part of the work and detail neces-
sary-to accomplish the purpose.
c. That the said Corporation at this time pro-
� ceed to the collection of the necessarq money in as shoxt
a time as possible and that after the Dietrict 19 Mattoon
debt has been retired that the board of �Directors of .the.
,
Dorporation call a special m=eting of thA members nt c�hich
meating a committee of four shall be appointed b,y the mem-
bers, which committee ma,y be compoaed of a.nv members of the
Corporation, including ar�y of the officers or directors, to
,. meet with the�members of the then City Council of Lynrvood,
acting as, individuals, and not in an official capacity, to
determiae the method for distributing any asseta which might ,
remain in the Corporation after the money advanced by the
members hae been repaid.
Approved• and adopted this llth d.ay of October, 1937,
' � �`� ' �
E4AYUt� OF TFIE C ITY OF LYN4YOOD
ATTEST:
/
� CITY CLERE
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' � STAiE. 01P• CALIP'O�NIP. ° ) " • , , , , - `
,
• COUSJTY OF LOS ANGELF�; : s.,. �2 : ` .
� � - CITY� �. ,OF ;: , LYDIQOOD ' ) �, . •,
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� '' • � ` ,, ,I �the' undersigried ,City Glerk`,of the' Gi•ty of ' �
' Lynwood, do: herebe certify . t�iat the above •and fore,going ,,
_ � . , . ,_.. ., f4._ . ;: .e .� �'-:
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Resolution was duly�adooted.b�' the�City Couricil of'saad
City at a n:. aa joi°ned r.egular,:meeting ther.eof held in �, ±• r
- the • Cit,y Hall of said Cit3r�,. ,on the ;,llth day of rOctober,
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.. =: ` , 1937 ",'.�d' passed",tiy the folloNr`ing votei .' •
r ' � ' Lake P,9e er� "��Nation° Sn, de'r' .
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