HomeMy Public PortalAbout1042 (01-11-38) . . e . . � /. ..1 .. .. ' � .
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.. � , RESOLUTTOTT PIo,: 1042. , _ .-
. RESOLUTION OF THE;.CITY. COUATCIL OF .
Y ;` ? THE� CITY OF .LYbTVIOn��,' CALIFGRNIA,. . ,
. . . ,• `; . .,. ' DECLP R•InTG' ITS INTEP?TION TO REFUI��D . , ' . _ , .
, , THE .INDEBT��NESS :.OF' .AC�UISITSON..AND ' , '.'
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`. �' ` . ` IM°ROVEM�r]T' DISTPICT T?o.-' 8 0F' SAID � ,. �• '.- <
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- CITY AND�FIXI�TCr P.' TINE P.ND PLP.C'F FOR': ` �,
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: • �. IT SS,HEREBY RESOLVED'by'the City Council,of'the �
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rCity ;of'L,ynwood;.:Californi'a, as.' follows: " .
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.. ', : - 'Section l. That�the pubiic'interest, c'onven- ;
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� ience.and necessity.requi°re'the refunding of`tne indebted- '` ,°
' �. ness of Acquisition' and Improvement Distriat Tlo. 8.of the `
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° " •City� of Lynwood', California'; and=-it ie the intention, of the• _''
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- ' ; • ' � ,City�,Council. of said .city to r,efund said, indebtednes9 urider '
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�tHe provisiori's ;of' an,.act of.' .tH�e Legisla of the State of
.' " C'al'ifornia designated: as"the'"Assessment Bond xefundin� Act �'•
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" of 1933;" approved-June 5,' 1933, as amended, f�r the .-•' �£
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; , ,; purpose..of�refunding s.aid.indebtedness said.City Counoil
. , int'ends'to,lev5r a:_reassessment �and to �is.sue`. refundin�'bonds
- • as.herein .' .
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�, Sect'ion_2.. That'the total amount'of outstanding -_
: indebtedness �of 'said' District �to be�' r.efunde,d ,is the sum � ,. '
� , � � of liundred ei�hteen `thous"and �'one hundred ,twenty-two
' �and 20/l00 dollars (�118,122.20).. The amount,of the' prin=: '
'- cipal of'bond.s'included therein is the sum of one hundred' '
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: , nine.:thousand eight hundred.ten and.95/l00 dollars.(�109,810:95).
" The amount of due and unpaid interest coupon's included there-
� , ;' in is the sum of eight'bhousand three hund.red eleven and� ,, '
' . ,' 25/100 dollars �'( �;8, 311 25') : The amount s r.eferred 'td' in .
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� this sectio�n are� determined as of the date this �
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. . Section 3. That the total maximum principal
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amount for'which a'reassessmerit shall be levied in the
. proceedings for the refunding of said indebtedness is de-
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termined to be the�sum of one hundred thousand four hundred
� three and 87/l00 dollars (�100,403.87).
. Section"4. That refunding bonds shall be issued
to r.epresent any reassessments not paid within thirty (30)
days from the date of recording the reassessment, and for
any reassessment not paid within thirty (30) days from the
date of recordation thereof a refunding bond will issue •
in the manner and form provided 3n said Asaessment Bond �
Refunding Act of 1933, as amended. Said refunding bonds
, � shall extend oner a period ending nine (9) years from the
• second day.of January next succeeding the fifteenth day of
the next November following their date, and an even annual
,� proportion of the principal sum of ,each bond shall pay-
able by coupon on the second day of January of each year
� ' after the fifteenth day of the next November following •
: its date, until the whole is paid. Said refunding bonds
. shall bear interest at the rate of six per cent '(6�), per
� annum, payable semiannually, by coupon on the second days.. .
of January and July, respectively, of each year after their
� date." IIpon any of such bonds dated after the fourteenth
� day of Maq. of any year and on or before the fourteenth
_ day of the following November, the first interest coupon
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shall become due and payable on the second day of the
� next succeeding January,,and upon'such bonds dated after
. the fourteenth day of November of any year and on or
� before the fourteenth day of the following May, the
first interest coupon shall�become due on .the second
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. day of the next succeeding July. Each refunding bond
� ' shall represent the reassessment upon the lot, piece or
' parcel of land described in said bond, and the principal'
:. . amount of each bond shal'1 be the amount of the unpaid
reassessment upon the lot, piece or parcel of land de-
, � scribed in such bond." . "
. ' Section 5. Int'erest maturing or accruing, ;'�
on the outstanding bonds of said District subsequent the
, . , date,this.resolution is adopted and prior to the date the•
� reassessment 3s recorded is.to.be paid. �
• . Secti:on 6. That the 15th day,of February,
1938, at the hour of 8:00 o!clock P. M. of said day, is
� the day and hour, and the chambers of the City Council in
the City Aall iri the City of' Lynwood is the.place, fixed for�
: the hearing of objections to said refunding. At any time
. not later than the hour set for hearing objections to•said '
proposed refunding,�any,.person interested and any owner of
pr,operty which,is subfect to reassessment in the refunding
� procaeding may file his written ob,jection.against`the
proposed refunding with the City Clerk ,of the City of
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Lynwood. An objection must contain a description of„the
property,in which each signer thereof is interested, suf-
ficient to iclentify the.same, and shall set forth the nature ,
of each signer�s interest therein, and shall be delivered
� to said City Clerk at or'before the'time herein set for
� hearing, and no other protests or objections shall be con-
sidered. . -. ,
� ,Section 7. The'refunding of said indebtedness.
, shall not be authorized unless ,the written.consent of the..
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_ owner,s of a ma�ority in area of the�land in the District �
, sub,ject to assessment to"paq the principal and interest
of the outstanding bonds is•fiTed vri'th said City Clerk
and any owner of land in sa3d Acouisition and Improvement
District No.,8 may,file his-written consent to such re-
funding at any time prior to the adoption of the resolu-
tion ordering the refunding., ,
Section 8. The land which is proposed to be
' reassessed for the refunding of the outstanding indebted-
ness of said Acquisition and Improvement District No. 8
, �. '�, consists of all suoh lots, pieces or�parcels of land within
, said Acquisition and Improvement District No. 8 as are
subJect to assessment to pay the principal and interest of
the outstanding bonds which are, to be refunded in this pro-
ceeding. The exterior boundaries of said Acquisition and
,, Improuement District No. 8 are described as follows: �, °�
Beginning at the northwesterly corner of Lot
i0, Block 7 of Niodjeska.Park as per map recor.ded-in
Book 9, Pages 142 and 143 of Maps, Records of Los
An�eles County, Californie; thence northerly along .
� the northerly prolongation of the westerlq line of
said Lot l0, to the southerly line of the Pacific
Electric Railway Company�s Private Right of iNay;
thence easterly along the southerly line of the
Pacific Electric Company�s Private Right of Vlay
_ - and the prolongation thereof to the center line of
Long Beach Boulevard; thence southerly along the
. , center li.ne of Long Beach Boulevard, to the pro--
, 3ongation easterly of the southerly line of Lot•726,
Tract No. 2992 as per map recorded in Book 30, Page
78 of Pdape, Records of Los Angales County, California;
thence easterly alon� the said easterly prolongation
of the southerly line of said Lot 726, a distance
of 36.00 feet, to a point; therice southerly and
. parallel to the easterly line of said Zot 726, to the
prolongation easterly of the northerly line of Lot
741, of said Tract No. 2992; thence westerly along
the prolongation easterly of the northerly line of
. � said Lot 741, to the center of Long Beach Boule-
vard; thence southerly along the center line of Lon�
. Beach Boulevard, to the prolongation westenly of
the northerly'line of Lot'974,`Tract No. 3172 as per
' map recorded in Book 32,. Page 90 of i�Saps, Records
. of Los Angeles County, California; thence easterly
Sn a direct line, to the northeasterly corner of said
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� „ Lot 974; thence northerly along the westerly
line of Lot 975 of;said Tract No. 3172, to the
northweaterly corner�of said Lot 975;`thence
easterly along the northerly line of Lots 975, 976,
� 977, 978, 979 and 980 all of said Tract No. 3172,
. to the northwesterly corner of Lot 981 of said
Tract No. 3172; thence southerly along the westerly '
line of said Lot 9B1, to a point 90.00 feet northerly'
of the southwesterly corner of said Lot 981; thence
easterly, parallel to the southerly line of said
Lot 981, to the easterly line of said.3„ot 981; thence
southerly in a direct'line, to the northeasterly
corner of Lot 982 of said Tract No. 3172;:thence
southerly along the easterly line of said Lot 982, �
to a point 90.00 feet southerly of, measured at
' right angles to the northerly line of said Lot 982; �
' - thence westerly, parallel to the northerly line of
said Lot 982, to the westerly line of said Lot 982;
. thence southerly along tYie westerly line of said
Lot 982, to the southwesterly corner of said Lot 982; ,
' thence westerly along the southerly line of Ints 983,
984, 985,.986, 987 and 988 all of.said No:
3172, to the southwesterly corner of said Lot 988;
_ thence westerly in.a direct line,.to the point where
the southerly line of Qrchard Avenue intersects the
•. westerly line of Long`Beach Boulevard as Orchard
Apenue�is located west of Long Beach Boulevard; the,nce ,
westerly along the southerly line of said Orchard
Avenue, to the southeasterly•corner of Lot 1160 of
Tract No. 3025 as per map recordad in Book 35, Pages, _
43 and 44 of I�aps, ftecords of Los An�oles County,
California; thenoe:,westerly in a direct line, to
the southwesterly corner of Lot 1141 of said Tract
No..3025; thence southerly along the easterly line
'. of Lot 21, Block 12.of. Be11e Vernon Acres as per
� map recorded in Book 9,, Page,.196.of Maps, Records
', of Los Ange'les�County,' California, to the south-
� easterly corner of eaid Lot 21; thence westerly
. in a direct line, t�o the southwesterly corner,of
:Lot°4,:Block,l2 Belle Vernon Acres;"thence.
westerly along the ivesterly'p'rolongation of the
southerly line of said Lo't 4, to the westerly line
of Santa.Fe Avenue '(formerly called Belle Vernon '
Boulevard); thence northerly along the westerly line
' of said Santa Fe Avenue (former.ly called Belle Vernon
� Boulevard), to the southeasterly.corner of Lot 27
of Nlod�eska Acres as per map recorded in Book'10,
Page 33 of Maps, Records of L�s Angeles Count�,
California, said point•being on-the southerly boundary
line of said Modjeska.Acres; thence northwesterly �
� and northerly along the southwesterly and westerly
boundary line of said Acres, to the north-
westerly corner of Lot 8 of said Modjeska Acres;
thence easterly•alon� the northerly Iine of said Lot
' 8, to a point on the northerly line of said Lot 8,
distant�thereon 88.48 feet from the northwesterly
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� corner of said Lot'8; thence northerly iri;a d'irect _
line; to a�.point on the;non.therly line of Lot 2 .
y. , ` of said Modjeska'Acres, said point.being 95';95 - .
• •feet from the, northwest'e,rly �co`rner of said Lot 2,
� measured alon� tlie northerly .line .of�� said Lot '2; , .
� thence westerly�to-the northwest corner : '
'"' Lot 2; thence northerly•alon; the westerly line of ,
' Lot'1 of §a'rd Modjeska,Acres, to the.northwesterly �
� corner of said Lot l; thence northerly�in a direct
' line,, to the southwesterly corner of Lot 24, Elook "
. � 13 of.MOdjeska Park�as per map recorded in Book 9, .�
g � Pages 142 and 143 'of' Maps, =Reco.rds" oP ,LoS Angeles ' .
. " � County; California;' thence nortlierly'a3ori�; the
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� westerly line of. said PJ:odjeskA�Park as said westerly
„ , line is located southerly.:of Fernwood Avenue in the� °
. City �.of Lynvrood; Galifornia, to, the northv✓es terly _
,' corner of.Lot 10; Block 7 of said Modjoska Park ,
�� �' tHe place of b,eginning, exceptiri� from sai,d.. � �
•- district such publicly.owned landa lying'within �•
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said boundaries as were omitted £rom said district'., .�
�. �`` and from the.levy,and collection of assessments to
' •' pay,the principal.and' inter'es£ of'borids of said �
,.. �� d.�.strict by R�esolution No. 352 of-the.City of ,
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• ` Lynwood 'on f.ile in the office 'of the Ci`,ty. Clerk ;-• �
of `said city,�'to, wnich reference is hereby made'
_ _ for a description of,'said ouiitted lands, :
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` �- � Sectio'ri 9. That the. C3t'y Cle:rk o£ .tY�e City of .
,� Lynwood shall cause to be,published once
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," . y .�a week for two'(2)'weeks.in the Lynwood Press, a newspaper '
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_ of;.general�circulation'�p'rinted, published; circulated'.
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,,; .� . in said .city. -.Said Clerk shall post or cauae to be .
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. ' posted copies o£ such'resoTution headed "Notice o.°.Refund-
' , . �. : .:ing and ReassessmentH,upon all:open'streets withiri�said .. �
,� � ° F Acquisition. and Improvement District No. S. '` Su.ch,,noti;ces
��}� .•'- shall be posted.riot more:tham three hundred,;(300j feet'3ri� '
distance apart.and not less, three (3) of such notices�
shall be posted; .Such notices�shall be.posted on or before"
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I ��'"; •.. ' the date',of the. first publica:tiori of said.resolution :
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� , , Said Cler'� shall also.mail, postage prepaid, a
`' copy o'f . tiiis resolution as 'publiehed. to' each `person to` '
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�whom'land.in said AcquisiCion'and Improvement District.No. '
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� " S.is as showri on°'the last equalized assessment�-'
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� roll of Los Angeles�Courity, at his address,as shoVm upon
such roll, and to any person whether owner in'fee or Yiaving
a lien upon or legal or equitatile interest in any land within
said District.whose name and address,and a designation of
tne land in vrhich he is interested is on fi�e in the office
of said Clerk. � '
The date of the first publication of this�resolu-
. tion and the date of posting the notices hereinabove men-
tioned anfl the date of.mailing copies of:.this resolut3on
shall be at least twenty (20) days prior to the date of
hearing hereinbefore fixed., .
ADOPTED, SIGNED AND APPROVED, this llth day of
' January, 1938.
� ` C-' � ` �
. Mayor of the City of Lynwood,
,��,,.��.x..,_, • California.
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i ��`' (SEAL)
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Attestsc� s
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'•:.Gi� y C1� erk of t ie City of / ,
>• Lynwood, .California. , '
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STATE OF CALIFORi�IA . ) ,
COUNTY OF ZOS ANGELES )SS.' "
, ' CITY OF.LYNWOOD )� • ,
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' I, R. W. ANDERSON, City Clerk of the City of ` �
Lynwood,' Cal'iforriia';�-do"hereby' certify that the above'and .,
'. foregoing resolution was duly adopted by the City Council
: of the City of.Lynwood at its regulas meeting held on the
llth day of January,, I938; by the following vote, to wit:
AYES: Councilmen Lake, MeYer, Nation and Boster.
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,,, ,, � rv . NOES; None.
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.w:: ,r., ' �.-
,� n. . ,, ;`��:' Counci
• y �., '':x � � ABSENT: lman Snvder. _ _
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';;, » � C�y C erk of t o
, -�"'� Lynwood, Californis.
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�SEAL)
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