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HomeMy Public PortalAbout1043 (01-04-38) : . : �� , :. , ' ' .. ' . . . , . .. , , . , , . ,. . .. . - .. .., , � . , . ., �� , . . -, ;' ,_ ;".'..�_ � - , , _.. .. . . RESOLUTION.N0:�1043. ,: � r • RESOLUTION OF THE CITY,COUNCIL Or^ . - "� �`.` ° THE CITY OF' LYNWOOD, CALIFORNIA, �':. ' ; , DECLARING ITS'INTENTION T0 REFUND . , �• THE INDE6TEDNESS OF AC,QUISITION'. .' - � .` �. AND IPv1PROVEMENT DISTRIGT .NO: 25• � ' " OF SAID CITY AND EIXING A TIME AND,� '. , ., PLl10E FOR HEARING. ' , , . , , ._ . . . .. . , : , , .. � , . . . 3 . . ' . . ' . . � � _. . .. .. . . r . , r . .� . . .., . �. . • . � . . . . ., . . . .• �:' ;�;' , IT IS HEREBY RESOLVED by the City Council of,.the ..- '. • City, of.,Lynwood, Califorriia, as fo3lowst ' ' �.'. ` " "` Section 1: � pub`lic interest,convenience . That the and�neeessity require the refunding o�f the indebtedness of,. � ` `., , `Acquisition and Improvement District No`:�25- the City . . ,.. , . o£-Lynwood, California,`and it.is �the�in'tention o£ the � . - . . , � � ,. . .. . _ -... ' • � <. ' City. Council o£ _said city,. to.. refurid .said indebtedness under ' ' the provisions of.an act„of the�Legislature of the State of .., ,_._ ..---z.; _;..,_, ..: ,_, t_ �._,.,.: , ., __... __ .t .�__._ . �_. z,., , ' California designated.as tYie "Assessment Bond Refunding Act °���� `of 1933-,t'!;, spproved June. 5, 1933, _as ,�amended; and for r the � - w , < . , . ' . • • . . . . _ . , .: . •', :.. purpose of refiznding said�indebtedriess said Ctty Council ., - . , . ,� , , _. _ . , _ . . , .. . .. . , .. - , .. - 'intends=:to levy a, reassessmerit and to issue refunding bonds . . . . � . . ' . ''c ... . . . .. . . . . . . . . �• as herein proposed. ."., . , . . � .' ' � `� Secti�n �21�:: That.,.the total :amount of outstanding - �', ind'ebtedness,of'•'said llistrict to be refunded is the 'sum of" ��� eignty=eight'thousand�nine hundred eleven and. 57/100 dollar's• r ;, ..' _ �'' (i�n88,911.57). The amount of the principal of bonds incl�aded - . therein`�is the sum of. s'eventy-five thousand one• hundre`d_ fort,y- . . � . _ • . ,�' ' four and 74/l00 dollars (�75,144.74). The amount of due arid � . unpaid irterest coupons included,therein is the sum .o£ thir- `` teen.tYiousand seven,hundred sixty-six and 83�100 dollars �'(�13,.766.83). The.amounts referred to in this �ection are ; '�' ' determined as of- date .this resolution"is adopted. ' . - .. � , , . - ' ._ �. . ' 4 �. � � _. ' ... .. '. � . .. � . ' n. - . . • � • i .. . ! .' . � � . . : . . ' � . . . ' ' . a . . . .. . ..� . �. �. �.• . � � � . � . � . . . . � .. � . .... . . . �. ' 1 . . . i • . . 1 ! . ' .e • , . . .. � � ' . .. . . . - _ . . . . . . . ... . . f ' ' .E.� � . . . _. . . . . . . .. . . .. . '� Section 3. ,�Tliat.tHe total maximum priricipal . • ° .'�mount for.which�a reassessment sha1T-tie�le.vied in the", ,, , .: .. ,proceedings,for,the refunding of said indebtedness.is de `: 'y �.� termined,to b the_•sizm of sixty-six�,tYiousand six hund.red - , t , , - eighty-triree and 67/100 dolla"rs (�66,'683.67). � ... � � : ,., , •.. , - .-� ' ' Section 4: _,Tha't refunding'bonds shall be,.issued ., - . ; , . , � �•; . < . . „ ,. . . ... . . ... . . , �_ . . to`.represent.any reassessments`not paid�,within thirty (30)� " ' days°'fr.om the . da'te of recording the, ,'reassessmerit, . and :Yor '� ` any reassessment' not paid.within thirty'(30), days^from the;`. � � date of recordation�thereof a refunding bond.tivill issue _ .. ' . - " in the marurer_and form provided'in.'said A'ssessment Bond�, � . Refunding Act•.of,1933,.as.amended. ;Said.refunding borids - .. , . . ,, . . ; . . - : .. , ,.. . ; .. . , : : _ . .. ,;shall extend over.a p'eriod (9)-years from.tha . _ �second, day of � riext succeeding • the � fifteenth day of ., •• , ` . . _ , . . . :•. . . , _ .. . ,. : - . ` the next Novemtier'following their date, and an�even annuel , proportion of the principal sum of bond'shall be pay �� • �' able � by coupon on tYie second day rof aSanuary� .of each year : - . . . . . . � aft'er the fifteenth day o,f%the next November.following � � ,, -`° �` its date,. untiT the whole. is paid�.��' Said� refiznding�bonds ,°• - ; shall'bear interest at the rate of•.six:per cent (6f),per. :� ` • � . ,;. ,, ..� ; : _ . . � . �, - • �annum; payable,:semiannually,�by�coupon on the second : , �, . . �:� �,.:..' . of ,Jarivary.and July;.respectiveTy,,. o� each�year after' their . . ,.. . • , ,:. ;.. ,,. ; ,. . . . , _ . �, , , • . y , �date.'.� Upon. any of, such bo'nds dated` aft'er.�the.fourteenth , day of May 'of,�any year and' on or before the •fourteenth " � , : . _ . . r ,s:,, , : , day of the;foll'owing November, the first iriterest coupon ',. -.. . ._ • � � , . . ' . . . � e . � . Y - • . � ., . ' '•' . a � .: � �. 4' . ... . shall become due and payable on the second day o£ the " next suc'ceeding.January,, and'upon such.bonds dated a£ter � , , . , ; . . . ., . . . ', the fourteenth day�of any year and on or . � before the, f.ourteenth• da' of ' ., : „, s,. , ' ' ` y loiving May, the � , , , ' the fol , first iziterest conpoii sHall become due�on the,second , ... , . • � - . , 7' . �; .r`�' '.�.:.� . �.,,;...� . -... ,.., .,., ; . .. .. . . .. .� . . t . ' 2 • ., . � � : .. .. day of''the next succeeding Julq. Each refunding"bond shsll represent the resasessment upon the lot,'piece or parcel of land described in said bond, and the principal ': ' amount of each bond shall be the amount of the unpaid reas.sessment upon the lot, piece or parcel of land de- scribed in such bond. ' _ - . Section 5. Interest maturing or accruing on the outstanding bonds of said District subsequent.to the date this re'solution is adopted and prior £o the date.the , `.reassessmerit is recorded�is to be �paid. � ' Section 6. That the�l5th day of February, • • 1938, at the hour.o£ o�clock P. M. of said day, is , . , . , .� . • � the day and hour, and the chambers of the City Council in ', the City Hall in the City of Lynwood is the place,.fixed for the hearing of objections to said rePunding. At any time - � not later .than the hour set for hearing.ob�ectiona to sald proposed refunding, any person interested and any owner of property which 3s subject to reassessment in the refunding proceeding may file his written objection.against the:' proposed refunding with the City Clerk of.the City of,_ Lynwood. An ob,jection muat contain a description of.the property. in which each signer thereof is interested, suf- ficient to identify.the same, arid shall set forth the,,nature of each_signer�s interest therein, and shall be delivered to said City Clerk at before the time herein set.for hearing, and,no other proteste or ob�ections shall be con- . ` sidered. � . Section 7: The'refunding of said' indebtedness shall not be authorized unless the written consent of the 3. ownera of a ma3ority in area of the land in the District sub3ect to assessment to the principal and interest � , of the outstanding bonds is filed with said City Clerk and any,owner of land in said Acquisition and Improvement District No. 25 may file his written consent to such re- . funding at any time prior to the adoption of the resolu- � tion ordering the r.efunding. � �� Section'8. The land which is proposed to be . , reassessed.for.the..refunding of,the:outstanding indebted- , ness of said Acquisition and Improvemen,t-District No. 25 consists of all such.lota, pieces.or parcels of land within . � .-. • � ., - . . said Acquisition and Improvement District No. 25 as are sub3ect 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 Improvement Dlstrict No.' 25 are described as follows: Beginning at the northeasterly corner of Lot 605 of Tract No. 2551 as shown on map 'recorded in Book 24, page 78, 79 and 80 of Maps, Records of Los Angeles County; California; thence southerly in a direct line to the southeasterly corner of said ' Lot 605; .thence southeasterly in a direct line to the northeasterly �corner of Lot 612 0£ Tract.No. 2992 as shown on map recorded in Book 30, page 78 of Maps, . Records o£ said County; thence southerly in a direct ' line to the.northwesterly corner of Lot 636 of said ` , tract No. 2992; thence•ea`sterly in s direct line to the northeasterly corner bf said Lot 636; thence , southerly in a direct line to the southeasterly corner • of Lot 746 of said Tract No. 2992; thence�southeasterly in a direct line to the northeasterly corner of Lot 994 of Tract No. 3025 as shown on map recorded in Book 35, pages 43 and 44 of Maps, Records of said County; thence southerly in a direct -line to.the most north- erly angle point in Lot 993 of said Tract No. 3025; thence southerly in a direct line to the southeasterly corner of said Lot 993;'thence easterly in a direct line to the northeasterly corner of Lot 1024 of-said Tract No. 3025; thence southerly in a direct line to the southeasterly corner of Lot 1092 of said Tract ' No. 3025; thence westerly in a direct line to tha northwesterly corner of Lot 1122 of said Tract No. ' 3025; thence southerly in a direct line to the south-_ � easterly corner of Lot I121 0£ said Tract No: 3025; 4. . ; thence westerly in a direct-line to the north- easterly corner of Lot 1131 of said Tract No. 3025; thence southerly along the easterly line of said Lot 1131 and the south'erly prolon�ation . thereof to.the center line,of Euclid Avenue; „ thence westerly along the center line of said Euclid Avenue to the southerly prolongation of. ' the westerly line of Lot 1136 of said Tract No. 3025; thence northerly in a direct line to the northwesterly corner of said Lot 1136; thence westerly in a direct line to the southwesterly • � corner of Lot 1111 of.said�Tract No. 3025; thence ' northerly in a direct line to the southeasterly- corner of Lot 1106 of said Tract No. 3025; thence westerly in a direct line to the southwesterly corner.of said Lot 1106; thence southerly in a ' direct line�to the southeasterly corner of Lot 25, Block 13, of Belle Vernon Acres, as shown on map recorded in Book 9, Page 196 of Maps, Records of said County; thence tivesterly in a direct line to the • ' southwesterly corner of Lot 19, Block 13 of said Belle Vernon Acres; thence northerly in a direct `. line to the northvTesterly corner of Lot 20, Block 14 of said Be11e Vernon Acres; thence easterly . in a direct line to the,northeasterlg corner of said last mentioned lot; thence northerly in a direct line to the southwesterly corner of Lot 21, ` � Block 15 of said Bel1e Vernon Acres; thence westerly in a direct line to the southwesterly corner of , Lot 9, Block 15 of said Belle Vernon Acres; thence northerly in a direct line to the northwesterly --- . corner of Lot 9, Block:l6,.of said Belle Vernon - Acres; thence southeasterly iri a direct line to the southwesterly corner of Lot 2 of.Block H,-of Tract • No. 6473, as shown on Map recorded in Book 70, page 15 of A4aps, Records of said County; thence northerly in a direct line to the northweaterly corr_er of said'last mentioned lot; thence northerly in a direct line to the southwesterly corner'of Lot 21,.Block G, of said Tract PIo. 6473; thence northerly in a direct line to the northwesterly corner of , Lot 6; of said Block G, Tract No. 6473; thence . � , northwesterly in a direct line: the southwesterly corner of Lot 27, BTock F, of said Tract No. 6473; thence northerly in a direct line to the.northwesterly -� � corner of said last mentioned lot; thence northerly in a direct line through the northwesterly corner of Lot 7, Block A, of said Tract No. 6473, to the center line of Lynwood Road; thence easterly alang the ceriter line of said Lynwood Road to the southerly _ , prolongation of the westerly'line of Lot 597, of . aforementioned Tract No. 2551; thence northerly in a direct line to the northwesterly corner of said .Lob 597; thence easterly in a direct line to the riortheasterly corner of Lot 605 of said Tract No. . 2551, the place beginning,.excepting from said "district such publicly owned lands lying within � said boundaries as were omitted from said district � and from the levy arid collection of asses�ments to pay the principal and interest of bonds of said , - %d3s'trict, by.Resolution�No. 613 of' the City of Lynwood on file in the office of the City Clerk of said city, to which reference is hereby made for,a description of. said omitted lands. 5. Section 9. That the City Cleric of the City of Lynwood shall cause this resolution to be published once a week for two (2) weeks in the Lynwood Press, a newspaper , of general circulation printe,d, published, and.circulated, ; in said cit9. Said Clerk ehall also post or cause.to be posted copies of such resolution headed "Notice of Refund- ing Reassessment all open streets within said �,- �- Acquisition and Improvement District No. 25. Such notices � . . ' •�� shall'be posted not more than three hundred (300) feet in distance apart and not less than three (3) of such notices �. , , � shall be posted. Such notices shall be posted on or before the date of the.first publication of said resolution. � Said Clerk shall also mail, postage prepaid,, a copq of tliis resolution as published to each person to ' .' whom land in said Acquisition and Improvement District No. 25 is asseseed as shown on the last equalized assessment roll of Los Angeles Countq, at_his address a.s shown upon such roll, and to any person whether owner in fee or having ' � a lien upon or le�al or eqizitable interest in any land within 'said District whose name and'address and a designation of the land in which he is interested is on file in the offsce of • " said Clerk_. . . . The date of the first publication of this resolu- tion and the date of posting the notices hereinabove men- tioned and the date of mailing copies of this resolution shall be at least twenty (20) day's prior to the date of ^ . hearing hereinbefore fixed.. ` �����4ti�u. Y ��.`,' �� r ° '� ,;%,_: ADOPTED, SIGNED AND APPROVED, this 1Tth day of � �„ ` � . � , , �.- . � � ; :° �January, 1938. ; � ��" V � ~ ; � � /�� 3 � .� .. y -. � . .. . . }� = ` Mayor of the City of Lynwood, ' ' '' `.Atte :� California. (SEAL) � �. ' y er o. e y o Lynwood, California. 6�' . . . . . . . . . . . .. . . . _ . . Y. . . �. ' ; STATE OF CALIFORNIA� ) ,' . � COUNTY,OF LO'S ANG�LES ) SS. • • � , ,. CITY OF LYNWOOD . . . � y °. . ' „ . ,. N' , .. .. . ' � . . , � , I,�R. .W.�ANDERSON,,City C1erk of the City of- ". , �� Lynwood,,Galifornia; do hereby,'certify�that the above,and '" ' foregoing. resolution was' duly adopted by'the City Council '' . � �. � of the City of Lynwood at its regular meeting held on the ", . '. � . . . ' ' llth day of Janua;ry, 'T938 by the follo{virig =vo,te; _ to wit: _ , ,, .. . . . ' � -. AYES: ' Councilmen Lake; Meyer,.Nation and Boster: � . . ' - s • . � ��,�"�� � NOES: None. , ` ., . , . . ,�.��„�,l„ '- ." � �� ` .. , ' `✓ } . � � n . �'�\'^'� �. •y i "t � ' . ,. . . . . , � � - x.� ABSENT:',.Councilman SnYder. . �'*.?' ,� � , � � _ .�s:� � y *�, � . . , ��" � � � � �.� : . � Y : : � .:,�. .. - � . /� ' .�� (� ,Q ..... ✓n � . ' �i . ... � � � .. � �� . . " . ' � � , � X� . � %, � . n. .,��.` ` , • City C1erk of:the �ity.of' • . *.�," Lynwood, Califorriia.., ,._ . . ; ., ._. , , • . , _. . . . , , _ . . _-. , .., : : . . . ' � .:,. , ( SEAL ) - . _ , . �. . .� ,; .. ., ' . t , , . . � -. :- .� , � � . �,.. ' ��.. � . ... . c, :. .. .. . -� .. .. � ��. r � .. . . _ . . . � .' , � �. . �.. . .. . , . ,. � . . , . � - . , .- .. _ � . ., . ..,- . „. -,.. , . . . . . _ .. . : ` � . . . ��, - , , � . ' _ . .' . .. .. . � . �,�, ' . � ' , , ,. . . ., . ._. . ..� . . . . ,;.', � -•. � :.-� ... .. � � . ... . . .. :'. . . . . . � .. � . � , ..