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Home My Public Portal About539 (07-24-28) : #- - . . � . . ,,.,> , . . . . �` . ' '. RESOLUTION N0. 539 � . � . � RESOLUTION PRESCRIBING THE•FORM OF BONDS . � TO �3E ISSiTPD AND SOLD FOR TfiE ACQUISSTION , ' " OF' THE I4�ATEIt SYSTEI�4 OF THE MUNICIPAL �VATER ' CDA?PA;�iY 'OF PAI,Ot�RAR PARK,, INCLUDING. IN SIICH '_ , �. ' AC9,UISITI�IN THF PTIRCF7ASF�: QF TNF 'FqSTj�'RLY . 5b PFFT OP LOTS 5 and 6 OF BLOCR 9 OF TRACT _ -: - - 5418, A:�TD 9LS0 OF C�iTAIN;.QTxL.R PROQk,RTX „ -. CONNECTED WITH SAID MlATE[3 SYSTF.M. _ WHEIREAS,�the.Board of Trust now.known as the City . CounciT of the Oity of Lynwood, has duly declared•its intention . _.. , to acquire by purchas,e,, under .tYiet cert�in Hct .cf tre. Legis- � - lature of the State of= Califorriia,- known as 'QMunicipal,District . Act 1927", approved �1ay 24, I927,.certain properties, which. . properties ere.hereinafter referred to more specificelly, _ AND'WF�REAS':the said Boerd:of,Tr_ustee�s=has aaused in due. ,.. , form of lavr an election•.to�be..held' in the district of land to„ . � be, affected by the �pur.chase of" said water, system and other propertiea connected therewith,.which said- election �^ras held, -.. . as required by the said so�, on June`23;'1928 within tfie terri- tory within which said water district.is .situated, and which. said district is set.forth in detaiT and described fully in Ordinance � �._ No. 106 of the �rdinances.of said City of Lynwood; relating.to � ; :said acquis,ition o,f s'aid water system and property, . ... - -� pND W?iEREA5 at.'said electiqn more�than three-fourths,-,(3�4ths). �, of the elctors votirig'at �the said� election on the proposition whether Municipal ?mprovement Pistrict bonds to knovrn as "Act of 1927 Munic3pal Improvement District No. lr' shoul8 be issued , snd be.sold, doted in:favor of the acquisition.and purchasa-by the City of T�ynvrood; �''or t�e '�enefj_t of said district"; �of sai..d . �water s,ystem,, and. tte other propert�.es and .appurtenances connected� �. therevrith, and'als'o voted by�a vote that the City of „_ Lyn�^rood acquire by,pvrchase the said water s,y.stem and. properties, at,a purchase price�of Eight THousand'(�"8,000.00') -Dollars,'and ' that the said district should�incur a bonded.indebtedness.of,Eight Thousand T�vo 7iundred Dollars, (Two:Hundred (�200.00) dollars of which'sum beirig for the expenses.connected with said election) for. the�purpose of acqu'isition by the City of Lynvrood y for the benefit of said district of the said water. system, to-, . gether vrith the operative property,'real anci personal, now used' � in-connection there�rith,' and novr'`operated by'the said companv, . _ -which company is knovrn as the Mutual Palomar=Park VVatar .Company, and which water 'system is known as the Palomar Park Water System, � and includes therewith the well of said c'ompany and the easterly � f,Block 9 of Tract-5418, , : twenty-five .(25) feet of Lots 5 and 6. o Y N✓ -y:_ :_._.. �_... __----=--- ------ Y ~ �` AND 4VF�REAS the returns of said el.ection were duly can-' - . • vassed on the, 25th.day of June, 1928, by the Board of Trustees . of'the said City of Lynwood, and the result of. said canvass is' made.to,appear in Resolution No. 523'of the resolutions of said : Board of Trustees:, to which resolution9.referencer:is^Y�ereby mede, , �. NOW., THEREFORE, acting�under the terms of said•"Munici-. , pa1. Improvement District`'Act of •1927" the .Board of Trustees, of. the-City of.Lynwood,,now kno�m as the.'Oity Council of the'City., of.Lynwood; does her'eby prescribe the.form of the said bonds.to �_ . .�. ' ' ,� _ .. .. . . . . . . t . . ' . " . . `L-i . . . , . . . . . - . .. � . . . ' � . - . . � . ' • . •�' . . be issued and sold, and of the interest coupons attaohed thereto, and also herebv prescr.ibes the amour.t �,f interest that said bonds ' shall bear when s,ald,.to-wit:'the said bonds shall'cbntain sub- ` stantiall,y the follovring• matter: , Said bonds shall.be seventeen;"(17) in.number, numbered . � consecutively one.to sebenteen.(1 to 17),.both.inclusive, each of such.bonds to be for Five Hundred.(`.�'S00.00) Dollars, except . No. 17, the.last.in the'series, which shall be for Two Hundred (�200.00) Dollars, and each of.such bpnds shall be payable, each and every year,"at a date hereinafter.stated, one bond of,Five � Hundred (�500.00) Dollars to be paid eaoh year, commencin� with No. 1 and ending viith No. 17, which last named bond.shall be for Two Hundred (�200.OQ).Dollars_only. The principaT of the . first bond�of seid series shall be,paid on the 2nd day of July� ' 1929, together wi-th interest on all sums unpaid on such date, � , and so on, until the whole.�of said indebtedness shal have been' ..- � paid. All bonds shall be paid at the."office.of the �ity ' Tr.easurer,of the City of Lynwood,.S.tate,of California, The � interest ta be paid on said bonds shall�be•seven"(7) per cent : per annum, payeble semi=annually on tHe,2nd day of January and July. of each.year, at the'office of.the.City Treasuser of said City of Lynwood, as a£oresaid.�•All�borids shall be signed by the Mayor of�the_City of Lpnwood, he being the Chief Exec.utive of � said Qity of Lynvvood-, and also shall be si�ned by the Treasurer - of said City of L,ynwood. The interest coupon's,of said bonds : ' shall be numhered consecu.ti.vel,y and signed by the Treasixrer of • said �Cit.y of, L,qnwood b,y his� or. -_ her. engraved or lithographed � , signeture. And sa3.d.bonds..shal:l be in tbe.followi.ng form,.or . � as near as m'a,q he,:vi'z: . _ . . . " : STATE OF CALIFORNIA.. ,,. . . . _ .. : No. � ., . ' - City of Lynwood • . . `. ' F.ct•of 1927 Ivlunicipal Smprove= . , r�ent.District Bond No. �. of.the City of Lynwood. ' , - • � Under and by virtue of the,Act of �the Legislature of the � State of Cal.ifornia, entitled: "An Act to provide for the for- - mation�of.distriots within;Municipalities for the acquisition or construction of pufilic improveinents, works and-public utili- ties; for the issuance, sale and'payment of bonds of such,district�. to'meet the cost of such improvements;_and for the.acquisition ., � or construction of such impr.ovements; approyed May 24th; 1927", and acts amendator,g thereof, the CITY OF LYDN�IOOD (a municipal ; � corporation) will on the 2nd_day of JULY; , out of the fund provided for the payment of bonds, including this bond; in . the matter of the acquisition�and purchase of the water system and properties of.the_Miitual Water bompany oP,Palomar Park, in-, - corporated, as set forth,And described in Ordinances No. 106. and 107,of,the Ordinances o£ the City of Lyn�rood, and in the other proceedings •relative -to said bonds of record -1n -the�, City- of - � -° Lynwood,.pay to bearer, the sum of � Dollars . ', with interest.thereon from the ay of , 192_, � � at the rate of seven per cemt oer annum, all as is hereinafter- specified and the of,fice of the G,3.ty Treasurer of said.muni- cipality. .� , : , : . � This bond is one of several annizal series oP bonds of, - Tike'date, terior and effect, but differing in-amount_s and maturities, issued by said mvnicipalitg under ,said act for the purpose of''� • providin� means for paying,f'or the acquisition by �ity of . Lynvrood of , the water sy'stem arid properties. of the Mutuel Nfat'er Compang of Palomar Park,.under said Act of the:Legislature of.'- ' the State of California; and is�secured by'money raised by�taxa- tion on the.land:of the district benefited under the terms of " said act in said £und, and,,.including principal and interest,. • i's payable exclusively out of:such funds. . ' . ;: , _ _. : . ' ^ . �.. .,:.. " ' The int'erest is payable semi-anrivally; to-vrit: on the' : second days 'of-�' January and Jul,y. in each year .hereafter, ,upon " __ presentation of the proper coupons there£or;.proyided that the, first of said 'coupon§ is for the• interest from ,- T92-_; to the 2nd-day of ,;192 ,:and thereafter `the interest coupons are for the semi-annual interest., ' This bond wiTl coritinue to bear interest.efter maturity �.. � at the rate above stated; provided, it is presented at maturitg . , - and payinent thereof is refused�upon.the sole ground tliat there , , -is not-suffdcient moneys in said redemption fund with which to " pay same. If it'is not-presented at matlarity interest thereon; v�i1T run unt1Y'maturity� - ' And the said Cits of Lynwood bp and.through�its Board ' of Trustees herebg promi•ses and-agrees with holder of this � bond to lev suffi.cj.ent taxes on the land-and.properties within= said c�j.str3.ct. to rai.se mone,y sufficient by taxation to provl.de ` funds adequate td pa,y and discharge the ptemiu.m of,this bond ,.. - and acbrued iriterest. --------- - � " IN L^dITNES� ti'1�Ir.I�EOF; SAID CITY OF "LYNWOOD has caused, this` , bond to be signed by the 1Nayor of said City of Lynwood and by , . the Treasurer..of said_�ity, and has oaused its Clerk to af£ix. ._. thereto its corporate seal all on the 24tti'day of �July; 1928.. : _., � , (SEAL) . H. M. Murra,y . _,. COUNTERSIGNED _ � PrTayor , - .. , IV. ;"!: `Chapman . . - . . . . t . ity Clerk . . Treasurer• - : . .The coupons.shall be'substantially iri the.following form,, ., ,- .. to-wi_t :. . _ . . �_ On the �econd Day:of 'January.(July),192_, THE CITY OF . . LYIv'WOOD will pay to the bearer hereof, at the offi:ce of the City •.. � Treasvrer of "said City, the `sum' of Dollars. " oizt of the funds provided by law for�tfie payment of'the above ' bond, for semi-annual interest on.Act of 1927 Municipal Improve- - , ment District Bond No. of the City of Lynwood. Dated: , 19 � . . .. ' . ' , y, . reasurer. , �, STGT'FL�, a.dopted�and anproved this •24th'da,y of July, 1928. , ' . ...ATTEST: H. M. Murrav � res en o e oar of . 4V.. PJ., Chapman : " Trustees, now known as the �. City Clerk, �ity of Lynwood. Mayor of the City of Lynvrood. . I,. PJ. Vd. Chapman, . City tlerk of tYie : City af Lynwood," and � _--Ex-of.£icio_Clerk of_ the_Boar_d_.of_.Trustees,. now...knowri,as_.the City .:._ - Council of said.City, do hereby certify that the foregoing Reso-. • lution, being Resolution No: 539 of th� �ity of Lynwood, was - introduoed and read and adopted at a regular meeting of said Board or Counc3l held on the.?4th.dav.o£ July, 1928,�by the following � " vote of,the inembers thereof: AYES: TRIISTEES Tweedy, Skelton,,`Anderson, Murray: _ . NOES: " None. � . - ; ' : • ABSENT: TRUSTEE Greenamyer. � , , : . - 4V:W.Chapman . .'. . � Oity;Clerk, ity of Lynv+ood.'