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Home My Public Portal About558 (09-04-28) � << .�tr.. RESOLUTION N0. 558. '' � • - ; - - - - - - ,- - . '. . , IN THE PdATTfft OF ACQUISITION AND IMPROVEMENT . DISTRICT NO., 19 OF THE CITY OF LYNWOOD, ' . CA?:IFORNIA. „ .. ,. �e .,. ;. �= ., ,. ,. ;. „ �; ., :� ., a� . Rr5OT,LTT? �:d QF A'NAEtD .. _ _ . HESOLVED, that .the City.Council.of :the City of Lyn�vood, California, did in open session on the 4th day of September,'1928, ° publicly open and examine and declare all sealed proposals or bids received for the construction of'the work or improvement described in the Resolution of Intention in the above entitled matter adopted on February 21, 1928, (which said Resolution of.Intention is hereby refer.red to for a description of said ivork or improvement), and for the purchase of acquisition and immediate.possession bonds of Ac- quisition and Improvement District No. 19 of the City of Lynwood, California, da,ted July 10, 1928, in the aggregate principal amount of Tv✓o Hundred Hinety-Eight Thousand Eighty-Pour pollars and Sixty- £ice cent,s ($298,084.65), the proceedings for said work or improve- ment and for the issuance of said bonds being had and taken under Acquisition and Improvement Act of.1925, as amended. , . • That to defray the costs and expenses of said workor im- provement, bonds will be issued to the total amount of the same, ex- cept that the sum of �45,000.00 contributed by the County.of Los An- geles shall be'deducted from said.total amount,.the,County of Los Angeles having prior to the adoption of said Resolutibn of�Intention • agreed to pay.a part of the exoenses of the said work or improvement, - "to-wit: The sum of'�45,000.00 out of its Good Roads Fund. Said bonds will bear interest at the rate of seven per cent (7�) per an- � num, payable semi-annuallV,_the fj_rst j.nterest payment to be made on the second dav of Jan�?.eT,y or. t!�e =econd e3a.,y of Jul,y, (whi_chever month first succeed.s tre date of the bonds), next'succeeding one year after the date of such bonds; and the last insta?lment'of i.nterest shall be payable at,the maturi:ty of the bonds. The aggregate principal of all bonds issued to defray the costs and'expenses of said work or impro'vement•shall be paid and discharged within twenty-five (25) ' � years after the date of their issuance, ap�roxim�tely 1�22 par.t of such aggregate principal to be�payable arinually all in gold coin, and the first payment on the aggregate princi.pal of the said bonds will be Made three years after the issuance thereof. That bonds in the aggregate principal amount of Two Hund- red Ninety-Eight Thousand Eighty-Four pollars and Sixty-£ive cents (�298 of'said Acquisition and Improvement District No. 19 of the City'of Lynwood�`Califoriiia, dated July 10, T928;"have been' issued to obtain the amounts necessary for the deposits.required bg the Superior Court of the State of California in and for the County of Los Angeles,�in order that immediate possession'and use may be had of the property sought to be acquired in this proceeding, and refer- ence is hereby made to the Resolution of Intention aforesaid for a description of said property to be acquire.d. Said bonds, except as to the interest rate thereof, are described in said Resolution of Intention and Resolutions of this Council adopted on the lOth day of July, 1928, and the 21st day of August, 1928, reference to which said resolutions and each of them is hereby made for a description of said bonds as fully and to the same extent as though said resolutions were set-forth at length herein. ' -- That a sner,ial fund for t'^e r.a,yment of said bonds, includ- _1_ , . , . � :. . _ � . - . . ; . '. ; ' ., , '�� . � . ; . �} � ' . ; - > ing'bonds for the work or and for the immediate posssss= ion aforesaid, will.be constituted by the leby of special.assessment , .. �, taxes'upon the lands ivithin the assessinent district in the.above mat-. ' ter, accor'ding to the`assessed dalue of said-lands, exclueive'of the � improvemen.ts ther.eon,�and in accordance.with the zones and percent=. ages as set.for:th in tHe Resolution of Intention:aforesaid, which said '' � -Resoluti�on of Intention is heretiy referred to,for'a description of : . . ., ,." said zones and percentages:�, '• • . , . `' :' '°, '" ` "' It> is' fizrth�r; fourid and'. determiried` that `DRAINAC,E" CONS.TRUG- ' � � , TION COMPANY is ; the l,owest responsib.le•,bidder. for said -work or, im- ' .•° � provement and" that: the., b3d'of sai'd�Dreina�e Construct �Compang,..for - said wbrk or imnrovement,is: the lowest 'regular bid'of any,r <; `- ` bidder; t�at' DR�IINAGE CONSTRii('TTON'' COM?ANY is th`e. beat responsibl'e • 'bidder for cash for saj.d imme:iiate_.possession`bonds;. corisdderation k having given to:ttie rate of*�ntPrest'at wh'ich said bond's are offered , to be ptarchased, and the oremium o'ffe,rec�; and that the said -DRAINAGE Ct)NST�tt?CTIOPT.SOMpANY did bid for sai.d .i'mme!iiat`e oossession bonds the par valize of saj.d.bonds (as.such pa-r.value is snecifira7l,y defiried by L. said act) and in addition,there,to,the�sum of•�530�00 and 'did offer to '. purchase said ,bonds _at said` suin on �an'iriterest `r`ate of aeven per. ,cent ' (7%) per.,annum. That th8 combined bid of said DRAINACxE CONSTRUCTION .� . � ,. - CONiPANY,` `the tiid f;or,:said,work.;'or.,�:�improverrient .end for:'said immediate.possession bonds 'is'the.most. advantageous bid received and , � said combined bid is to'the;advantage"`of the�district_in the above : entitled matter.' . ' . . , , ;, That the bids of all-other"bidders than the aforesaid" , " DRAINAGE.CONSTRUCTION COn4PANY.for said work_or improyement be�and .� the `same•are hereby.re3ected.and the aontract for said vrork or im- �.provement is hereby to DRASNAGE CUNSTRUCTION COIv1PANY,at the . prices'named in his bid, to-wit: - All work complete.other.than'house connection'sevJer.s,�'the . lump. sum of'Two Hundred'Thousand and no/100"(�202,000.00) Dollars.� . For house corinection.sewers the sum of ninety cents (�0.90)°- � Per ,Tineal foot. . . � , :, , � That ttiis City Council hereby sells�said immediate nossess- � ion bonds' to DRAINAGE OONS'I'RLTCTfiON COMPAnTY. at -the rate of,: interest` of seven per�cent (7`/0) per annum, which is�hereby found to be less,than, the'maximum named .i.n the.Resoliation of Intentiori aforesaid'And said . ' rate of iriterest i.s Yere'hR ftxed as the rate `of interest for sai.d iminediate nossese.ion honds, an�3 at sa9.d.nar value tF!.ereof.,plus said `premiiim :of Fi,de Hundred Thirt,q Dollars_ as aforesaid� .' That .the Treasurer of th.e City of L9nwood'be'and sho is. . hereby ordered`and directed to use-the proceeds of -said bonds, insofar ' as necessary; to.make the deposits required by the said Superior Court. . � ,_,�.�__�_The_:City.Clerk_,of.theu.said City,_of Lyn�vood,,:..California, is,- .� hereby directed to post conspicuously and keep posted.for fiue days ' as.or near the chamber door o£ this City Council, in the manner and � form required by said statute, a Notice of. Award of .Contrabt, and the '. City,Clerk i:s directed to cause to,be publish,ed by insertions in . the new'spaper.deei'gnated in the Resolution,of Intention afores'aid;: a Notic,e' of Award of Contract. •. • � '. � Passed,and adopted this 4th day.of Septembe'r, 1928. '.. : .. ' . . ' . � . ' " . D . � - . . . . . . � . .. . . , ` • `(Signed) H. M. Murra,y . ' _ ., ° = President of the-Board of Trustees '. now known as the Mayor'of th'e City � .. :. o£ Lpnwood. ' . . .. : . . .2 . . � - p., .. r> . . . . . . . ' ' . �A/':.::. ' . :ATTEST: W. V!. Cha man (Si ned) City lerk, City of Lyn�voo . . I, W.-W. Chapman, City Clerk of !the City of Lyn�vood, . and Ex-of£icio Clerk'of the Board of Trustees, now known as the -City Council of said City, do heretiy certify that the foregoir.g - Resolution, being Resolution of Award was adopted by the.affir- mative vote 'of the` following membe of said City Council, at an • ad3ourned regular meeting�of said City Council held on the Fourth (4th) day of September, 1928. A�'ES: Trustees Tweedy, Skelton, Anderson, Greenamyer, Mur.ray. ' NOES: ; None. . ' , _. ., . . . ABSEPIT: DTone . (Signed).�V. W. Chapman City Clerk o£ the City of Lynwood . SEAL _3-