HomeMy Public PortalAbout2759 (08-20-57) t
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RESOLUTION N0. 2759
A RESOLUTION AND'ORDER.OF THE CITY COUNCIL OF
THE CITY OF'LYNWOOD; CALIFORNIA, ELECTING TO
PAY OUT OF'MUNICIPAL FUNDS ONE HUNDRED PER
CENTUM (1000) OF THE AMOUNT.OF TAX WHICH WOULD'
OTHERWISE BE LEVIED UPON PROPERTY WITHIN SAID
' CITY OF LYNWOOD BY AND FOR THE ME`I`ROPOLITAN
. WATER DISTRICT:pF SOUTHERN CALIFORNIA, FOR
THE FISCAL YEAR,BEGINNING JULY 1 1957 AND
ENDING JUNE 30 1958 AND PROVIDING.FOR' THE
PAYMENT TI3EREOF.
, WHEREAS, the Board of Directors of The.Metropolitan Water
District of Southern California has levied 'a tax upon taxable.pro-
perty within said District for the fiscal year beginning the lst day
of July, 1957, and ending the 30th day of June 1958 £or the purpose
".of ine'eting the' interest and sinking,.fund requirements on,all out=
standing bonded ind.ebtedness of said D15trict, and the payment of
the px°incipal and interest on any refunding bonds, and on any bonds,
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the issuance of which may have'been authorized by the ele'ctors', and.
which bonda have not been sold,but which bonds, iri.the judgment of
the Board of Directors, will be.sold prior to the time when money
will be' available from the next subsequent tax levy, together with
a tax upon taxable:property within said City_of Lynwood,.as annexed'
to said District, for the said £iscal year f'or the purpose of raising
the.annual installment of the a'ggregate.amount to be,raised by'means
of substantially.equal annual levies within said City-of Lynwood', a,s
prescribed by said Board of Dire'ctors .of said District in fixing the'
terms and conditions for the annexation of the corporate.area of said
City of Lynwood to said District, together with a tax upon taxable
property within said District for the said fiscal year for all other
Distr=et purposes; and .
' WHEREAS, the City Council of the City of Lynwood, pursuant
to the provis'ions of Section 8.2 of The Metropolitan Water District
Act of the State,of California, did on the 4th day of December, 1956,
ad.opt its Resolution No. 2699 wherein it declared the intention_of
' the City of Lynwood. to.pay out of municipal funds' One Hundred' pe.r
centum (100;) o£ the amount of said District�'s taxes for the said
� fiscal year commencing July l, 1957 and ending June 30, 1958, to be
derived from the.area of s'aid District within,s'aid City; and
WHEREAS', the amount of money to be',d-erived from the area'
of the said District lying within said. City of.Lynwood by virtue of
said tax levy by,said District for said fiscal year, for the afore—
said purpo'ses of'meeting the'interest and sinking fund requirements
of the,said bonded indebtedness and the payment of the,principal and '
interest on the aforesaid bonds is the.sum of $43 ,068.00 ; and'
WHEREAS, the amount of.money to be.derived £rom the'area
of'said District lying within said City of Lynwood by,virtue o£ said
tax levy by said District for the said fiscal year for the a.foresaid
purpose of rais'ing said annual installment of said aggregate amount.
to be ra.ised by means of special tax levies within said City oF Lynwood
in accordance with the and conditions upon which the corporate
a.rea of s'aid City of'Lynwood was annexed to said District is the sum
of $5y' and. -
WI�REAS, the amount of,'money to be derived from the area
of said District lying within_sa'id City of Lynwood by virtue of said
tax levy by said Distriet for sa'id fiscal year for the aforesaid all
o'ther District purpos'es, is the sum of $27,120,84; and
WHEREAS,, there is now available in .the Water Fund of the
Qi�y of,Lynwood, a sum sufficient, and which may•be.used, to pay
One Htzndred per centum (100%) of the aforesaid taxes levied by sa'id
Distriet, £or said fis'ca1 year, upon taxable property.within said
District lying within said City;
NOW,-THEREFORE, BE IT RESOLVED AND ORDERED BY THE CITY
COUNCIL OF"THE CITY'OF LYNWOOD, FOLLOWS:
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. �_ Section l. That.the said City Council hereby elects to
pay out of the.municipal funds, to wit: .The.Water Fund of said City
of.Lynwood, the sum $129,204.00 as payment of One Hundred per centum, .
' (100�)"�of the.amount of tax which would otherwise be levied upon
property within said.'City of Lynwood under and by virtu'e of the afore-
said tax levy of said The:Metropolitan Water District of Southern
California for L said fiscal year commencing July l, 1957 and ending
June 30, 1958 and the said sum of'$129,204,00 hereby is apprbpriated.
from eaid Water Fund for the purpose of'making said payment hereby
authorized a.nd elected to be,made; and
BE IT FURTHER RESOLVED AND ORDERED:
- Section 2. That'payment of said aggregate sum'of $129,204.00 •
. shAll be made,as follows: 1
(1) $y depositing the sum of'$43 in cash
with.the Treasur'er of said District on or before:the 25th.day of
August, 1957 (the said sum being the total payment of One Hundred per
centum (100%) elected to be paid by said City of Lynwood o£ the amount
of said Districtts' tax for said fiscal ye'ar which would'otherwi'se.be
� levied upon property within said City for the aforesaid purposes of
meeting.'the interes,t and s'inking fund requirements on the.s'aid bonded
indebtedness and the payment o£ principal and interest on the afore-
said bonds o£ said D3strict); '
(2) By,depositing the sum of $'51 ,681.6o in c'ash
with the Treasurer of said Dis'trict on or before December 10 1957
(the said sum being sixty'per centum {60�) of the total paym�nt of the
One Hundred per. centum (100%) elected to be paid by said City of Lynwoo'd
of the amount of said Dis'trictis taxes f.or said fiscal year which
would' otherwis'e be levied upon property within said City_for the afore-
said purposes of raising said annual installment of said a;ggregate
amount to be,raised by specia.l tax levies within.said City of Lynwood '
in accordance.with the terms and conditions upon which the corporate
area of said City of Lynwood was annexed to said District and for said I
all other D'is'trict purposes); i
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(3) By d.epositing the sum of'$34 in cash
with the Treasurer of said District on or before May 10 1958 (the
said sum being forty per centum (40�) of the total payment of the
One Hund'red per centum (100%) elected to be.paid by said City of
Lynwood of the amount of said Districti�s ta.xes for said £iscal year,
which would otherwise be levied upon property within said City for
the.aforesaid purposes of raising said annual installment of said.
aggregate amount to be raised by special tax levies within said City
of Lynwood, in accordance with the terms and cond.itions upon which
the corporate area of'said. City of Lynwood was annexed to said District,
and.for said all other purposes); and
BE IT FURTHER.RESOLVED AND ORDERED:
Section 3, Tha't the,City Clerk of the City of Lynwood �
immediately shall certi£y to the Controller of said District a: copy ��
of this res'olution and order, together with the financial statement
which is required by law to be furnished to said District,
Passed and adopted this 20th day of August, 1957 by the
following vote, to wit:
;�*� '�• �� Ayes: Councilmen: Compton, Finch, McMeekin,
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� Pender, and Summers.
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, � � `Noes: Councilmen: None.
� Absent: Councilmen: None.
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� STATE OF CALIFOR�IA )
COUNTY OF LOS ANGELES: ss.
C I'PY OF LY�WOOD j �
I, the undersigned, City Clerk of the
City of Lynwood, do he'rei�y centi£'y that the above
and �'oregoing resolution was duly adopted by the
City Council of said City at a ------ regular
meeting thereof held in the-City Hall of said City,
on the 20th day oP August , 1957 , and passed
by the Pollowing'votee
AYESe COUNCILMEN C�mpton,,Finch, McM eekin,
, :' P ender, and Summers
C ", '- �, % .�
_ \,,: . � NOES: COUNCILMEN None. I
�- � ABSENTe COUNCILMEN None. �I
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