HomeMy Public PortalAbout2667 (08-21-56) RESOLUTION N0 2667
A RESOLUTION AND ORDER OF THE CITY COUNCIL OF
THE CITY OF LYNWOOD, CALIFORNIA, ELECTING TO
PAY OUT OF MUNICIPAL FUNDS SIXTY PER CENTUM
{ 60°0) OF THE AMOUNT OF TAX WHICH WOULD OTHER-
WISE BE LEVIED UPON PROPERTY WITHIN SAID CITY
OF LYNWOOD BY AND FOR THE METROPOLITAN WATER
DISTRICT OF SOUTHERN CALIFORNIA, FOR THE FISCAL
YEAR. BEGINNING JULY l, 1956 AND ENDING JUNE 30,
1957, AND PROVIDING FOR THE PAYMENT TKEREOF.
WI�REAS, the Board. of Directors of The Metropolitan Water
D�_stric'; of Sou�hern California has levied a tax upon taxable pro-
perty within said Distric� for the f�scal year beginning the lsi,
d.ay of July 1956 and end.in� the j0 �h d.ay of June 1957 for the
purpose of' rrmeeting the _�n�erest and s�nking fund. requirements on
all ou�standing bond.ed. indebtedness of said. District, and �,he pay-
ment of' the pr�ncipal and interest on any refunding bonds, and. on
any bonds, '�he issuance of which may have been authorized by the
electors, and which bonds have not been sold., but which bond_s, in
the judgment of i,he Board of Directors, w�_11 be sold prior to �che
time when money will be available from the next subsequent tax levy,
together with a tax upon �axable property within sa�d. City of Lynwood.,
as annexed �o said. District, for the said.fiscal year for the purpose
of raising the annual installmen� of the agbregate amount t,o be raised.
by means of substantially equal annual levies within said City of
Lynwood, as prescribed by said. Board. of Directors of' said. District
in f'_'_x �he terms and. cond.itions for che annexation of the corporate
area cf' said Cii,;� of' Lynwood to sa�_d District, together with a tax
upon taxable properi,y wi�hin said. District for the said.fiscal yea.r
for all other District purposes; and.
WHEREAS, the City Council of the Ci'�y of Lynwood, pursuanz
to the provisions of Section 8.2 of The Metropolitan Water Dis'�rict
Act of the State of California, did. on the 6th d.ay of December, 1955
adopt its Resolution Nc 2627 wherein it d.eclared the intention of
the City of Lynwood. fo pay out of municipal fund.s Sixty per centum
(60�) of the amount of said District�s taxes for the said fiscal
year commenc�ng July l, 1956 and. end.ing June 30 1957 �o be d.erived.
from the area of said District wichin said_ 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 �or said. fiscal year, for the afore-
said. purposes of ineeting the interest and. sinking fund requirements
of the said bond.ed indebzedness and �he payment of the principal and.
interest on the aforesaid bond.s is the sum of �38 ,855.00 ; and.
WHEREAS, the amount of money to be d.erived from the area
of said District lying within sa�id City of Lynwood. by vir'cue of
said tax levy by said. District for the said fiscal year for the
aforesaid purpose of raising said annual installment of said aggre-
gate amount to be raised by means of special tax levies wi�hin said.
City of L�nwood. in accord.ance with �he terms and cond.itions upon
which tne corporate area of said. City of Lynwood was annexed to said.
District is the sum of $56,585.58; and
WI-�REAS, the amount of money to be derived from the area
of said. District lying within said. City of Lynwood by virtue of said.
tax levy by said District for said. fiscal year for the aforesa.id.
all other Distric� purposes, is �he sum of �22 ,805.50 ; and.
WHEREAS, there is now available in the Wa.ter Fund of the
City of Lynwood, a sum sufficient, and. which may be used, to pay
Sixty per centum (60�) of the aforesaid taxes levied. by said. District,
for said. fiscal year, upon taxable property wi�hin said District
lying within said. City;
NOW, THEREFORE, BE IT RESOLVED AND OftDERED BY THE CITY
COUNCIL OF THE CITY OF LYNWOOD, CALIFORNIA, AS FOLLOWS: .
Section l. 'I`hat the said City Council hereby elects '�o
-2-
pay out of the municipal fund.s, to wit: The Water Fund of said. City
of Lynwood., the su.m of $70 ,947 .65 as payment of Sixty per centum (60�)
of the amount of tax which would otherwise be levied upon �roperty
within said City of Lynwood und.er and. by virtue of the aforesaid. tax
levy of said The Metropolitan Water District of Southern California
for said. fiscal Jear commencing July l, 1956 and. end.ing June 30 1957
and the said sum of $70 ,947.65 hereby is appropriated.from said Water
Fund for the purpose of making said. pa.yment hereby au�horized. and.
elected to be mad.e; and.
BE IT FURTHER RESOLVED AND ORDERED:
Section 2. That payment of said. aggregate sum of $70 ,947.65
sha11 be made as f'ollows:
(1) By depositing the sum of �23 in cash
with the Treasurer of' said. Dis�rict on or before the 25th d.ay of
August 1956 (the said. sum being the total payment of' the Six�y per
centum (60�) elected to be paid. by said. City of Lynwood. of the amount
of said. Districtxs tax for said fiscal year which would o�herwise be
levied upon property within said. City for the aforesaid. purposes of
meeting the interest and sinking fund requirements on the said bonded.
ind.ebted.ness and the payment of principal and interest on the afore-
said bonds of said District);
(2) By deposi'cing the sum of �28 ,580.79 in cash
with the Treasurer of said District on or before December 10 1956
(the said sum being sixty per centum (60�) of the total payment of
the Sixty per centum (60°0) elected. to be paid by said. City of' Lynwood
of the amount of said Districtts taxes for said.fiscal year which
would. otherwise be levied. upon property within said. City for the
aforesaid. purposes of raising said annual installment of said. a.ggre-
gate amount to be raised by special 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 all other District purposes):
-�-
{3) By depositing the sum of �19 ,053.86 in cash
with the Treasurer of said. District on or before May 10, 1951 (the
said sum being forty per centum (40�) of the total payment of the
Sixty per centum (60�) elected to be paid by said City of Lynwood
of the amount of said. Districtts taxes for said fiscal year, which
would otherwise be levied. upon property within said City for the
aforesaid purposes of raising said annual installment of said aggre-
gate amount to be raised by special tax levies within said_ City of
Lynwood, in accord.ance with the �erms and. condit�ons upon which the
corpora�e area of said City of Lynwood. was annexed to said District,
and for said. a11 other purposes)• and
,
BE IT FURTHER RESOLVED AND ORDERED:
Section 3. That the City Clerk of the City of Lynwood
immediately shall certify to che Controller of' said District a copy
of' this resolution and order, together with the financial statement
which is required by law to be furnished to said. Distric�.
Passed and. adopted this 21st d.ay of August 1956 by the
following vote, to wit:
�yes: Councilmen: Compton, Finch, McMeekin,
Pender, Summers.
Noes: Councilmen: None.
Absent: Councilmen: None.
r-- �- � -
�r
i" //'
- .��.."' J � . �l.�..
�. l
,. T Ty D
�
AT ST: � � '-, �
V'ti�
I L R , I D
STATE OF CALIFORNIA )
COUIVTY OF LOS ANGELES: ss.
CITY OF LYNWOOD )
I, the undersigned, City Clerk of the
Cit� of Lynwood, do hereb� certify that thE above
and foregoing resolution was dul� adopted b� the
City Couneil of' said City at a---- regular
meeting thereof held in the Cit� Hall of said City,
on the 21st day of August , 1.g 56 , and pasged
by the following vot�:
AYES: COUNCILMEN Comptc>n, Finc�li, i�Tc°w7eek
pender, :���mmers .
NOES: COUNCILMEN I�1one.
ABSENT: COUNCILMEN Non� .
�� ��
r
�l�� � � i
uV\
,