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Home My Public Portal About1434 (03-30-42) RF.80LUTION N0. � 4�4 . RESOLUTION DIRECTING NOTICE TO BE GI4EN OF TAE RECORDATION OF THE ASSE88MENT (SOMETIMES , CALLED REASSESSMENT) LEVIED IN THE REFIINDING , OF THE INDEBTEDNESS OF ACQUISITION AND IM- PROVEMENT DISTRICTS NOS, 17, 18�'20, 22, 2j AND 2B, AAID MUNICIPAL IMPROVEMENT DISTRICT I N0. 1 OF THE CITY OF LYNWOOD, WHEREAS, thie Glty Council ie conducting a. multiple::di��- trict refunding proceeding to rePund the indebtednesa of Acqui-, sition.and Iaprovement Districts Nos, 17, 18, 20, 22, 2j Rnd 2�, and Municipal Improvement District No, 1 of the City of Lynwood; and . . . . WHEREAS, the holders of all the outstanding bonds anfl in- terest�coupona oP said di�trictshave contracted and agreed to � sell such bonde and intereat coupons in the refunding proceed- , ing except certain bonds and coupons for which adeouate nrovi-- _ ,_ _. . . .- eion hae been made e,s required in the Asseesmerit Bond Refunding Act of 1933, as amended; and - WHEREAS, tho asseasment (sometimea called reasaessment) levled in t2ie refunding of the indebtednees of sa.id districts has been confirmed, • ; NOW, Tf�REFORE, be it resolved by the City Counci-1 of t he Citq oP Lynwood s,s followe: Section 1. That the assessment (sometimes called reaeeees- �eent) be recbrded by the Superintendent of 8treets of the said Gity of Lynwood on the 3�th day of:March, 1942, at 4:00 ` o'clock P,M, Section 2. That immediatelq after the recordation of�said asseesment (sometimea called reassessment) the Clerk_of the Coun- cil and the Superintendent of Streeta shall notify the Auditor of Los Angeles County and the Tax Collector of said County that � the indebtedness of eaid Acquisition and Improvement Districts _1_ Nos, 17, 16, 20, 22, 23 and 28, and Municipal Improqement Dis- trict No, l.has been refunded, and that all.the unpaid assess- menta and taxes levied.to pay the_principal and intereet of eaid bonde, and any of them, together with all penaltiea and interest thereon are cancelled and annulled, In said refunding proceeding the amounte of ad valorem assessments�levied topay the principal e.nd interest of bonds oP said diatriats (including interest and penaltiea thereon) paid under tHe ten payment plan or other" plan of instaliment payment F�ere credited as ascesamente paid , in the making of the�asaeeament (sometimee called reasseaenent), the e.nd only the unpaidt8�noe of%ad valorem assesemente are to be cancelled; i, e., only that oortion of such ad velorem assese- nents as were not credited as an e.ssessment paid in the making oP the aeseasment �sometimea called reassesament} in said rePund- ing proceedin�: Said Clerk of thie Council and Superintendent of 5treete ahall direct the Board of 8upervieore of Los Angeles � _ County, the Audit m and Tax Collector of eaid County ta~makerthe neceasary entriee ahowing the cancellation of assessinenta, as � • aforesaid,. • �. ' seetion 3 . That immediately after the recordat of eaid asaessment �sometimes called reaeeessment) the City Treasurer shall apply to the County;of Los Angelea for payment to the City of Lqnwood of the sum oP �157,000,00 heretoYore contributed by said,County in said refunding proceeding, and said City Treasurer :, is hereby authorized and directed to execute any and all documents �rhich might be convenient or neceseary in securing eaid funds . from'said County, Sald money ie to be deposited by the City Tre&aurer.in the aettlement fund heretofore eet up, Section 4, As soon as caeh or refunding bonde provided Por in theae proceedinge are ready for �ayment or delivery the City Treesurer ia hereby directed to pay or deliver such cash or ". bonds to the bond holdera contr,acting Yor the sale and deliv ery of their reYunded bonds, in aecordanca with the • _2_ , ,- �. ter�s of their contracte therefor on file'in the office of the Clerk of this Council and sinultaneously there�ith to receive - the outstanding bonds acquired under eaid contracte and all out- � atandirig coupons of the aforesaid refunded districts held by sald bond holdere and to Porth�it� cancel each of said refunded bonde and a.11 coupone appurtenant thereto, Said City Treasurer i� further directed upon the recordation of the. assessment (sometimea ca.11ed reassessment) herein to pay upon demand the , `bonds and coupons of the non-consenting bond holders in accord- , . ance with the terma of their bonda, such payment to be made out , ' of the A;,;&M.I;=Di,s�ricts Nos, 17, 1�, 20, 22, 2j and 28, and M, I, D; No. 1 Retirement Fund heretofore eatabliahed. y,«_-a'' ��>,:�'� �--ApPROPED AND ADOPTED thie jOth day oY March, i942 , � � y �, ��- � �. � U y .� . , . . . . . ,y _.. � ' , . . . ' . J c.J 1 � • � � 1 / • •� . j "� . . � . ' � ��,. F � z � ��1�• � � "' -.. � �� . . .. . . - ` ATTE3T ��' -. . � , s , y3� ' . .. . . . . S � . � � . . ' . STA7'E OF C.�?�IFCR�IIA ) �OL'NTY CF LoS AAtG�;L�s : ss,. - �J�iI.' 03�', LYN�'i'IGGD ) , � I, :the uncersi�;ned. City C1erk.o£ the City of � Zyn��roo3; do h.r-.ret�;r certify t!?at the above �nd ior2going Resolution vvas dulj, udo,?i;ed by th:, Ci.ty Counc?.l of said I� Citv at aK_ n,,�onrnPd r'P�:,tilar. r;.ee?,ing tnereof � , h�ld '1n t1:e City fia;.1 of. �aid City, on 'the Othu�y of ,��,z n �:'.Mar.ch , 19L� 2, and p�ssed.by the follswing vote:, � :�: ; ^ f• , y . " �- � h"'' ;�, "' .,` AY'LS: .Cub�'CI'.;P:i�N Lake, McMeekin. Zimmerman 3 �' and�Mever. _ • �� ,' � ° ' �. NCE:;' : COLTIC ILiv;E2u None . ' ,_ . - - - ABSEN2': CCi;:�;,IT.i�1t1D1 . Christensen . . , • � . � �� . CITl' CLLRIi, CIT'� C � . ,;YN`:4�70D _ . . . . , . . � .' ; , ,