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HomeMy WebLinkAbout0922 RESOLUTION NO. 922 A RESOI~TION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFOnNIA, DECLARDTC ITS HTm:TI01T TO REFUND THE HTDEBTEDllESS OF ACQ"C"ISITIOl1 AND HiPROVLi.;Ei'jT DISTRICT NO.1 OF SAID CITY AND FIX- IITG A TIl.:E AIm PLACE FOR HEARUlG, THE CI'I'Y COUNCIL OF' THE CITY OF ARCADIA DOES RESOLVE AS FOLLO'::S: SECTIOI l: That the public interest, convenience and necessity require the refundinG of the indebtedness of Acquisition and Improvement District No. 1 of the City of Arcadia, California, and it is the irtention of the City Council of said City to refund said indebtedness under the provisions of an act of the Legislature of the State of California designated as the "Assessment Bond Re- fundinG Act of 1933", approved June 5, 1933, as amended, and for the purpose of refur.dinC said indebtedness said City Council intends to levy a re-assessment and to issue refunding bonds as herein proposed. SECTIOl': 2: n"at the total amount of outstanding indebted- ness of said district to be refunded is the sum of Sixteen Thousand Seven Hundred ~7enty-six Dollars (~l6,726.00). The amount of the principal of bonds included therein is the sum of Sixteen Thousand Six Hundred Thirty-two Dollars (:1:;16,632.00). The OLlount of due and unpaid interest coupons included therein is the sum of Kinety-four Dollars (094.00). The amounts referred to in this Section are determined as of the date this resolution is adopted. SECTION 3 ; That the total maximum principal amount for ~hich a re-assessment shall be levied in the proceedings for the refunding of saij indebtedness is determined to be the sum of Ei0ht Thousand C:le liundred Fifty Dollars (08,150.00). SECTIOI: 4: That refunding bonds shall be issued to re- pres~nt any reasseSSllcnts not paid ~ithin thirty (30) days from the -l- date of recording the reassessment, and for any reassessment not paid within thirty (30) days from the date of recordation thereof a rerunding bond will issue in the manner and form provided in said Assessment Bond Jefunding Act of 1933, as amended. Said refunding bonds shall extend over a period ending nine (9) years from the second day of J~~uary next succeeding the next November follo~ing their date, and an even annual proportion of the principal sum of each bond shall 'Je payable by coupon on tho second day of January of each year after the fifteenth day of the next November follo~ing its date, until the ~hole is paid. Said refunding bonds shall bear interest as follmlS: At the rate of five and one-half per cent (5t%) per annum for the first t~o interest payments o~said bonds, and at the rate of six per cent (6%) per annum for all intorest pay- ments thereafter. Said inter~'st shall be payable semi-annually by coupon on the second days of January and July, respectively, of each year after the date of said bonds. Upon any of such bonds dated after the fourteenth day of !,lay of any year and on or before the fourteenth day of the follo~ing November, the first interest coupon shall become due and payable on the second day of the next succeed- inc January, and upon sucl~ bonds dated after the fourteenth day of l;ovember 01" any year and on or before the fourteenth day of the fol- lo~il:1g j,jay, the first interest coupon shall become due on the second day of the next succeeding July. Each refunding bond shall represent the reassessment upon the lot, piece or parcel of land described in said bond, and the principal amount of each bond shall be the amount of the unpaid reassessment upon the lot, piece or parcel of land de- scribed in such bond. SECTION 5: The amount of the proposed contribution of public funds to be made to assist in such refundine; is the s~~ of Six Thousand EiGht lIundred Dollars and Sixteen Cents (06,800.16), ~hich sum is to be contributed by the County of Los Angeles to assist in such refunding. Interest maturing or accruing on the out- stan~ing bonds of said district subsequent to ~~e date this -2- Resolution is adopted and prior to the date the reassessment is recorded is to be paid. SECTION 6: That the second day of August, 1938, at the hour of 8:00 o'clock P. :,;. of said day, is the date and hour, and the chambers of the City Council in the City Hall in the City of Arcadia is the ~lace fixed for the hearing of objections to said refunding. At any time not later than the hour set for hearing objections to said proposed refunding, any person interested and any o~ner of property ~hich is subject to reassessment in the refunding proceeding may file his ~ritten objection against the proposed refunding ~ith the City Clerk of the CivJ of Arcadia. An objection must contain a description of the property in ~hich each signer thereof is interested, sufficient to identify the same, and shall set forth the nature of each signer's interest therein, and shall be delivered to said City Clerk at or before the time herein set for hearing, and no other protests or objections shall be considered. SECTIOK 7: The refunding of said indebtedness shall not be authorized unless the ~ritten consent of the o~ners of a majority in area of the land in the district subject to assessment to pay the principal and interest of the outstanding bonds is filed ,nth said City Clerk, and any o~ner of land in said Acquisition and Improvement District No. 1 may file his ~ritten consent to such refunding at any time prior to the adoption of the resolution ordering the refunding. SECTION 8: The land ~hich is proposed to be reassessed for the refunding of the outstandip~ indebtedness of said Acquisition and Improvement District ITo. 1 consists of all such lots, pieces or parcels of land ~ithin said Acquisition and Improvement District No. 1 as are subject to assessment to pay the principal and interest of the outstanding bonds ~hich are to be refunded in this proceeding. The exterior boundaries of said Acquisition and Improve- ment District No. 1 are described as follo~s: -:'i- Beginning at the intersection of the center line of IIuntil1Gton Drive ,"lith the center line of Second Avenue as said liuntinr;ton Drive and Second Avenue are shorm on a I\Iap of the Santa Anita Tract recorded in Book 34, pages 4l, <C,2 and 43 of I~iscel- laneous Records, Records of Los Angeles County; thence southerly along the center line of said Second Avenue 296.55 feet to a point; thence easterly 505 feet in a direct line to the southwesterly cor- ner of Lot 2, of Tract Ho. 5205 recorded in Book 54, page 6l of i.Iaps, Records of Los Angeles County, said point being also in the north- easterly line of the Atchison, Topeka l.: Santa Fe RailYray Company's riGht-of-way; thence southeasterly along the said northeasterly line of the Atchison Topeka ~ Santa Fe Railway Company's right-of-way to its intersection with the northerly line of Lot 52 of the aforesaid Santa Anita Tract whieh line is also the southerly line of Lot 9 of aforesaid Tract Ko. 5205; thence easterly a distance of 82.83 feet along the said Eloutherly line of said Lot 9 to the easterly line of said Lot 9, which line is also the rresterly line of Fifth Avenue as said Fifth Avenue is shown on the recorded map of Tract No. 5205; thence northerl:r along the said easterly line of Lot 9 and its prolongation northerly and the easterly line of Lots 4 and 5, both inclusive, of Block 84 of the aforesaid Santa Anita Tract to the intersection of the said easterly line of Lot 5 with the southerly line of the Southern Pacific Railroad Company's right-of-nay; thence rresterly alone; the said southerly line of the Southern Pacific Rail- road Company's right-of-way to its intersection ':lith the easterly line of aforesaid Second Avenue; thence in a direct line to the northeasterly corner of Lot l8. Block 77, of Liap of a Part of Ar- cadia as shown on the map recorded in Book l5, pages 89 and 90 of J.:iscellaneous R€.cords, Records of Los AnGeles County; thence Ylest- erly along the r,ortherly line of said Lot 18 to the northwesterly corner of aforesaid Lot l8; thence southerly along the uesterly line of Lots l8 to lE, both inclusive, ;:31ock 77 of said Eap of a Part of Arcadia, to the southuesterly corner of eaid Lot l6; thence southerly -4- in a direct line to the north~esterly corner of Lot l5, Block 77 of aforesaid Map of a Part of Arcadia; thence southerly along the Y/est- erly line of Lots l5 to l3, both inclusive, Block 77 of the afore- said J.;o.p of a Part of Arcadia, to the south\7esterly corner of said Lot l3; thence southerly in a direct line to the northwesterly corner of Lot 20, Block 75, of aforesaid 1iap of a Part of Arcadia; thence southerly along the westerly line of Lots 20 and l8, both inclusive, Block 75, of l.;ap of a Part of Arcadia and its prolongation south- erly to its intersection ~ith the southITesterly line of the ~_.J.., Atchison, Topeks. & Santa Fe Rail"'""'j' Company's right-of-way; thence southeasterly along the said south\7esterly line of the Atchison, Topeka &: Santa F'e r\ailITay Company's ri;:;ht-of-\7ay, and its prolon- cation southeasterly to its intersection ~ith ~1e center line of aforesaid Second Avenue; thence southerly alon~ the center line of said Second Avenue to tho point of be~inning, exceptinr therefrom any portion of any public ways or lands belonGing to the United states Government or the state of California. SECTI01': 9: That the City Clerk of the City of Arcadia s~ll cause this Resolution to be published once m ITeek for two (2) weeks in tho Arcadia Tribune, a newspaper of General circulation printed, publish.;d and circulated in said City. Said Clerk shall also post or cause to be posted copies of such Resolution headed "l-:otice of Refundir.t; and Reassessment" upon all open streets \7i thin said rlcquisi tion and Improve)~cnt District ;':0. l. Such notices shall be posted not mo:~e than three hundred (300) feet in distance apart and not less than three (3) of such notices shall be posted. Such notices shall be posted on or before the date of the first publication of . :said Resoluti on. Said Cl<'rk shall also mail, posta;:;e prepaid, a copy of this Resolution as published to each person to IThom land in said Acqui- sition and Inproyement District Eo. 1 is assessed as shoY/D on the last equalized assessment roll of Los Angeles County, at his ad- dress as sho\7n uron such roll, and to any person \7hether OITner in fee -5- or havin3 a lion upon or legal or equitable interest in any land \"Iithin said district ,"lhose name and address and a designation of the land in \"lhich he is interested are on file in the office of said Clerk. The dat0 of the first publication of this Resolution and the date of postIng the notices hereinabove mentioned and the date of mailin[5 copies of this Resolution shall be at least twenty (20) days prior to the date of hearing hereinbefore fixed. ADOPTED, SIGNED A1~ APPROVED, this 2ls~day of June , 1930. , M-1??~ Mayor of the City of Arcadia, Calif ornia. ATTEST: ~f?~~ Arcadia, California. . -6- STATE OF CAIHOr.aA COrn:TY OF LOS A~'nLE.S CITY OF ARCADIA ) ) SS. ) I, :7. L llESBITT, City Clerk of t.>J.e City of Arcadia, California, do hereby certify that the above and foregoin~ Resolu- tion was duly adopted by the City Council of the City of Arcadia at its regular meetin.:>; held on the 2lat day of June , 1938, by the followin~ vote, to-TIit: :i\YES: Councilmen, Bolz, Griffitts, Malin, Murphy and Niday NOES: None ABSEET: None Aft;~r" ~ Arcadia, California. STATZ OF CALIFORJ:IA ) COU1'TY OF DDS M:GEUS ) SS. CITY OF ARCADIA ) I, :.:. H. I:ESBITT, City Clerk of the City of Arcadia, CeJ. ifornia, do hereby certify that the above and forego ing is a full, true end correct copy of Resolution NO.-922 of the City of Arcadia, TIhich said Resolution \7aS adopted by the City Council of said City at the time and by the vote above stated. DATED this 21st _day of June , 1938. ~i1;<d: of }::~f' Arcadia, California _7_