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RESOLUTION NO.
4710
RESOLUTION OF THE CITY COUNCIL DETERMINING
UNPAID ASSESSMENTS AND ISSUING BONDS UNDER
THE "IMPROVE11ENT BOND ACT OF 1915".
CITY OF ARCADIA
WHEREAS, this City Council has heretofore taken proceedings under
the "Municipal Improvement Act of 1913", being Division 12 of the
Streets and Highways Code of the State of California, and has con-
firmed assessments upon the district described in its Resolution
of Intention No. 4661' for the construction of certain public
improvements in a special assessment district known and designated
as
ASSESSMENT DISTRICT NO. 76-1
(CENTRAL AREA STREET AND PARKING IMPROVEMENTS)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, said proceedings provided for the issuance of bonds pur-
suant to the "Improvement Bond Act of 1915", being Division 10 of
the Streets and Highways Code of the State of California; and,
11HEREAS, the assessment and diagram in said proceedings has been
recorded with the Superintendent.of Streets pursuant to Section
10600 of the Streets and Highways Code, and a notice of assessment
has been recorded in the Office of the County Recorder, pursuant to
Section 3114 of the Streets and Highways Code; and,
WHEREAS, following the elapse of thirty (30) days after the date of
recording of said assessment with the Superintendent of Streets,
the City Treasurer has prepared a complete list of all paid and un-
paid assessments; and,
llliEREAS, a copy of said list of paid and unpaid assessments is on
file in the Office of the City Treasurer and this City Council has
duly considered said list and has determined that the same is an
accurate statement thereof; and,
WHEREAS, the aggregate amount of the unpaid assessments on privately
owned land within the Assessment District is $122,799.00
and said paid and unpaid list above referenced is hereby approved
and accepted; and,
WHEREAS, this City Council desires, pursuant to Section 8650.1 of
the Streets and Highways Code, to establish the denomination of
the bonds to represent unpaid assessments on private property and
the amount to mature each year which will be other and different
than that as provided in Section 8650 of said Code.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ARCADIA
CALIFORNIA, AS FOLLOWS:
SECTION 1. That the aoove recitals are all true and correct.
SECTION 2. That the assessment in said unpaid list which now re-
main unpaid, and the aggregate thereof, are as shown
on said list as on file in the Office of the City
Treasurer and by reference made a part hereof.
SECTION 3.
(a) That in accordance with the proceedings heretofore
taken, bonds representing unpaid assessments on
private property shall be issued pursuant to said
"Improvement Bond Act of 1915". Said bonds shall
be numbered in consecutive numerical order, begin-
ning with the earliest maturity, and shall be num-
bered 1 to 123, inclusive, bearing interest
from their date at the rate of not to exceed EIGHT
PERCENT (8%) per annum, and the denomination of
said bonds with their respective numbers and dates
of maturity are as shown on Exhibit "A" attached
hereto and made a part hereof.
(b) That said bonds may be redeemed and paid in advance
of maturity upon the 2nd day of January or July in
any year by giving notice as provided by law and by
paying principal and accrued interest together with
a premium of five percent (5%) of the principal.
(c) Said bonds shall be issued substantially in the form
as set forth in Section 8652 of the Streets and High-
ways Code of the State of California.
SECTION 4. That the bonds shall be signed by the City Treasurer of
said City. .The bonds and coupons affixed to said bonds
may be signed by said City Treasurer by an engraved,
printed, or lithographed signature.
SECTION 5. That the proceeds from the sale of the bonds shall be
'placed in the fund as created pursuant to Sections 10602
and 10424 of the Streets and 'Highways Code, which fund
shall be designated by the name of these proceedings and
District, and the monies in said fund shall be used on\y
for the purposes authorized in said proceedings.
SECTION 6. That said bonds shall be payable at the City Hall, unless
a paying agent has been so designated by the City Council.
The bonds representing unpaid assessments on private pro-
pertyshall be paid exclusively from a redemption fund
created pursuant to Section 8671 of the Streets and .High-
ways Code. In all respects not recited herein, the bonds
representing unpaid assessments on private 'property shall
be governed by the provisions of the "Improvement Bond
Act of 1915".
SECTION 7. The Auditor" of the County of LOS ANGELES , which last
mentioned political subdivision of the State of Cali-
fornia is the County which collects taxes for the City,
is hereby requested and directed, in accordance with the
provisions of Section 8682 of the Streets and Highways
Code of tha State of California, to enter in his assess-
ment roll ~n which taxes will next become due, opposite
,
-2-
each lot or parcel of land affected, in a space marked
"public improvement assessment" or by other suitable
designation, the several installments of such assess-
ment coming due during the fiscal year covered by such
assessment roll and that said entry is made each year
during the life of the bonds to be issued in said
proceedings.
SECTION 8. In accordance with the provisions of Section 868'5 of
the Streets and Highways Code, if any lot or parcel of
land affected by any assessment is not separately
assessed on the tax roll so that the installment of
the assessment to be collected can be conveniently en-
tered thereon, then the Auditor shall enter on the roll
a description of the lot or parcel affected, with the
name of the owners, if known, but otherwise the owners
may be described as "unknown owners", and extend the
proper installment opposite the same.
SECTION 9. Said bonds are to be dated the
JANUARY, 1978
29th day of
APPROVED and ADOPTED this 17th
day of
Januar
1978
OF ARCADIA
E OF CALIFORNIA
~T: /J r.
'il1Zj(~./7 ~
ERK .
CITY OF ARCADIA
STATE OF CALIFORNIA
-3-
STATE OF CALIFORNIA
COUNTY OF LOS ~GELES
CITY OF ARCADIA
)
) SSe
)
I, CHRISTINE V~ MAANEN, City Clerk of the City of ARCADIA,
California, DO HEREBY CERTIFY that the foreqoing Resolution,
being Resolution No. 4710 was duly passed, approved and
adopted by said City Council, approved and signed by the
Mayor, and attested by the City Clerk, all at a regular
meeting of said City Council held on the 17th day of
January, 1978 , and that the same was passed and
adopted by the following vote, to-wit:
AYES:
COUNCIkMEMBERS; GILB, MARGETT, PARRY AND SAELID
NOES:
COUNCIL"/IlEMBERS: NONE
ABSEN'l':
COUNCIL~M~MBE~S: LAUBER
17th
day of
Januarv. 1978
,
rcadia,
Executed this
California.
CITY CLERK
CITY OF ARCADIA
STATE OF CALIFORNIA
[SEAL]
CITY OF ARCADIA
ASSESSME~T DISTRICT ~O, 76-1
Denomination and Maturity Schedule
Total
Bond Numbers Principal Coupon
(Inclusive) Maturity Denomination Maturing Rates
"
1 1979 $ 799,00 799,00 5,50%
2- 3 1979 1,000,00 $ 2,000,00 5,50
4- 8 1980 1.000,00 5,000,00 5,50
9- 13 1981 1,000,00 5.000,00 5,50
14- 18 1982 1,000,00 5,000,00 5,50
19- 23 1983 1,000,00 5,000,00 5,50
24- 28 1984 1,000,00 5,000,00 5,50
29- 33 1985 1,000,00 5.000,00 5,50
34- 38 1986 1,000,00 5,000,00 5,50
39- 43 1987 1,000,00 5,000,00 5,50
44- 48 1988 1, 000,00 5,000,00 5,75
49- 53 1989 1,000,00 5,000,00 5,75
54- 58 1990 1,000,00 5,000,00 5,75 :
59- 63 1991 1,000,00 5,000,00 5,75
64- 68 1992 1,000,00 5.000,00 5,75
69- 73 1993 1,000,00 5,000,00 5,75
74- 83 1994 1,000.00 10,000,00 5,75
84- 93 1995 1,000,00 10.000,00 5,90
94-103 1996 1,000,00 10,000,00 5,90
104-113 1997 1,000,00 10,000,00 6,00
114-123 1998 1,000,00 10,000,00 6,00
Total $122,799,00