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RESOLUTION NO. 2819
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA
DETERMINING THAT SERIAL BONDS SHALL BE ISSUED TO REPRE-
SENT ASSESSMENT FOR THE IMPROVEMENT OF THE OPENING AND
EXTENDING OF LOUISE AVENUE AND LE ROY AVENUE IN THE CITY
OF ARCADIA, CALIFORNIA.
WHEREAS, by Ordinance No. 892 of the City of Arcadia, adopted
May 18, 1954, the City Council of said city declared its intention to
order the improvement of opening and extending Louise Avenue and Le Roy
Avenue in said city, to acquire the land necessary therefor and to assess
the cost and expense thereof upon the district to be benefited by said
improvement, which said district is described in said ordinance; and
WHEREAS, by Ordinance No, 896 of said city adopted by the City
Council of said city on June 15, 1954, said City Council did order the
improvement described in said Ordinance No. 892; and
vrHEREAS, by Resolution No, 2818
of said city adopted by
the City Council of said city on October 16, 1956
, the City Council
did approve and confirm the diagram and assessment for the cost and,
expense of said improvement; and
WHEREAS, notice of hearing on the confirmation of said assess-
ment duly was given in the manner prescribed by law and there was con-
tained in said notice a statement that the question of the issuance of
bonds under Division 6, Part 2 of the Streets and Highways Code of the
State of California, would be determined at said hearing; and
WHEREAS, all persons desiring to be heard upon the question of
the issuance of said bonds were heard and a full, fair, and complete
hearing of said question had been had and this City Council is satisfied
that bonds should so issue:
NOW, THEREFORE, THE CITY COUNCIL OF ARCADIA, CALIFORNIA, DOES
RESOLVE AS FOLLOWS:
SECTION 1, It hereby is determined that serial bonds shall be
issued to represent assessments for the improvement of the opening and
extending of LOUise Avenue and Le Roy Avenue in said city pursuant to
said Ordinances No. 892 and No, 896, such bonds to be issued under and
pursuant to the provisions of the Street Opening Bond Act of 1911, said
IND~g
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act being Division 6, Part 2 of the streets and Highways Code of the state
of California; that such bonds will issue to represent the unpaid balance
of each assessment, which balance is $25.00 or over, remaining unpaid
thirty days after the date of the recordation of the assessment; that such
bonds shall extend over a period of nine years from the second day of July
next succeeding the next April 15 following the date of the bonds and an
even annual proportion of the principal sum thereof shall be payable by
coupon on the second day of July of every year after the date of the bonds
until the whole is paid except that the first payment shall become due on
the second day of July next succeeding the April 15th following the date of
the bonds; that said bonds shall bear a maximum rate of interest of 6%
per annum to be paid on such indebtedness, payments of the principal of
unpaid assessments and interest shall be made by property owners to the
City Treasurer and the sums shall be disbursed by him as provided in said
Street Opening Bond Act of 1911.
SECTION 2. That the City Clerk shall certify to the adoption
of this resolution and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AND ADOPTED this
16th day of Oc tober ,1956.
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California
ATTEST:
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I hereby certify that the foregoing resolution duly was adopted
by the City Council of the City of Arcadia, at a regular
meeting
thereof held on the 16th
day of October
, 1956, by the following
vote of the council:
AYES
NOES
Councilmen
Reibold
Councilmen
Camphouse, Dennis) Jacobi, Phillips and
None
ABSENT: Councilmen
None
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California
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