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HomeMy WebLinkAbout3705 RESOLUTION NO. 3705 A RESOLUTION AND ORDER OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, ELECTING TO PAY OUT OF MUNICIPAL FUNDS ONE HUNDRED PER CENT (100%) OF THE AMOUNT OF TAX WHICH WOULD OTHERWISE BE LEVIED UPON PROPERTY WITHIN SAID CITY OF ARCADIA BY AND FOR THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA. FOR THE FISCAL YEAR BEGINNING JULY 1, 1964 AND ENDING JUNE 30, 1965, AND PROVIDING FOR THE PAYMENT THEREOF. WHEREAS, the Board of Directors of The Metropolitan Water District of Southern California has levied a tax upon taxable property within said District for the fiscal year beginning the 1st day of July, 1964 and ending the 30th day of June, 1965, for the purpose of meeting the interest and sinking fund requirements on all outstanding bonded indebtedness of said District, and the payment of the principal and interest on any refunding bonds, and on any bonds, the issuance of which may have been authorized by the electors, and which bonds have not been sold, but which bonds, in the judgment of the Board of Directors, will be sold prior to the time when money will be avai1- able from the next subsequent tax levy, together with a tax upon tax- able property within said City of Arcadia, as annexed to said District, for the said fiscal year for the purpose of raising the annual insta11- ment of the aggregate amount to be raised by means of substantially equal annual levies within said City of Arcadia, as prescribed by said Board of Directors of said District in fixing the terms and conditions for the annexation of territory including said City of Arcadia to said District, together with a tax upon taxable property within said District for the said fiscal year for the State Water Contract levy, together with a tax upon taxable property within said District for the . said fiscal year for all other District purposes; and, WHEREAS, the City Council of the City of Arcadia, pursuant to the provisions of Section 8.2 of the Metropolitan Water District -1- 3705 Act of the state of California, did on the 15th day of October, 1963, adopt its Resolution No. 3620, wherein it declared the intention of the City of Arcadia to payout of municipal funds one hundred per cent (100%) of the amount of said District's taxes for the said fiscal year commencing July 1, 1964 and ending June 30, 1965, to be derived from the area of said District within said City; and, WHEREAS, the amount of money to be derived from the area of the said District lying within said City of Arcadia by virtue of said tax levy by said District for said fiscal year, for the aforesaid purposes of meeting the interest and sinking fund requirements of the said bonded indebtedness and the payment of the principal and interest on the aforesaid bonds is the sum of Eighty-seven thousand three '.Jhundred sixty five and 65/100 Dollars ($87,365.65) ; and, WHEREAS, the amount of money to be derived from the area of said District lying within said City of Arcadia by virtue of said tax levy by said District for the said fiscal year for the aforesaid purpose of raising said annual installment of said aggregate amount to be raised by means of special tax levies within said City of Arcadia in accordance with the terms and conditions upon which terri- tory including said City of Arcadia was annexed to said District is the sum of Two hundred eighteen thousand four hundred fourteen and 12/100 Dollars ($218,414.12) ; and, WHEREAS, the amount of money to be derived from the area of said District lying within said City of Arcadia by virtue of said tax levy by said District for said fiscal year for the aforesaid State Water Contract levy, is the sum of Ten thousand nine hundred twenty and 71/100 Dollars ($10,920,71) ; and, WHEREAS, the amount of money to be derived from the area of said District lying within said City of Arcadia by virtue of said tax -2- 3705 levy by said District for said fiscal year for the aforesaid all other Distr1ct purposes, is the sum of Fifty four thousand six hundr~d three and 52/100 Dollars ($54,603.52) j and, WHEREAS, there is now available in the Water Fund of the City of Arcadia, a sum sufficient, and which may be used, to pay one hundred per cent (100%) of the aforesaid taxes levied by said District, for said fiscal year, upon taxable property within said District lying within said City; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA. DOES HEREBY RESOLVE AND ORDER AS FOLLOWS: SECTION 1. That the said City Council hereby elects to pay out of the municipal funds, to wit: The Water Fund of said City of Arcadia, the sum of Three hundred seventy-one thousand three hundred . ($371 304.00) four and nO/100 Dol1ars)1 as payment of one hundred per cent (100%) of the amount of tax which would otherwise be levied upon property within said City of Arcadia under and by virtue of the aforesaid tax levy of said The Metropolitan Water District of Southern California for said fiscal year commencing July 1, 1964, and ending June 30, 1965, and the said sum of Three hundred seventy-one thousand three ( $371,104,00) hundred four and nO/100 Dol1ars / hereby is appropriated from said Water Fund for the purpose of making said payment hereby authorized and elected to be made. SECTION 2. That payment of said aggregate sum of Three hundred nO/100 Dollars ($371,304.00) seventy-one thousand three hundred and four and ;,V shall be made as follows: . (a) By depositing the sum of Eighty-seven thousand three Dollars ($87,365,65) hundred sixty-five and 65/100 ;.f in cash with the Treasurer of said District on or before the 25th day of August, 1964, (the said sum being the total payment of the one hundred per cent (100%) elected to be paid by said City of' Arcadia of the amount of said District's tax -3- 3705 for said fiscal year which would otherwise be levied upon property within said City for the aforesaid purposes of meeting the interest and sinking fund requirements on the said bonded indebtedness and the payment of principal and interest on the aforesaid bonds of said District); (b) By depositing the sum of One hundred seventy thousand 01/100 Dollars ($170,363.01) sixty-three and / in cash with the Treasurer three hundred of said District on or before December 10, 1964 (the said sum being .sixty per cent (60%) of the total payment of the one hundred per cent (100%) elected to be paid by said City of Arcadia of the amount of said District's taxes for said fiscal year which would otherwise be levied upon property within said City for the aforesaid purposes of raising said annual installment of said aggregate amount to be raised by special tax levies within said City of Arcadia, in accordance with the terms and conditions upon which territory including said City of Arcadia was annexed to said District, for said state Water Contract levy, and for said all other District purposes); (c) By depositing the sum of One hundred thirteen thousand 34/100 Dollars ($L!3,575.34) five hundred seventy-five and / in cash with the Treasurer of said District on or before May 10, 1965, (the said sum being forty per cent (40%) of the total payment of the one hundred per cent (100%) elected to be paid by said City of Arcadia of the amount of said District's 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 aggregate amount to be raised by special tax levies within said City of Arcadia, in accordance with the terms and conditions upon which territory including said City of Arcadia was annexed to said District, for said state Water Contract levy, and for said all other District purposes). SECTION 3. That the City Clerk of the City of Arcadia -4- 3705 . immediately shall certify to the Controller of said District two (2) copies of this Resolution and order, together with the financial statement which is required by law to be furnished to said District. I HEREBY CERTIFY that the foregoirig resolution was adopted an adjourned at ft regular meeting of the City Council of the City of Arcadia held on the 20th day of August ,1964 , by the affirmative vote of at least three Councilmen, to wit: AYES: COUNCILMEN BALSER, REIBOLD, TURNER NOES: ~10NE ABSENT: C:OUNCILMEN CONSIDINE~ 7/ '~~~ . C Y C erk of tr::: ~y of Arcadia SIGNED AND APPROVED this day , ~tW/ I~ Mayor of the City of Arcadia ar~~#~?J&~~ City Clerk (SEAL) -5- 3705