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HomeMy WebLinkAbout4026 RESOLUTION NO. 4026 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 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 l, 1968 AND ENDING JUNE 30, 1969, 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 prop- erty within said District for the fiscal year beginning the lst day of July, 1968 and ending the 30th day of June, 1969, for the purpose of meeting the interest and sinking fund requirements on all out- standing 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 available from the next subsequent tax levy, together with a tax upon taxable property within said City of Arcadia, as annexed to said District, for the said fiscal year for the purpose of raising the annual installment 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 ContI'act levy, together with a tax upon taxable property with- in said District for the said fiscal year for all other District purposes; and, -l- 4026 WHEREAS, the City Council of the City of Arcadia, pursuant to the provisions of Section 8.2 of the Metropolitan Water District Act of the State of California, did on the 5th day of December, 1967, adopt its Resolution No. 3972, wherein it declared the inten- tion of the City of Arcadia to payout of municipal funds one hundred per cent of the amount of said District's taxes for the said fis- cal year commencing July l, 1968 and ending June 30, 1969, 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 afore- said 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 $3,138.81 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 aggre- gate amount to be raised by means of 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 is the sum of $191,897.27 ; 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 afore- said state Water Contract levy, is the sum of $134,865.54 ; and, -2- 4026 WHEREAS, the amount of money to be derived from the area of said District lying within said City of Arcadia by ~irtue of said tax levy by said District for said fiscal year for the aforesaid all other District purposes, is the sum of $63,442.q2 ; 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 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, DOES HEREBY RESOLVE AND ORDER AS FOLLOWS: SECTION 1. That the said City Council hereby elects to payout of the municipal funds, to wit: The Water Fund of said City of Arcadia, the sum of $393,344.24 as payment of one hundred per cent 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 l, 1968, and ending June 30, 1969, and the said sum of $393,344.24 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 $393,344.24 shall be made as follows: (a) By depositing the sum of $3,138.8l in cash with the Treasurer of said District on or before the 27th day of August, 1968, (the said sum being the total payment of the one hundred per cent elected to be paid by said City of Arcadia of the -3- 4026 amount of said District's tax for said fiscal year which would other- wise be levied upon property within said City for the aforesaid pur- poses 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 $234,l23.26 in cash with the Treasurer of said District on or before December lO, 1968, (the said sum being sixty per cent of the total payment of the one hundred per cent elected ro 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 afore- said 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 ter- ritory 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 $l56,082.l7 in cash with the Treasurer of said District on or before May 9, 1969, (the said sum being forty per cent of the total payment of the one hundred per cent 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). -4- 4026 SECTION 3. That the City Clerk of the City of Arcadia immediately shall certify to the Controller of said District two 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 foregoing Resolution was adopted at an adjourned regular meeting of the City Council of the City of Arcadia held on the 20th day of August, 1968, by the affirmative vote of at least three Councilmen, to wit: AYES: Councilmen Arth, Butterworth, Helms and Hage NOES: None ABSENT: Councilman Considine ~ a SIGNED AND APPROVED this 20th day of August, 1968. ATTEST: / /J/J_~ _ i::Kli ~ ,--:,. Ci-ty;;'Clenk _'.:"1.--. -::':",..~/\ ~: '.~'(SEAL) ,- ~ " -.. ~ ..,. '. /.', '"' r-; ~ '- - .::.' - ' .......' . - 5- 4026