HomeMy WebLinkAboutCC Reso No 1938-315
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RESOLUTION NO.
A H'fi~S OIX!T:r ON () F' ('f In C (;lUNC l1J O1i'
111YU~~ CITY OF ELSINORE, 1JF.''1'ERM!N'ING
AJ.m DF'OtARING THAT TFI1: l'tmI.IC INv!'l::H_
:E:$T AND N:EOE~SS rTY D:E:MA~ms AND ngQtTIHT<'S
'1!Jm tt C QU'IS IT!OliT f,flrns C:in OIi1EitS 1]\1 _
m,,~ SER IAL. 13 0 'NDS
UNDER THE IlWROVEM'E:Wl' BOND ACT
OP 191.5, ANDTRF CREATION Ol~ A In:llm
TEi?HEFOR BY THE ISSUANCI{; OF' I'NVfi'ST...
BOND$ OF i}''fm CITY OIP ELSINORE.
\~HERHA$. the Oity C)f 1':ls1rlol!'e haa heretofore
Issued bondSU1"H.i$1" the Improvement Bond Aet of' 1915, for
the pUr"D{H'!l$ of t>epr~$.nt1ng assessments lev-1ed in co:t'H'lee..
tion \".r:tthstreet amd/or other public Imr)l"ovements in said
C1 t~)' of' lUsinore J wl11eh 'bonds were ls.eru$d in the 'cotal
&n'lcrunt of $115.524..29, &l'ld designated ftSeries X, nand
dated May 10, 1926J and
tmfE'REAS, oertair) of said bondla dated May 10,
1926, he.vlng u.J:'1pa.1d pt"i,nelpal in the total a:mOUfl'&: of
$ 42,733.68 ,. together with certain inter'est there..
ora, remain outstatlcUJ11h unpaic' and delinquent; and
WEE'flEAS.f a suh$tantll.1 amount of district
assessments le'Vied to pa:y f'or $~~:1d bc,nd.$ dated May 10,
19~6, and interest the:reon, rerru:d.n unt)s:1d e.:rH.~ del1nque.nt,
and sf-dd assessment delinquency its increaSing p,nd will
l1'1 all probe.b1l1t1 'bend to 1nc:t"eas$ unclE'll" pr'esent oon-
dltion$ and thereby tend to lmpa1r the tax .1"eV'enues of
the City of 1!;ls1no:re from said district and for the otty
€laa whole; and
l/lnT'ERE.A.$, 1:norder to provide the funds rH!leeS$ary
to pay the prlnelpal and lntertlliilt ofllia:1d bonds j the
City of' Elsinore may be x-equlred to 1 Ete''''Y' ~ general tax
<:.'h.1:r1.ng the next tl$~al y~ul.r :11'1 $Uehal'1:l0rmt th1.lt the same
would be onerous and difficult for theprope:t~tyowT:lers
in the C tty of E;ls:1nore to pay; t:1nd
~'HF.RE:A$. 11tigatiot'l 1$ now and fop !Som.e time
past has been pending agtilnst tbe City of Elsinore, whieh
11tlgli\tlon was brot't.ght by t;he holders of said bonds of
May 10, 1926, seeking to Gbtaln deerEH!!l$ for mor:u~:v damages
agabH1Jt the Cltyot' Elsinore, and :tor other re lle1'f and
~rHl:(;REAS, sa1d 11 t1gat1on os,n be sEl'ttled and all
of the etaj.d bonds of May 10, 1926 now outmtanJ:H.ng, togeth-
er wtth all unpaid interest CH)UpOnS thereon., can be
aequired for the total $11,11'11 101'$1"'1,000.00 J and
1J';rrrRREA$ fI the C1t;t of H~llld.nG1."e has on hand and
available to apply uplOn such settleJ!l!1ent payment the sum
o:f $~2000 .00 J an<i
t~'tmREA$1 the City of Els1.no1'l0 may. under an eet
entitled tl An Act to authtl:d.ze tnunie1J,:ml corporations to
issu.e bonds for the :p''ttPpose of aeq'l:l1:ring other .glJne ral
obligation bonda of the l'l'lunielpal eorporliatic:>n, or bonds
issued by 0'1' for <.Ust1"lct.s therein, or bond$. 1.$sU:$d fOr
street work or otber pub11e tmprovements, and providing
for e.cqtd r1ng $ueh'bond$t and the levy orcolle.et 1 on af
taxes and $ss&$s:ment$ to 1'8:Y pt"1n~ipal and interest ef'
bench:; acquired, the use 0 f rund$~e:t';tved from oono..$
issued ur.VJer this act or acquired und(-'r this tlet.and
the payment of bondS :'I.$sued unde1" thlsQet II f{ app):~oved April
ft.
26, 1909. 8sanlend$Q, issue inveertnrent bonds of the Glty
of Elsinore, the prcceeds of whioh. may be used for thee
~'rChtlUlle of said bonas issued under said ImproVemerl't
Bond Act of 1915... and thereby the City lOf Elsinore m~1'1
avoid the levy of sueh heavy gen.eral tti~ durlng the next
fiseal ye~1U",and :mayred"{~ee the dtstrlet 8.sseSS!l10.tlts wh1.eh
impair the general tlltxrevenues of the city frarn the aasess...
ment district, I1l:H:1 PNviClemean$ whereby the districtlf:1t...
debtednes.$ lU'ld aS$$ssnilentl'tt maybe t'educeCl. and \dll make
poslld.ble the col1eetiouo.f delinquent munieipal taxes and.
restore pro:perty to the tax 1"'011.$ in o]:"<le1'" that mu:nleipal
taxes may be eol1eete:l!i hEiJreatttr.
l'WW, Irli]:FrllJFORE, the City Coun011 of the city
of Elsinore I does hereby resolv~ and dete:rmine as follows:
Section 1. That the pUblic interest a.nd n~ee$'"
a1ty demands_no requires theaequ1sitlon of all of' said
outstanding improvement bonds dated May 10, 1926, 1.esu-ed un...
der the Improvement Bond Aot of 1915, for street and/or
other public improvements within the City of Eas1nor>et and
the aequ181tlon of said bonds dated. M$:1 lQ. 1@26, is nee.....
Sl!!.ry and. eonven:1ent to earry Qlltthe obj4HZtS, purpos&$ .nd
powers of th$ City of 13:1s1noNJ that the t;<>tal cost of
acqUiring said outst.anding bond$ dated i\~ay 10, 19~e, 1.$
esttmatedto be the sum of ~,17JOOO.OO,. B-n.d that $2000.00
of' said total sum of $17,000...00 1$ now available in the
T:t"eaaury of said e 1. ty. fund that $15,,000.00 l!'.>f said t(;)tlll
sum of' ~f17 ,000.00 1$ tht'l' Elstimated $.mount to be ~ise<l by
the issuance of investment bonds, filU:1(~ that said $'llll'.! of
$15,000.00 1.8 and w111 'be too great to be paid out of th.e
ordine.r'Y armual inoome of said 01 ty of Elsinore.
3eeti.on 2. That the C:tt;y of l?ls1nore proe$$d
under said Aot. of 1909 herein-ebo". mentioned. to incur a
3.
bOl'ld$d l:Od,ebte<!1nes. 1n the prln:elpal S'l;l.m of' ~~15,000.00
to provide fa tund to be called Q ffGeneral Improvement
li"1;lnd1' to be invested in sald bonds dated May 10, 1926.
City
the
fI.!ifD ADO PTT~D by
~
of Flslno:re, th:ls.7<:f day
-
following vote ,to...wlt.
the Oity Goune!l of the
of Feorufu''Y; 1938, by
, . . ~'". .
"~. ,'/' i'" ;' .of.,,/,...,/
N~iY~~.}~
AYES:
NOES:
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APPPO'l'/$& an~ signed by th.e Mayor of the City of
'.. I/. ;)>.t1, ,~,
Elsinore, this c:>\d ~... day of ,. ' {:;.~:(ZA').-'~ ; 1938.
NI'TF~gl.Pt
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Cl ty-~~~l( :, r/~~-ei~""~~
. \ 'Elsinore ,{
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<Ii.
STATE OF CALIF'ORNIA}
) S,ts..
COUNTY. eJi:" RIVRRSIJDB)
x, C. if., K.AI!nrA j City Glerlt of -the 01 tyot
Elsinore, Country of' rUveralde.. .st~.tEil 'Of California, do
hereby certify that t.he whole nUll'lbi$)rof :tt)1;,,;mber$ of the
City Ocmne:il o.t the Oity of E:181no1"$ 113 f1.'tre; that the
foregoing reaolutJon was adopted by a tW()-thirds vote
at&. regular 121oet111g: Q,t' the City Oo'Ctt)etl h~ldon the
(fij~~ dayot Feb~17 _ 1938, and Q;PP>>Q'V'ed and signed
by the l1$.Y0P aoo atte.$t$d by the 011::y Clerk of the City
~"" ,,")
of Elsinore on ther;.~?"~~'l'Y of . . ...';:,z,;-':,...... . . 1938.
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