Resolution No. 1868
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RESOLUTION NO. 1868
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON
AUTHORIZING AND DmECTtNG THE CITY'TREASURER TO TRANSFER
MONIES FROM THE VERNON SEWER DISTRICT #1 CONSTRUCTION
FUND TO THE VERNON SEWER DISTRICT #1 BOND INTEREST AND
REDEMPTION FUND.
THE CITY COUNCIL OF THE CITY OF VERNON RESOLVES AS FOLLOWS:
WHEREAS, there are certain monies in the Vernon Sewer
District #1 Construction fund and said monies should be carried ina Bond
Interest and Redemption Account; and
WHEREAS. the City Clerk of the City ofYernon advises that
there is a balance of $43,857.18 in the Vernon Sewer District #1 Gon-
struction Fund, which bonds will not be retired until March 1. 1970; and
WHEREAS, the statutes of the State of California require
unexpended construction funds to be transferred to the fund to be used for
the payment of principal of and interest on the bonds;
NOW~ THEREFORE~ BE IT RESOLVED:
SECTION 1:
That the City Treasurer is hereby authorized
and directed to transfer from the Vernon Sewer District #1 Construction
Fund to the Vernon Sewer District #1 Bond Interest and Redemption Fund
the sum of $43.857.18.
SECTION 2:
The City Clerk of the City of Vernon shall
certify to the passage of this Resolution and thereupon and thereafter the
same shall be in full force and effect.
ADOPTED and APPROVED this 18th day of October. 1955.
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MaYor/I
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City Clerk
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STATE OF CALIFORNIA )
) SSe
COUNTY OF LOS ANGELES )
.'
III G. A. ANDERSON3 City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution No. 1868 was duly adopted
by the City Council of the City of Vernon, and approved by the Mayor
of said City, at a regular meeting thereof held on October 18, 1955.
~~~~
{ City Clerk
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SUPPORTING
DOCUMENTS
)'
CITY COUNCiL
il
R.J.FURLONG. MAYOR
G.H.ANDERSON
C. H. MAILLIARD
J. M. POXON
C. W. TROWBRIDGE
TELEPHONES
CITY CLERK - -
POLICE DEPT. - .
FIRE DEPT.
ENGINEERING DEPT.
HEALTH DEPT. . -
LUDLOW 5-887B
LUDLOW 7-5287
LUDLOW 8.2522
LOOAN B-1666
LUDLOW 7.7376
CITY HALL
4305 SANTA FE AVENUE
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/ G. A. Anderson, City Clerk
City of Vernon
4305 Santa Fe Avenue
Vernon 58, California
VERNON 58, CAI.IFORNIA
October 4. 1955
OFFICERS
G. A. ANDERSON. CITY CLERK
V. R. POXON, CITY TREASURER
CARSON B. HUBBARD, CITY ATTORNEY
A. W. PHILLIPS, CITY ENGINEER
DR. C. E. NEMETHI, HEALTH OFFICER
J. S. COLTON, BUILDING ENGINEER
LESTER C. HUSTED, FIRE CHIEF
R. H. BOCKHACKER, POLICE CHIEF
JOHN B. MOORE. ADMINISTRATIVE ASSISTANT
TO THE CITY COUNCIL
HASKINS Be SELLS. AUDITORS
IN REPLY REFER TO:
Carson B. Hubbard
City Attorney
6308 Pacific Blvd
Huntington Park
In re: City of Vernon Municipal Improvement Bonds,
Municipal Improvement District Act of 1915;
City of Vernon Sewer Bonds. Municipal Sewer
District Act of 1939; General City Sewer Dis-
posal Bonds. Municipal Bond Act of 1901.
Dear Mr. Anderson:
In reply to your letter of September 14, 1955 with reference
to the transferring of unexpended balances in the above-mentioned bond
funds, the California law requires that aU funds received for the bonds
and not expended on the Municipal Improvement for which the bonds were
issued shall be kept in a separate fund to be used for the payment of the
principal and interest on the respective bonds, until such time as the
bonds have been fully paid and discharged.
This would require that all funds unexpended for the purpose
and object of the afore-mentioned bond issues should be kept in a fund
designated for the repayment of the bondS and interes:t of that particular
issue.
At the present time. I understand that none of the above-
mentioned bonds have been fully paid and retired.. therefore these funds
should be kept in a proper account for the purpose of retiring the bonds.
The Municipal Improvement District No. 2 Bonds, of which
there is a balance of $11,375.16, will not be retired until May 1. 1959;
The City of Vernon Sewer No.1 Bonds, of which there is a
balance of $43.857.18, in accordance with their terms, will not he retired
until March 1.. 1970;
The General Sewage Disposal Bonds, of which there is a
CI~ OF VERNON CALIFORNIA
IN REPLY REFER TO:
i:~
,
G. A. Anderson. City Clerk
2.
10/4/55
balance of $74,513.97, do not retire until June 1. 1970. Due to the fact
that:the City of Vernon1s liability to Los Angeles is contingent upon a
final determination by the Courts,. I am unable at this time to give an opinion
upon the disposition of the unexpended funds remaining in this account.
If at the present time any of these unexpend.ed funds are
carried in any other account thana bond redemption fund for the parti-
cular issue of bonds. the sum should be transferred to the bond redemption
account of each respective issue. It is possible that a resolution may be
required to bring about this transfer of funds.
I believe the matter should be called to the attention of the
City Council so that it can direct proper legal disposition in each case.
Yours very truly,
~~~~
Carson B. Hubbard, City ttorney
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