HomeMy WebLinkAboutResolution No. 12381
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LAW OFFICE
P. J. TSCHARNER
ROOMS I AND 2
FIRST NATIONAL
BANK BUILDING
AZUSA. CALIFORNIA
• N • • N •
RESOLUTION NO. 149
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA AUTHORIZING ASSIGNMENT OF THE CITY OF AZUSA'S INTEREST
IN TRUST NO. B A - 2431 BANK OF ITALY, NATIONAL TRUST AND
SAVINGS ASSOCIATION, IN SO FAR AS IT EFFECTS TRACT NO. 8507.
WHEREAS, the City of Azusa holds and owns a Payee's
interest in and to Trust known as Bank of Italy National Trust
and Savings Association, Trust No. BA -243, in the sum of
Thirty Thousand (30,000.00) Dollars; and
=EAS, said Trust involves and effects Tract No.
8507, Los Andes County, California, which Tract is located
within the said City of Azusa; and
WHEREAS, there are Improvement Bonds outstanding
against much of the property in said Tract, which Bonds are
now in the course of foreclosure by an action in the Superior
Court of said Los Angeles County; and
WHEREAS, if said action to foreclose is permitted to
go to judgment the City will lose entirely its interest in sai
Trust and said Tract; and
1;YiEREAS, the Trustee has an offer to sell all of the
Payees' interest in said Trust to Henry W. Scott for the sum
of $79,469.00 in cash, and the further sum of $100,000.00 in
Bonds; and
WHEREAS, after prior claims against said Trust are
paid there remains in cash only the sum of $17,236.72 to be
distributed among the Payees mentioned in the said Trust, of
which sum the proportionate part coming to the City of Azusa
is $4,223.00; and
VHEREAS, the proportionate part as such Payee under
said Trust coming to the City of Azusa from the said Bonds is
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LAW OFFICE
P. J. TSCHARNER
ROOMS I AND 2
FIRST NATIONAL
BANK BUILDING
AZUSA, CALIFORNIA
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the sum of $24,500.00;
THEREFORE, BE IT RESOLVED, that the City does
assign its interest in said Trust No. BA -243 and in said
Tract No. 8507, for and in consideration of the sum of
$4,223.00 in cash and the further sum of $24,500.00 in Bonds;
AND BE IT FURTHER RESOLVED, that the Mayor, or in
his absence the acting Mayor, and the City Clerk of the City
of Azusa are hereby authorized and directed to execute, sign,
and deliver, for and in behalf of the City of Azusa, an
Assignment of the Beneficial Interest of the City of Azusa
in said Trust No. B. A.-243 and Tract No. 8507 to the said
Henry W. Scott;
AND FURTHER, to sign and execute and deliver all
other documents necessary to effectuate said Assignment and
to place the same in escrow with the Bank of Italy National
Trust and Savings Association, as Trustee of said Trust, with
instructions that said assignment or documents may be deli-
vered to the purchaser only when and after there shall be
paid to the City Treasurer of the City of Azusa the full sum
of $4,223.00 in money and the further sum of $24,500.00 in
of like kind as are delivered to other payees under the said
Bonds, and further when there shall have been delivered to
said City a Release by F. S. Lack for costs for inst4lling
permanent water mains and system in said Tract No. 8507; and
further � complete and full release of all claims of the said
F. S. Lack, L. 71. Coffee, &'. Clapp, L. L. Brickley,
and Paramounts Motors Corporation of the Pacific , against
the City of Azusa.
I hereby certify that the foregoing Resolu-
tion was duly and regularly adopted by the City Council of,
the City of Azusa at tt� adjourned meeting, Dheld on
the qday of
1930s by the following vote of the Council, to -wit:
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LAW OFFICE
P. J. TSCHARNER
ROOMS AN02
FIRST NATIONAL
13 ANK BUILDING
AZU SA, CALIFORNIA
AYES : ,�O7u rLG �7�w✓ /%�Q CRS / P( r✓, �� r
NAPES:
ABSENT: Ina ti i
/�x U - /
y clerkof e Ulty o Azusa
APPROVED THIS / � DAY OF � , 1930.
3.
Azusa.