HomeMy WebLinkAboutResolution No. 12311
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LAW OFFICE
P. J. TSCHARNER
ROOMS I AND 2
FIRST NATIONAL
BANK BUILDING
AZUSA, CALIFORNIA
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RESOLUTION N0. /,� 3/ .
-40
A RESOLUTION OF THE CITY COUNCIL OF THE CTTY OF
AZUSA AUTHORIZING SETTLEMENT UNDER THE TRUST AND AMENDED TRUST
NO. 243 (BA -243) UNDER CERTAIN CONDITIONS.
WHEREAS, the City of Azusa on the 11th day of Apr
1927, adopted Resolution No. 974, wherein said City approved,
ratified and coQnfirmed the Agreement and Assignment of Benefi-
cial interest -0 Bank of America, being now known as Trust No.
243, wherein the said City settled all matters relating to the
land and said Trust in controversy between the City and Para-
mount Motors Corporation of the Pacific, and others; and
WHEREAS, the City of Azusa on said 11th day of
April, 1927, further entered into an agreement and collateral
assignment of beneficial interest in the said Paragount Tract
between the Bank of Italy National Trust and Saving Associati
as Trustee, and the City of Azusa, as Payee, in which agreeme
the said City was to receive the sum of $40,000.00 for the
assignment of its interest in said Paramount Tract; and
WHEREAS, there is due under said agreement to the
City of Hausa the sum of 30,000 .00, which sum is to be paid
under said agreement out of the proceeds anf lots to be sold
in said Paramount Tract; and
WHEREAS, said improvement bonds were issued
against the lots in said Paramount Tract subsequent to April
11, 1927, part of which Bonds have defaulted; and
WHEREAS,there is an action pending in the Super-
ior Court of Los Angeles County to foreclose said Street Bonds
and
WHEREAS, if said action is permitted to go to
judgment the City of Azusa will lose all of the $30,000.00
still due to said City under its agreement and Assignment
Of April 11, 1927; and
WHEREAS, the said Bank of Italy National Trust
and Saving Association, as Trustee, have an offer to sell the
said Paramount lands, under the terms of which sale the said
Trustee can pay to the City as soon as said deal is completed
the sum of substantially $8,700:00 and further pay and deliver
to the City the Bonds of said purchasers in the sum of sub-
stantially $21,300.00; and
WHEREAS, the City Council of the City of Azusa,
having investigated the transaction, and being satisfied that
unless a sale is made of said properties before the action to
foreclose the street bonds is terminated, the City will lose
all of its interest in said Tract; and
WHEREAS, said City Council of the City of Azusa
is satisfied that it is for the best interests of the City df
Azusa to accept the orfer of the said Trustee;
THEREFORE, BE IT RESOLVED, by the City Council
of the City of Azusa that the offer of the Bank of Italy
National Trust and Saving Association, as Trustee, to pay to
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LAW OFFICE
P. J. TSCHARNER
ROOMS AND
FIRBY NATIONAL
BANK BUILDING
AZUSA. CALIFORNIA
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the City under said Agreements of April 11, 1927, and under
Trust No, 243 (BA -243) in full payment of the City's inter-
est in said Trust and Agreement the sum of substantially
$8,700,00 in cash and bonds of the purchasers of said land
descrbied in said trust and agreement in the sum of substan-
tially $21,300.002 be approved, and accepted, and that the
same is hereby approved and accepted;
AND BE IT FURTHER RESOLVED that the Mayor and
City Clerk of the City of Azusa are hereby authorized to make,
sign, execute and deliver all documents necessary in behalf
of the City to effectuate the agreement when the money and
bonds hereinbefore referred to are delivered to said City,
or when they are delivered in escrow with instructions that
the same are to be paid and delivered to the City of Azusa
upon the execution gnd delivery to the escrow holders of all
necessary papers thus executed by the Mayor and City Clerk of
the City of Azusa;.
I hereby certify that the foregoing Resolution
was uuly and regularly adopted by the City Council of the
City of Azusa at a regularly adjourned meeting held on
Thursday, September 4, 19801, by the following vote of the
Council:
Ages: - �� �J2��✓ �r�
Nayes: ^ /
Absent: Cp"L �- Yi, u '.
City Cleric or the-/Ulty of Azusa.
APPROVED THIS FOURTH DAY OF SEPTEMBER, 1930.
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