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to be deposited in escrow with the Security-First National Bank of Los Angeles, to be used to underwrite the cost to the County of Los Angeles, in excess of $96,000. of purchas­ing $120,000 (par value) worth of the outstanding bonds of said districts, which purchase is necessary to enable the County to refinance existing assessment district bond issues with specific lien bonds against each of the proper­ties affected. Whereupon, on motion duly made and seconded, it was RESOLVED, that the action of Vice President Strong and Secretary in executing, on behalf of this Company, escrow instructions, dated April 27, 1938, identified as Escrow No. 50-35873-C, to Security-First National Bank of Los Angeles, be, and the same is hereby, ratified, approved and confirmed. Following Authority for Expenditure Requests, approved by the President, were submitted for ratification: W. 0. No. 339, issued Dec. 31, 1937; Hill-grove, California; retire 60' x 120' bean ware­house. Property in deteriorated condition and no longer used or required. Ledger value of Property Retired and not to be Replaced credit­able to Property Investments, $4,196.00, which amount is chargeable to Debits from Retired Property Investments. W. 0. No. 340, issued Dec. 31, 1937; Long Beach, California; for value of 764,846 sq. ft. of abandoned right of way acquired from LA&SLRRCo. Total estimated expenditure $111,103.00 charge­able to Investment Account. A. F. E. No. 13 (W. 0. No. 341), issued January 11, 1938 (as of Dec. 31, 1937); Vernon, California; purchase 1,403,200 sq. ft. of land along Leonis Boulevard, between Downey Road and Boyle Avenue , and install sanitary sewer and water laterals; property acquired for industrial development. Total estimated expenditure