HomeMy WebLinkAboutCC Res 3598 1986-04-28
RESOLUTION NUMBER ~~~
A RES(,.....J~i.L~L' VJ.' J.1.l.c. "''&'.1..1 \,ovu.l.1l11.1L ur' "l'iu, ~11'l
OF SEAL BEACH, CALIFORNIA, SUPPORTING
PROPOSITION #46: RESTORATION OF GENERAL
OBLIGATION BOND AUTHORITY TO THE VOTERS
THE CITY COUNCIL OF THE CITY OF SEAL BEACH HEREBY RESOLVES:
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WHEREAS, General Obligation bonds are the least expensive form
of borrowing available to local government agencies;
and
WHEREAS, taxpayers can generally expect to substantially save on
interest rates when general obligation bonds, rather
than revenue bonds, are issued; and
WHEREAS, the Constitution of the State of California currently
prohibits the voters from approving the use of General
Obligation bonds based on the propery tax; and
WHEREAS, no matter how much the voters of a community want to
build new schools or parks or other public construction
projects, they are prohibited by the State Constitution
from approving an increase in their own property taxes
to finance such construction; and
WHEREAS, the voters should have the right to determine for
themselves whether a public construction project is
worth paying for; and
WHEREAS, the people should have the right to use the least
expensive form of financing available; and
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WHEREAS, Proposition 46 would restore to the voters the right to
use General Obligation bonds; and
WHEREAS, Proposition 46 would permit the use of General
Obligation bonds only for the purchase and improvement
of real property, not for any other purpose; and
WHEREAS, Proposition 46 would require a two-thirds vote of the
people voting in a subsequent election to approve any
increase in their local property taxes.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Seal Beach does hereby support Proposition #46, which will put
the people in charge of determining any future increases in their
local property taxes and restore to them the opportunity to use
the least expensive form of financing available.
NOES:
the City of
day of
S~Beach, at a meeting thereof held on the
(J~ ,1986, by the followi g vote:
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AYES: Councilmembers
Councilmembers
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ABSENT:
Councilmembers
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Resolution Number~~
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
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I, Joanne, M. Yeo, City Clerk of Seal Beach, California, do
hereby certify that the foregoing resolution is the original copy
of Resolution Number ~~on file in the office of the City
Clerk, passed, approved and adopted by the City Council of the
Ci>T~JLf Seal Beach, a~ re~lar meeting thereof held on the
~- day of ~ft,~, 1986.
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