HomeMy WebLinkAboutCC Res 1178 1962-05-21
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RESOLUTION NO. 1178
WHEREAS, the State of California initiated in 1921 a
Home Purchase Program to provide returned California service men
and women with homes and farms on a long-term, low interest basis;
and
WHEREAS, in the past 40 years the State has loaned its
credit in the sum of $1,835,000,000 to enable California veterans to
finance homes and farms on a small-payment, low cost plan; and
WHEREAS, this program has contributed materially to the
economy of California and its counties; and
WHEREAS, protection to the taxpayer and widows and orphans
of veteran purchasers has been provided through group insurance; and
WHEREAS, the Department of Veterans Affairs has so administerel
this program that all payments due,on these bond issues and all costs
of aiministration have been paid without the use of one cent of tax
money, while creating a substantial reserve and giving California
veterans the opportunity to acquire homes and farms under the most
favorable terms available anywhere or anyho~; and
WHEREAS, funds heretofore approved by the people will soon
be depleted by loans made and a pplied for.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Seal Beach, State of California, in meeting ass~bled this
21st day of May, 1962, does hereby endorse Proposition No. 2 on the
June ballot which provides $250,000;000 of Veterans Bonds for the
continuance of the California Veterans Farm and Home Pupchase Program.
PASSED AND ADOPTED by the City Council of the City of Seal
BeaCh, State of California, on the 2lst day of May, 1962, by the
following vote:
AYES:
NOES:
ABSENT:
Gibbs, Leonard, Gemmill
None
Nescher, Anderson
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