HomeMy WebLinkAboutResolutions 86-118 N.C.S. 05/19/1986Resolution No. s6-118 N.C.s.
of the City of Petaluma, California
SUPPORTING PROPOSITION 46 ON THE JUNE 3, 1986 BALLOT:
RESTORATION OF GENERAL OBLIGATION BOND AUTHORITY TO THE VOTERS'
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the i p ved as to
Council of the City of Petaluma at a (Regular) (~I~~4i~ meeting form
on the -------19.t-h...-.. day of ...........Ma~Z ......................................... 19-.$6r by the
following vote:
C}ty Attorney
AYES: SOBEL, CAVANAGH, DAVIS, WOOLSEY, TENCER, VICE-MA~'O~ BALSHAW,
MAYOR MATTEI (/
NOES: -0-
ABSENT: -_ ~-
:...
...................
ATTEST : .... ....... .. .. -•---...........'~'~...-......-........... -•-----•--•----•-•--- •• ----- ...--------•- - -.. -..................:
City Clerk Mayor
WHEREAS, General Obligation bonds are the least expensive form of
borrowing available to local government agencies; and
WHEREAS, taxpayers can generally expect to save up to one-half of
one percent on interest rates when general obligation bonds, rather than
revenue bonds, are issued; and
WHEREAS; the Constitution of
prohibits the voters from approving
based on the property tax; and
the State of California currently
the use of General Obligation bonds
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
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 atwo-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 Petaluma 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.
CC
Under the power and authority conferred upon this Council by the Charter of said City.
Gbuncil Filpe .................p.......°----......
CA 10-85 Nes. No. ...[J.~.-.11~'.... N.C.S.