HomeMy WebLinkAboutCC RESO 14,958RESOLUTION NO. 14,958
A RESOLUTION OF 'flit, CITY OF NATIONAL CITY SUPPORTING PROPOSITION 46:
RESTORATION OF GENERAL OBLIGATION BOND AUTHORITY TO THE VOTERS
WHEREAS, General Obligation bonds are the least expensive form of
borrowing available to local government agencies; and
WHEREAS, taxpayers can generally expect to 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 property 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
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 of National City 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.
PASSED and ADOPTED this 27th day of May, 1986.
ATTEST:
IO CAMPBELL, CITY
ROVED AS TO FORM:
GEORGE H. EISER, III -CITY ATTORNEY