HomeMy WebLinkAboutCity Council - 5662 RESOLUTION NO. 5662
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH SUPPORTING PRO-
POSITION NO. 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 approximately
one percent on interest rates when general obligation bonds,
rather than revenue bonds, are issued, resulting in a total cost
savings of up to twenty percent over the life of the bond; 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
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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 Huntington Beach does hereby support Proposition No. 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 by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 19th
day of May 1986.
ATTEST:
4ity Clerk Mayor
REVIEW APPROVED: INITIATED AND APPROVED AS TO FORM:
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City A ministrator City Attorney
2.
Res. No. 5662
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUM INGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 19th day
of May 19 86 by the following vote:
AYES: Councilmen:
Kelly, Finley, Mandic, Bailey, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
MacAllister
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California