HomeMy WebLinkAbout1986-05-06; City Council; Resolution 8533- .\ * u*Eu
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RESOLUTION NO. 8533
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, IN SUPPORT OF PROPOSITION 46: RESTORATION OF GENERAL OBLIGATION BOND AUTHORITY TO 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 up to 0.3
Df one percent 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 con-
struction; 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;
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, California as follows:
1. That the above recitations are true and correct.
2. That the City Council 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
the people the opportunity to use the least expensive form of
financing available.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Carlsbad City Council held on 6th day of May , 1986,
by the following vote to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine
NOES : None
ABSENT: None
ATTEST :
Aletha L. Rautehkranz, City Glerk
( SEAL )
+dh.
MARY H. CASLER, Mayor