HomeMy WebLinkAbout1970-02-18; Municipal Water District; Resolution 247RESOLUTION NO. 247
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CARLSBAD MUNICIPAL WATER DISTRICT URGING SUPPORT OF PROPOSITION 7
AT THE JUNE 7th CALIFORNIA ELECTION.
WHEREAS, the State of California has a substantial
amount of authorized bonds which it proposes to sell for the
completion of construction of the California Aqueduct, for
the financing of Veteran's farm, and home loans, for the
financing of the State's portion of construction of schools,
and for many other purposes; and
WHEREAS, as the result of circumstances beyond the
control of any State agency or State official, the State's
bonds already authorized are unsalable as the Constitutional
limit of 5% interest per annum governing said bonds is not
competitive with today's market for such securities and by
reason thereof no sales have been possible for several months:
and
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WHEREAS, to correct this unfortunate situation, the
Legislature has proposed a Constitutional amendment which
will (1) increase the maximum State interest rate on such
securities to 7% per annum, which would presently permit
the sale of these securities at competitive bidding procedures:
and (2) permit the Legislature by a 2/3 vote of each house
thereof to increase the maximum interest rate in excess of
7% limitation, if in the future circumstances develop where
the possible maximum interest rate should be increased to
meet competition in the securities market; and
WHEREAS, while neither of these measures may be needed
if in the future the interest rates formerly in force would
return: in the meantime, the State cannot stand by unable to
meet its own obligations and those it owes to its citizens
and others under contract.
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NOW, THEREFORE, THE BOARD OF DIRECTORS OF CARLSBAD
MUNICIPAL WATER DISTRICT DOES HEREBY RESOLVE AS FOLLOWS:
1. CARLSBAD MUNICIPAL WATER DISTRICT supports the
adoption of Proposition 7 at the State election of
June 7, 1970 and urges all voters of the State to
support the proposition so that such programs as the
construction of the State Water Project, amongst
many, can be completed at the earliest possible time
and before costs of public works have further
accelerated.
2. That the Secretary of CARLSBAD MUNICIPAL WATER
DISTRICT and of the Board of Directors thereof
is authorized and directed to disseminate this
information to appropriate parties.
ADOPTED, SIGNED AND APPROVED this 18th day of February, 1970.
President of @RdSBAD MUNICIPAL WATER
DISTRICT and of the Board of Directors thereof.
ATTEST:
Secretary of CARLSBAD MUNICIPAL WATER
DISTRICT and of the Board of Directors
thereof.
STATE OF CALIFORNIA 1
COUNTY OF SAN DIEGO 1 1 ss
I, W. D. CARMICHAEL, Secretary of the Board of
Directors of CARLSBAD MUNICIPAL WATER DISTRICT, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by
the Board of Directors of said District at a regular meeting
of said Board held on the 18th day of February, 1970, and
that it was so adopted by the following vote:
AYES : Directors: Carmichael, Kelly, McLeod,
Maerkle and Palmer,
NOES : Directors: None.
ABSENT: Directors: None.
secretary of CARLSBAD MUNICIPAL WATER
DISTRICT-and of the Board of Directors thereof .