HomeMy WebLinkAbout1988-03-15; City Council; 9334; ACA 32 Bradley Support General Obligation Bonds..
l
l ;
' I
I
l
(,
1
1
0
UJ
~
'1
0::
0..
0..
c:(
.. z
0
~
..J u z = 0
CJ
CIT~.OF CARLSBAD -AGEND~~,BILL ,_ ______ _
AB# 9 33 ':f_ I!IlE;
MTG. 3/15/88
DEPT._13.L~.
RECOMMENDED ACTION:
ACA 32 (BRADLEY) -SUPPORT
---r ··--• £;. .,, UCt" • MU-,.1 N-::::
CITY~.nvV&S
CITYMGR.?11_
Authorize the Mayor to sign the attached letter supporting ACA 32 (Bradley).
ITEM EXPLANATION:
Presently, two-third {67%) voter approval is required for local government
agencies to incur any indebtedness which exceeds the agency's income for a
fiscal year. ACA 32 would reduce the vote requirement for these general
obligation bond measures to 60%. ACA 32 would apply to cities, counties, and school districts.
Many cities which have gone to their voters for approval of general obligation
bonds have failed to obtain the necessary 67%, and often by only a few
percentage points. This was the case in Carlsbad in November 1986, when 64.5%
of those who voted favored Proposition F, which would have allowed the City to
issue general obligation bonds totalling $5,950,000 for the purpose of acquiring Hosp Grove.
By reducing the vote requirement, ACA 32 is intended to facilitate the ability
of local governments to obtain approval for general obligation bonds.
Presently, state general obligation bonds require only a majority vote approval.
EXHIBITS:
1. Letter to Assemblyman Peter Chacon, Chairman of the Assembly Elections,
Reapportionment and Constitutional Amendments Committee, urging support of ACA 32 (Bradley).
..
1200 ELM AVENUE
CARLSBAD, CA 92008·1989 TELEPHONE
(619) 434-2830
Office of the Mayor
<!titu nf Qturlahah
March 16, 1988
Assemblyman Peter Chacon, Chairman
Committee on Elections, Reapportionment
& Constitutional Amendments
5119 State Capitol
Sacramento, California 95814
ACA 32 (BRADLEY) -SUPPORT
The use of general obligation bonds to finance needed public facilities in a
timely manner is critical to local governments. The City of Carlsbad welcomes
any relief which would facilitate the ability of local governments to obtain
approval for general obligation bonds.
In 1986, the Carlsbad City Council placed Proposition Fon the November
ballot. Proposition r-would have allowed the City to issue general obligation
bonds in the amount of $5,950,000 for the purpose of acquiring a eucalyptus
forest known as Hosp Grove, which would have been used as a public park.
64.5% of the votes cast were in favor of Proposition F, significantly more
than a majority but unfortunately 2.5% less than the required two-third voter approval needed.
I and the City Council of Carlsbad urge you and the Committee on Elections,
Reapportionment & Constitutional Amendments to support ACA 32 in an
expeditious manner. ACA 32 would help California Cities at a time when
financial opportunities are limited.
Sincerely, . .V
A~_,.) ¼.-c-,
~LAUDE A. 'iUD" LEWIS
Mayor
pgk
c: Assemblyman Robert Frazee
Assemblyman William Bradley
League of California Cities