HomeMy WebLinkAboutRESO 6511.. .
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RESOLUTION No. 6511
A RESOLUTION <F THE COUNCIL rF THE CilY CF PALO AL TO
SUP?ORTINt! PROPOSITION #46: RESTORATION Of' GE NERN..
OBLIGATION BOND AUTHORITY TO THE VOTERS
WHEREAS, General Oblf gatfon bonds are the least expensive fornt of borrow-
ing available to local government agencies; and
WHEREAS, the Constitutf on of the State of Calf for111 a currently prohfbf ts
the voters fra11 approving the use of General Ob11 gatfon bonds based on the
property tax; and
WHEREAS, no 111atter how much the voters of a connnunf ty lrSnt to bufl d new
schools or parks or other public construction projects. they are prohibited by
the State Constf tution from approving an increase fn their mwn proper~ taxes
to finance such construction; and
WHEREASf the voters shcu1 d ha.Ye the rf ght to determf ne for theasel ves
whether a public construction project is lllOrth payfng ftlr; and
WHEREAS, the people shc)ul d have the right to use the lea.st expensive fom
of financf ng av.tit able; and
WHEREAS, Proposftfon 46 would restore tu the voters the right to use
General Oblfgatfon bonds; and
WHEREAS, Proposition 46 would permit the use of General Obligation bonds
only for the purchase and 111provement of real property, not for a"Y other
purpose; and
WHEREAS, Proposf tfon 46 would require a two-thirds vote of the people
Yoting 1n a subsequent election to approve any increase in their 1ocal property
taxes; now, therefore, be 1 t
RESOLVED, that the Council of the City of Palo Alto does hereby support
Proposition 14611 .ntch wf11 put the people in charge of deterwfning any future
1 ncrea ses 1 n thef r 1 oca l property taxes and restore to ttl8I the opportm 11;y to
use the least expensive form of financing available.
INTRODUCED AND PASSED: April 28, 1986
AYES: Bechtel, Cobb. Fletcher, Levy, Patitucci • Renzel, Sutorfus., Woolley
NOES: None
ABSTENTIONS: None
ABSENT Kl e i n
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APPROVED:
lNd!QehMUJc
Mayor
APPROVED AS TO FORM:
~1-dud.¢ ·#& tYttorney
C11iY Mana ier