HomeMy WebLinkAboutCity Council Resolution 2333 RESOLUTION NO. 2333
RESOI/IrION OF THE CITY C/IR~IL OF THE CITY OF SARATOGA
SUPPORTING PROPOSITION #46:
RESTORATION OF GENERAL OBLIGATION BOND AUTHORITY TO THE VOTERS
~, General Obligation bonds are the least expensive form of borrowing
available to local government a~encies; and
~, taxpayers can generally expect to save up to one percent on interest
rates when general obligation bones, rather than revenue bonds, are issued;
~, 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 perks 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
WI~I~AS, the voters should have the right to determine for themselves whether
a public contruction project is worth paying for; and
~, the people should have the right to use the least expensive form of
financing available; and
WIIEREAS, 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
~, 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, ~, BE IT RESOLVED, that the City Council of the City of Saratoga
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
them the opportunity to use the least expensive form of financing available.
The above and foregoing resolution was passed and adopted at a regular
meeting of the Saratoga City Council held on the 16th day of April, 1986, by
the following vote:
AYES: Councils Callon, Fanelli, Moyles and Mayor Pro Tern Hlava
NOES: None
ABSENT: Mayor Clevenger ~L~~IJ~ (L
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ATTEST: