HomeMy WebLinkAbout7170 - Endorsing Proposition 7RESOLUTION N0. 7 17 0
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH ENDORSING PROPOSITION 7 AND
• URGING ALL CITIZENS TO VOTE "YES" AT THE
ELECTION TO BE HELD ON JUNE 22 1970
WHEREAS, the State of California is facing a severe
financial crisis because of its inability to sell bonds to be
used to finance public projects of vital concern to each and
every citizen of the State of California; and
WHEREAS, during the past year the State has been unable
to sell 1.3 billion dollars worth of its general obligation
bonds because the market requires an interest rate higher than
the present 5% ceiling, due to the effects of inflation; and
WHEREAS, Proposition 7 is a constitutional amendment
which would remove the 5% ceiling, and would ratify a statute
already passed by the Legislature setting a new ceiling of 7 %; and
WHEREAS, the massive State Water Project which is already
two- thirds completed is in danger of being forced to be halted; and
WHEREAS, the alternative to passage of Proposition 7
would be even higher taxes at a time when there is widespread demand
for tax relief; and
WHEREAS, passage of Proposition 7 is essential if vital
state projects are to be completed on schedule;
NOW, THEREFORE, BE IT RESOLVED that the Newport'Beach
City Council hereby endorses Proposition 7, and urges all citizens
to'vote "Yes" on said proposition at the election to be held on'
June 2, 1970.
ADOPTED this 13th day of April, 1970.
•ATTEST- Mayor
City Clerk
THS:mh
FIEdASWHE.O NAL 4/7/70
42 OF THE CIT. OF NE r &T BEACH
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