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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 DAM