Res 86-054Bw-qOLUTION NO. 86-054
A RESOLUTION OF THE CITY OOUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
SUPPORTING PROPOSITION 46
RESTORING GENERAL OBLIGATION BOND
AUTHORITY TO THE VOTERS
WHEREAS, General Obligation bonds are the least empensive form of borrowing
available to local government agencies; and
WHEREAS, the Constitution of the State of California currently prohibits the
voters frcm approving the use of General Obligation bonds based on the property
tax; and
WHEREAS, no matter how much the voters of a cu-~-~£~nity want to build new
schools or parks 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
WHEREAS, the voters should have the right to determine for themselves
whether a public construction project is worth paying for; and
WHEREAS, the people should have the right to use the least ex~ensive form of
financing available; and
WHEREAS, 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 pur-
pose; and
WHEREAS, 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, THEREFORE, BE IT RESOLVED, that the City Council of the City of Poway
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
th~ the opportunity to use the least expensive form of financing available.
Resolution No. 86-054
Page 2
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting thereof this ~h day of May, 1986.
Car-f R. Kruse, Mayor
ATFEST:
Marjorie ~. Wahlsten, City Clerk