Resolution No. 1056RESOLUTION NO. 1056
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
ENDORSING PROPOSITION 7 WHICH WOULD REMOVE THE FIVE PERCENT
LIMIT THE STATE CAN PAY ON GENERAL OBLIGATION BONDS.
WHEREAS, the State of California faces a financial crisis because of
its inability to sell bonds of vital concern to each and every resident; and
WHEREAS, because of inflation, the State needs approval to raise the
interest rate now set at 5% to a more realistic level not to exceed 7 %; and
WHEREAS, the voters have already approved issuance of the bonds which
cover such critical needs as water, school construction, veteran building
loans, and park and recreation facilities; and
WHEREAS, the massive State Water Project is already two - thirds completed
and would cost more to stop than to finish; and
WHEREAS, that project, as well as the program of loans to veterans, are
self- supporting and won't cost the taxpayers a cent; and
WHEREAS, the alternative to non - passage of Proposition 7 would be an
increase in the sales tax or some other form of painful taxation affecting
everyone,
NOW, THEREFORE, BE IT RESOLVED, that the City of Cypress City Council
does hereby wholeheartedly endorse Proposition 7 and urges all citizens to
vote "YES" at the election June 2.
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the 23rd day of March, 1970.
MAYOR OF THE CITY OF CYPRESS
ATTEST:
CITY CLERK OF THE CITY' OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, Darrell Essex, City Clerk of the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was adopted at a regular meeting of the said
City Council held on the 23rd day of March, 1970 by the following vote:
AYES: 5 COUNCILMEN: Bowen, Harvey, Kanel, Noe and Kanode
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
CITY CLER OF THE CITY OF CYPRESS