0251RESOLUTION NO'.. 251
A RESOLUTION OF THE.CITY COUNCIL OF THE CITY OF
ROLLING HILLS ENDORSING PROPOSITION 7 ON THE
JUNE 2ND BALLOT CHANGING 5% LIMIT ON INTEREST
THE STATE CAN PAY ON GENERAL OBLIGATION BONDS
TO 7% AND URGING ALL CITIZENS TO VOTE "YES" AT
THE ELECTION ON JUNE.2ND
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 StIlte 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 Rolling Hills City
Council does hereby wholeheartedly endorse Proposition 7, and urges
all citizens to vote 10YES" at the election June 2, 1970.
Mayor of the City of
Rolling Hills, California
ATTEST:
City Clerk of the City of
Rolling Hills, California
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