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<br />T"'\S:djc 5/8/86 <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />10205 <br /> <br />O,n!''''l\\'AL <br />i\ II.] iI~ <br /> <br />MAY 1 2 1986 <br /> <br />RESOLUTION ENDORSING PROPOSITION 46 ON THE STATEWIDE JUNE <br />1986 BALLOT CONCERNING THE ISSUANCE OF GENERAL OBLIGATION <br />BONDS FOR THE ACQUISITION AND IMPROVEMENT OF REAL PROPERTY <br /> <br />WHEREAS, Proposition 46 will be on the statewide June 1986 <br /> <br />ballot and will, if approved, amend the California Constitution <br /> <br />by authorizing cities to issue general obligation bonds approved <br /> <br />by two-thirds of their voters for the acquisition and improvement <br /> <br />of real property; and <br /> <br />WHEREAS, general obligation bonds typically have lower <br /> <br />interest rates and are more attractive to investors than other <br /> <br />bonded indebtedness because general obligation bonds are backed <br /> <br />by the full faith and credit of the government entity issuing the <br /> <br />bond; and <br /> <br />WHEREAS, Proposition 46 has been endorsed by the League of <br /> <br />California Cities, <br /> <br />the County Supervisors Association of <br /> <br />California, the California Chamber of Commerce, the California <br /> <br />Taxpayers' Association, the League of Women Voters, Governor <br /> <br />George Deukmejian; and <br /> <br />WHEREAS, no formal arguments and opposition to Proposition <br /> <br />46 have been filed with the Secretary of State; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLOWS: <br /> <br />1. Proposition 46 which will be on the statewide June 1986 <br /> <br />ballot is hereby endorsed by the City Council of the City of <br /> <br />Redwood City. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />lO~U5 <br />