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<br />SUBJECT: VETERANS HOME AND FARM PROGRAM BOND ACT 1956 <br /> <br />* <br /> <br />W HER E AS, the State of CaHforruia iruHiated in 1921 a Vetr.erarus Home <br />and farm program to provide returned Califorruia service mem arud ~wome!1l <br />with homes and farms on a long term, low interest basis; and <br /> <br />W HER E AS, in the past 35 years the State has loaned its credit in the <br />sum of $625~ OOO~ 000 to enable 90,000 veterarus to finance homes and farms <br />on a sman payment low cost plan; and <br /> <br />W HER E AS, v protection to the taxpayer and widows arud orphans of veteran <br />purchasers has been provided through group insurance; and <br /> <br />W HER E AS ~ the interest cost to veterarus has been reduced to and is being <br />maintained at 3%; an.d <br /> <br />W HER E A S ~ the Department of Veteran Affairs has so administered this <br />program that aU paymeruts due on these bond issues arud aU costs of admin- <br />istration have been paid without the use of one cent of tax money while creating <br />a substantial reserve and giving Californ.ia veterans the opportunity to acquire <br />homes and farms under the most favorable terms available anywhere or anyhow; <br />and <br /> <br />W HER E AS>> funds heretofore approved by the people have been depleted by <br />loans made and outstanding, <br /> <br />NOW, THE~E~ORE, BE 1'"i;. ~ 11'( CJ)IlNCIL.. <br /> <br />in meeting assembled this day of 1956D does hereby endorse <br />Proposition No 0 1 on. the November ballot which provides $500, OOO? 000 of vet~ <br />erans bonds for the corutinuance of the CaUfornia Veterans Home and Farm <br />program 0 <br /> <br /> <br />f\\ Please. return cerU.Hed copy ?f !his resolution uto The Am~rica? Legnofil Home .and. Farm <br /> <br />\J~c~e~!4 :~: B;WJk:1SCO 2 Cahforma, <br />S~ <br /> <br />