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RJC :ek:4 /29/60 -7 <br /> R E S O L U T I O N Ask NO. 3068 <br /> RESOLUTION ENDORSING PROPOSITION NO. 1 ON TEE <br /> JUNE BALLOT AT THE STATEWIDE ELECTION, PROVIDING <br /> FOR AUTHORIZATION OF $400,000,000 VETERANS BONDS <br /> FOR CONTINUANCE OF VETERANS FARM AND HOME LOAN <br /> PROGRAM <br /> WHEREAS, the State of California initiated in 1921 a Veterans <br /> Farm and Home Program to provide returned California service men <br /> and women with homes and farms on a long -term, low - interest basis; <br /> and, <br /> WHEREAS, in the past 39 years the State has loaned its credit <br /> in the sum of $1,435,000,000 to enable California veterans to <br /> finance homes and farms on a small- payment, low -cost plan; and, <br /> WHEREAS, protection to the taxpayer and widows and orphans <br /> of veteran purchasers has been provided through group insurance; <br /> and, <br /> WHEREAS, the Department of Veterans Affairs has so adminis- <br /> tered this program that all payments due on these bond issues and <br /> all costs of administration have been paid without the use of one <br /> cent of tax money, while creating a substantial reserve and giving <br /> California veterans the opportunity to acquire homes and farms <br /> under the most favorable terms available anywhere or anyhow; and, <br /> WHEREAS, funds heretofore approved by the people will soon <br /> be depleted by loans made and applied for; <br /> NOW, THEREFORE; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY <br /> AS FOLLOWS: <br /> That this Council this 2nd day of May, 1960, does hereby <br /> endorse, approve, and urge public support of Proposition No. 1 <br /> on the June statewide ballot providing for the authorization of <br /> Veterans Bonds in the sum of $400,000,000 for the purpose of <br /> maintaining and continuing the California Veterans Farm and <br /> Home Loan Program. <br /> * * * <br />