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RESOLUTION NO. ~ ~/~
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ARCADIA APPROVING PROPOSITION
#7, RELATING TO STATE BONDS PREVIOUSLY
APPROVED.
WHEREAS, the voters of the State of California have
previously approved issuance of general obligation bonds for the
construction of the State Water Project;. and
WHEREAS, the State Water Project is two-thirds completed;
and
WHEREAS, it is necessary to finance the balance of sa~d
project with said bonds which previously have been authorized; and
WHEREAS, the completion of the State Water Project would
be seriously jeopardized and a state financial crisis would result
from the failure to sell said bonds; and
WHEREAS, the voters also have approved bonds for recreation,
CAL-VET loan program, school construction, and construction of other
state facilities; and
WHEREAS, Proposition #7 on the June 2 Primary Election
Ballot authorizE's an increase in the interest rate payable on said
bonds in order to make them salable;
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF
THE CITY OF ARCADIA DOES HEREBY endorse Proposition #7 and urges
all citizens to vote "yes" on said proposition at the June 2
election.
The City Clerk shall certify to the adoption of this
resolution.
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I HEREBY CERTIFY that the foregoing resolution was adopted
at a regular meeting of the City Council of the City of Arcadia
held on the
19th
day of
May
, 1970, by the affirmative
vote of at least three Councilmen, to wit:
AYES:
Councilmen Arth, Considine, Hage, Helms, and
Butterworth
NOES:
None
ABSENT: None
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SIGNED AND APPROVED
, 1970.
Arcadia
ATTEST, ~
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(SEAL)
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