HomeMy WebLinkAbout56-86 4110 •
RESOLUTION NO. 56-86
A RESOLUTION OF THE CITY COUNCIL ENDORSING PROPOSITION
46 , PROPERTY TAX LIMITATION
RESOLVED, by the City Council of the City of the Town of Los
Altos Hills , County of Santa Clara, State of California, that
WHEREAS, Proposition 46 appearing on the June 3 , 1986 ballot
would create an exception to the existing property tax limitation
by allowing cities to issue General Obligation Bonds backed by
property taxes upon approval by two-thirds of the voters; and
WHEREAS, if approved Proposition 46 would allow property taxes
to be raised beyond the one (1) percent limit of Proposition 13 ;
and
WHEREAS, this exception to the property tax limitation is
urgently needed to help finance major capital improvements for
cities while lowering the finance cost.. of local government by
reducing the amount of interest which would otherwise be paid there-
by allowing projects that might: otherwise not be financially possible.
NOW, THEREFORE BE IT FURTHER RESOLVED that the City Council of
the City of the Town of Los Altos Hills does hereby endorse Propo-
sition 46 and urges its support and passage.
REGULARLY passed and adopted this 7th day of May, 1986 .
--.
MAYOR
ATTEST:
CITY CLERK