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RESOLUTION 70-26 OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA ENDORSING PROPOSITION 7 <br />ON THE JUNE 2nd, 1970 PRIMARY BALLOT <br /> <br /> WHEREAS, the State of california faces a financial crisis <br />because of its inability to sell bonds of vital concern to each <br />and every resident; and <br /> <br /> WHEREAS, because of inflation, the State needs approval <br />to raise the interest rate now set at 5% to a more realistic level <br />not to exceed 7%; and <br /> <br /> WHEREAS, the voters have already approved issuance of the <br />bonds which cover such critical needs as water, school construction, <br />veteran building loans, and park and recreation facilities; and <br /> <br /> WHEREAS, the massive State Water Project is already two- <br />thirds completed and would cost more to stop than to finish; and <br /> <br /> WHEREAS, that project, as well as the program of loans to <br />veterans, are self-supporting and will not cost the taxpayers a <br />cent; and <br /> <br /> WHEREAS, the alternative to non-passage of Proposition 7 <br />would be an increase in the sales tax or some other form of <br />painful taxation affecting everyone; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED: That the City Council of <br />the City of Santa Ana does hereby wholeheartedly endorse <br />Proposition 7 and urges all citizens to vote "YES" at the election <br />on June 2nd, 1970. <br /> <br />PASSED AND ADOPTED by the City Council of the City of Santa <br /> <br />Ana at its regular meeting held on the <br />ATTEST: <br /> <br />16th day of Mar~h, 1970. <br /> VICE- MAYOR <br /> <br />STATE OF CALIFORNIA) <br />COUNTY OF ORANGE ) <br />CITY OF SANTA ANA ) <br /> <br />SS <br /> <br /> I, FLORENCE I. MALONE, do hereby certify that I am the Clerk <br />of the Council of the city of Santa Aha; that the foregoing Resolution <br />was introduced to said Council at its regular meeting held on the <br />16th day of March, 1970, and was at said meeting passed and adopted <br />by the following vote, to wit: <br /> <br />AYES, <br /> <br />COUNCILMEN: Evans, Markel, Part ers on, Villa,Yamamot o <br /> <br />NOES, COUNCILMEN: None <br />ABSENT, COUNCILMEN: Herrin~ <br /> <br />Griset <br /> <br />CLERK OF THE COUNCIL <br /> <br /> <br />