RES 65137 - Laserfiche WebLink

ARGDMENTS IN FAVOR OF CITY OF PLEASANTON $750,000 WATER REVENUE BOI~D ADTHORIZATION ELECTION OCTOBER $, 1965 A 'Tea" vote on revenue bonds is needed so the City of Pleasenton can improve and expand the City owned water system. Replacements and extensions must be made to meet the continuing needs imposed by growth of the City, and to bolster the existing system, parts of which are now outmoded. The $750,000 revenue bond authorization will cover the City's needs for four to six years at the expected rate of growth. Bonds will be sold only es funds are needed and construdtion will be undertaken in stages over several years. Bond money will be spent in accordance with the General Plan adopted by the Council in March 1965 as a guide to the City's future growth. Revenue bonds must be paid entirely out of net revenues of the water system. No taxes can be levied to pay interest or principal. The water utility must be self-supporting, with revenues meeting all costs, including the bonds. Because these bonds are revenue bonds, they can create no obli- gation on the City's General Fund or on any tax money. Our City now has about 6,500 population, and we will add 1,000 to 1,500 people each year. Pleesantonmust be able to increase its water storage and pumpin& capacity and enlarge and extend its transmission and distribution mains in order to keep pace with this growth. Such water improvements also have e beneficial effect upon fire insurance rates. Revenue bonds make it possible [or the City to finance these improvements strictly out of the earnings of the water system. Pleasanton must improve and enlarge its municipal water system. With revenue bonds we can do this out of water system earnings. Under present circumstances, no increase in water fetes will be necessary and exist[n~ rates are now adequate to meet ell bond requirements. To meet the needs of s growing city, we urge you to vote "yes" for water revenue bonds.