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CiTY OF PLEASANTON <br />COUNTY OF ALAMEDA <br />STATE OF CALIFORNIA <br /> <br />URGING GEN]~F~L 0BLIG~TIOi~ BOND <br />~hlIOPJ~TY VOTE BE RA~DUCED TO 60% <br /> <br /> V~tEREAS, Article ]fi, Section 18 of the Constitution of <br /> California regulates the incurring of long term i~ebtedness by <br /> cities, coumties and school districts Md requires a vote of <br /> 66-2/3% for general obligation bonds; and <br /> <br /> ?~I-IEF~A$, many local special districts are able to create <br />long term tax-secured obligations by a majority vote, and "Lease <br />Purchase" agreements are being used to thwart the election re- <br /> <br />quirement for cities and counties; <br /> NO~7 THEREFORE BE IT <br /> <br /> 1. The City Council of the City of Pleasanton does hereby <br />recom~end legislation providing that cities, counties and school <br />districts may finance long term indebtedness for public improve- <br />ments by a vote of 60% approving general obligation bonds. <br /> <br /> 2. The City Clerk shall send copies of this resolution to <br />all interested agencies and officials. <br />ADOPTED: February 27, 1961. <br /> <br />ATTEST: <br /> <br />~ay o r <br /> <br />~RGARET L. C0~%~P. <br />City clerk <br /> <br /> <br />