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AN ORDINANCE FREEZING TAX RATES, CHANGING THE <br /> APPROPRIATIONS LIMIT AND ESTABLISHING PRIORITIES FOR <br /> EXPENDITURE OF THE PROPOSITION 4 REVENUES <br /> <br /> PREAMBLE <br /> <br /> A. The City Council of the City of Pleasanton has <br />called an election to be held on Tuesday, March 4, 1986. In this <br />election, the voters of the City of Pleasanton are being asked to <br />vote yes or no on this ordinance. <br /> <br /> B. This proposed ordinance does three things: <br /> <br /> First, the ordinance freezes existing tax rates and <br /> prohibits the imposition of any new taxes for a <br /> four year period. <br /> <br /> Second, the ordinance increases Pleasanton's <br /> Proposition 4 appropriations limit. This permits <br /> the City to expend tax revenues which will be <br /> received from existing taxes left at existing tax <br /> rates. <br /> <br /> Third, the ordinance establishes a priority list of <br /> public improvement projects to which Proposition 4 <br /> revenues would be directed. Most prominent on that <br /> priority list are construction of a municipal <br /> library and extension of Valley Avenue across <br /> Stanley Boulevard to connect Pleasanton Valley with <br /> Vintage Hills. <br /> <br /> C. Proposition 4 refers to Proposition 4 on the <br />November 1979 statewide ballot. In that election, the voters of <br />California adopted Proposition 4 and it became Article XIIIB of <br />the California Constitution. The full text of Article <br />XIIIB/Proposition 4 is set forth in Exhibit A to this ordinance. <br /> <br /> D. The operative sections of Article XIIIB establish an <br />appropriations limit for each governmental agency and permit that <br />appropriations limit to be adjusted annually to reflect changes <br />in population and changes in the Consumer Price Index. An agency <br />cannot expend revenues in excess of its annual appropriations <br />limit without a vote of the people of that jurisdiction. When <br />tax revenues exceed the appropriations limit, Proposition 4 <br />revenues are created. <br /> <br /> E. Pleasanton is beginning to accumulate Proposition 4 <br />revenues. The City's Proposition 4 revenues for the 1984-85 <br />fiscal year were $1,287,290. This is equal to approximately <br />$29.93 per capita. It is estimated that Pleasanton's Proposition <br />4 revenues for the four year period from July 1, 1984 to June 30, <br />1988 may reach as high as $14,750,000. <br /> <br /> - 1 - <br /> <br /> <br />