HomeMy WebLinkAboutReso. 78-203 - Endorsing Proposition 1, the Cal-Vet Housing Measure i r 0
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RESOLUTION NO. 1 )1-.2o3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
ENDORSING PROPOSITION 1 , THE CAL-VET HOUSING MEASURE .
WHEREAS , Proposition 1 , the Cal-Vet Housing measure , on
the November 7 statewide ballot, is a $500 million bond issue to
replenish funds for low-interest farm and home loans to California
1war veterans , and
WHEREAS , Proposition 1 will insure continuation of the
Cal-Vet housing program, which has , in the 57 years since it was
established, enabled some 315 , 000 California war veterans to borrow
nearly $4 billion at low interest for purchasing homes and farms , and
WHEREAS, Proposition 1 will make funds available for low-
interest loans up to $43 , 000 each, to war veterans who are currently
filing loan applications at the rate of more than 1 ,000 monthly, and '
WHEREAS , Proposition 1 represents an injection of $500
million into our state ' s. economy for home building , construction
jobs , and added purchasing power for goods and services connected
with home and farm buying, and
WHEREAS, Proposition' 1 will preserve the exemplary Cal-
Vet Housing program, which is self-supporting , with its bonds self-
liquidating and its administration costs covered through loan
repayments , and
WHEREAS, Proposition 1, the Cal-Vet measure , will cost
California taxpayers nothing , and
WHEREAS, Proposition 1 , a non-partisan measure , is being
endorsed by members of business , labor, taxpayer, consumer , ethnic ,
civic groups , and organizations of both major political parties ,
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Redding hereby endorses Proposition 1 , the Cal-Vet
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Housing measure , and urges its citizens to support this measure
in the November 7 statewide election.
I HEREBY CERTIFY that the foregoing Resolution was intro-
duced and read at a special meeting of the City Council of the City
of Redding on the 30th day of October , 1978 , and was duly adopted
at said meeting by the following vote:
AYES : COUNCILMEN: . Fulton, Kirkpatrick, Pugh, and Demsher
NOES : COUNCILMEN : None
ABSENT : COUNCILMEN: Gard
DI•'ALD M. DEMSHER
ATTEST: / Mayor of the City of Redding
ILDRED L. BRAYTON,9City Clerk
FORM APPROVED:
51/
ARL D. MURPHY, City ttorr4
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