HomeMy WebLinkAbout04-058 - Resolutions RESOLUTION NO. 04-058
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, SUPPORTING
PROPOSTITION 57 (THE ECONOMIC RECOVERY BOND ACT)
AND PROPOSTITION 58 (THE CALIFORNIA BALANCED
BUDGET ACT) ON THE MARCH BALLOT
WHEREAS, the City of Rancho Cucamonga's financial health could be
threatened if the State's fragile financial condition continues to decline; and
WHEREAS, if the State is unsuccessful in issuing a bond to finance its current
deficit, existing City revenue sources could be severely reduced through additional takeaways
by the State; and
WHEREAS, the passage of Propositions 57 and 58 may be critical to the
protection of the City of Rancho Cucamonga's existing revenue sources; and
WHEREAS, Proposition 57 will authorize the State to issue a bond up to $15
billion to pay off the State's accumulated General Fund deficit which is critical to the resolution
of the State financial crises; and
WHEREAS, the issuance of the Economic Recovery Bond authorized by
Proposition 57 will eliminate the need for the State to issue the $10.7 billion deficit financing
bond authorized by the Legislature thereby reducing the State's reliance on the "triple flip'
financing from one-half cent to one-quarter cent of the cities' allocation of the statewide Sales
tax rate; and
WHEREAS, for many years, cities have been negatively impacted by the
uncertainness of the State's current budget process; and
WHEREAS, the passage of Proposition 58 will require the implementation of
several improvements to the State's budget process; and
WHEREAS, the passage of Proposition 58 will require the State to enact and
maintain a balanced budget and will place limitations on future long-term borrowing to finance
future State deficits; and
WHEREAS, the proposed improvements to the State's budget process provided
for in Proposition 58 have the potential to reduce many oft he uncertainties that cities have
experienced under the State's current budget process.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga that the City hereby expresses its support of Proposition 57 and
Proposition 58.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 04-058
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 18`h day of February 2004.
AYES: Gutierrez, Howdyshell, Kurth, Williams
NOES: None
ABSENT: Alexander
ABSTAINED: None
Dianb Williams, Mayor Pro Tem
ATTEST:
44� C .
Debra J. A40, CMC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 18th day of February 2004.
Executed this 1 g`h day of February 2004, at Rancho Cucamonga, California.
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Debra J. Adams C,-City Clerk