HomeMy WebLinkAbout013-04RESOLUTION NO. 13-2004
ENDORSING PROPOSITION 57, ECONOMIC RECOVERY BOND ACT
WHEREAS, California's General Fund budget supports a variety of programs, and
WHEREAS, California's General Fund has experienced chronic shortfalls between
revenues and expenditures since 2001-02; and
WHEREAS, the State Legislature as part of the 2003-04 State Budget authorized a $10.7
billion deficit-financing bond, "Fiscal Recovery Bond," to eliminate the budget deficit; and
WHEREAS, the "Fiscal Recovery Bond" is currently being challenged in court; and
WHEREAS, Proposition 57 is a one-time "Economic Recovery Bond" of up to $15 billion to
pay off the state's accumulated General Fund deficit as of June 30, 2004; and
WHEREAS, the Motor Vehicle License Fee is the Town's fourth largest revenue and for
fiscal year 2003-04 is budgeted at approximately $2.4 million; and
WHEREAS, passage of Proposition 57 will allow the state to honor its obligations,
including the Vehicle License Fee backfill, and will enable the Town to continue to receive
its backfill payments from the state through June 30, 2004; now, therefore be it
RESOLVED, that the Town of Danville supports the passage of Proposition 57, the
Economic Recovery Bond Act, and encourages Danville voters to approve this bond act on
March 2, 2004.
APPROVED by the Danville Town Council at a regular meeting on February 17, 2004, by
the following vote:
AYES: Arnerich,
NOES: None
ABSTAINED: None
ABSENT: None
Doyle, Andersen,
Shimansky, Stepper
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK