HomeMy WebLinkAboutResolution No. 0983 5r ?!
RESOLUTION NO. 983
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
ENDORSING PROPOSITION 2 ON THE JUNE, 1962 BALLOT
WHEREAS, the State of California initiated in 1921 a Veterans Farm
and Home Purchase Program to provide returned California service men and
women with homes and farms on a long -term, low interest basis; and
WHEREAS, in the past 40 years the State has loaned its credit in the
sum of $1,835,000,000 to enable California veterans to finance homes and
farms on a small - payment, low cost plan; and
WHEREAS, this program has contributed materially to the economy of
California and its counties; and
WHEREAS, protection to the taxpayer and widows and orphans of veteran
purchasers has been provided through group insurance; and
WHEREAS, the Department of Veterans Affairs has so administered this
program that all payments due on these bond issues and all costs of
adminittration have been paid without the use of one cent of tax money,
while creating a substantial reserve and giving California veterans the
opportunity to acquire homes and farms under the most favorable terms
available anywhere or anyhow; and
WHEREAS, funds heretofore approved by the people will soon be depleted
by loans made and applied for.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES RESOLVE AS
FOLLOWS:
SECTION 1. The City Council of the City of Downey, California does
hereby endorse Proposition No. 2 on the June ballot which provides $250,000,000
of Veterans Bonds for the continuance of the California Veterans Farm and Home
Purchase Program.
APPROVED AND ADOPTED this 22nd day of May, 1962.
Mayor
ATTEST
� L /�!
City Clerk
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
City Council of the City of Downey at a regular meeting thereof held on the
22nd day of May, 1962, by the following vote of the Council, to wit:
AYES: 3 Councilmen: Peavey, Skinner, Temple
NOES: 0 Councilmen: None
ABSENT: 2 Councilmen: Corbin, Mor
City Cle 'k