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HomeMy WebLinkAboutAgenda Statement 1976/04/06 Item 08 (2)Item No. 9 April 6, 1976 Resolution 8109 CITY OF CHULA VISTA ITEM N0~ . ~ .. ~ ' . .COUNCIL AGENDA STATEMENT 4/6/76 ' ~ ~ FOR MEETING OF: ITEM TITLE: Resolution #8109: Supporting Proposition 2 - Cal-Vet Bond Issue SUBMITTED BY~ City Attorney ITEM EXPLANATION The City Council of the City of Chula Vista has long supported the Cal-Vet program which has made possible decent housing for those who have selflessly served their country. It is recognized that the housing fund for the Cal-Vet program will be exhausted by the time of the June 8th primary election. Therefore, Proposition 2, which would allow for a refunding of the program by a bond issue for $500 million, has been endorsed by the City Council and a resolution of such support has been prepared. ran OY11T/'~ ATTA/'~1 irr~ t~ni~sl i ~ HI I r-~~ncv Agreement Resolution X Ordinance Plat Other Environmental Document; Attached Submitted on STAFF RECOMMENDATION: Approval of Resolution BOARD/ COMMISSION RECOMMENDATION AppROVED by the City Co~~~.:i1 COUNCIL ACTION ~ - - _ .. __._,a.a ~ _ G -~G..................~ ,o ~. Form A-113 (Rev.5-75) __ __ gee' 37 ~it~zens For Cal Vet Housing Propositions J -~` ` •tate Headquarters: 5900 Wilshire Boulevard uite 2750, Los Angeles, 90036 hone 213/931-6301 !orthern California Headquarters: 150 Post Street, uite 750, San Francisco, 94108 ri 'hone 415/362-5173 '"` -: `.:." aughlin E. Waters, State Chairman March 11, 1976 .;C ,,--.' `Pphen Reinhardt, State Co-Chairman ~-, ,. ; uglas J. Pringle, Treasurer C" - '"" .C. Grayson, No. Calif. Chairman r~ ~ rank D. Nicol, So. Calif. Chairman '-_' alifornia Veterans Board '~ ' ~'~ ` iichael I. Neil, Chairman ~-` hos. R. Dolan ~~'' ~~ rthur E. Madrid ~C ~r. Ben D.A. Miano ~~ Q ohn D. Monaghan Honorable Thomas D. Hamilton, Jr. t~~ ;obert N. Rouch Mayor, City of Chula Vista rna ~ . Robert Springer City Hall oseph Alexander 276 Fourth Avenue .lex D. Aloia Chula Vista, California ames W. Archer dward H. Ballard, M.D. ouis R. Baker Dear Mayor Hamilton: roach Gene Bartow 4arjorie Borchardt :teve Broady California's biggest bargain is its 54-year-old Cal-Vet Farm and Home Ion. Edmund G."Pat" Brown program. So far, it has enabled nearly 300,000 former servicemen and illian E. Brown yen R. Caldwell women to buy their own homes or farms at absolutely no cost to the :.J. Carreon, Jr.,M.D. taxpayer. Every cent loaned to a California veteran is repaid through rev. Chas. S. Casassa, S.J. .Ifred P. Chamie regular mortgage payments. That includes a favorable rate of interest Bernard J. Chase and minimal administrative Costs. lenry B. Collins :obert R. Dockson ~.K. Earl However, the Cal-Vet program is rapidly running out of funds. By the orge W. Elkins nn A. Enos time of the June 8th election, the cupboard may be bare. That is the tarry L. Foster reason for Proposition 2. The transfusion of $500 million will give Gilliam W. Franklin :ol. John B. Gaskill (r) the program renewed life. ~tephen D. Gavin :ichard A. Giesberg :enneth G. Hahn Certainly your community has hundreds, perhaps thousands of returned :uth I. Harmon Vietnam or Korean veterans who would like to participate in the Cal-Vet onda Harrington ;ADM C.C. Hartman, (r> program. We must not disappoint them. We would like them to remain in 'aul M. Haverluck your community and to enjoy the pride of farm or home ownership. loyd W. Heggenberger rev. Robert F. Hermanson Proposition 2 will guarantee that. Additionally, it will be a shot in ~r. William H. Hobbs the arm to our economy and to the building business. Jayne M. Hoffman Jilliam K. Hood ~tephenHorn We hope your City Council will consider official endorsement of Propo- :ADM Charles F. Horne, Jr. (r) 'reston Hotchkis sition 2 on the June 8th ballot. To that end, we are enclosing a Fact ;.V. Hurley Sheet for further information and a sample resolution. We would ap- 'aul H. Ingman Bernard J. Inguiff preciate hearing about any action taken on Proposition 2. We sincerely red C. Jennings hope that you will 3oin with the thousands of others who have already :ichard Keatinge rev. Julian J. Keiser expressed their wholehearted support of our gallant veterans. ~ister Helen Kelley David A. Leslie :obert C. Lucas Cordially yours, ames E. Ludlam .Ivan Malinow 'Ibert M. Manriquez s. John B. McDonald ~~ ames V. McNulty, M.D. ohn A. Meier Lau in E. Waters :. Raymond Mireles State Chairman .D. Morgan Aichael R. Morgan hrs. Henry G. Mosler Enclosures : Fact Sheet -,- *q•' ~ICATIONS ~ "~ AotomuNakasako ~~-,-~r-,,j ,......-~~`r' ~-3 rthurJ. Nichols Sample Resolution ~"'~• gig~TINO ~~ JilliamA.Nierenberg f71~ C;i~U;~CIL ~ij~zcu9~ rabbi Jacob M. Ott v ~ r~.( r~ E! ~~ udge Isaac Pacht C ~ ~, L ,A. ~~C~ '.E. Peterson ~ /` j''-/ /7 (over) _ Vote YES on Proposition 2-at no cost to taxpayers! 1 CITIZENS FOR CAL-VET HOUSING, PROPOSITION 2 SUGGESTED RESOLUTION WHEREAS, the Cal-Vet housing fund for California veterans will be exhausted by the time of the June 8th primary election, and, j~IEREAS, the Cal-Vet program has helped 295,400 former servicemen and women to buy homes and farms during the past 54 years without a cent of cost to the taxpayer because the bonds are self-liquidating, and, WHEREAS, the demand for such loans continues at the rate of nearly 200 applications a week, and, WHEREAS, more than $100 million in Cal-Vet bonds are paid off every year adding nothing to State indebtedness, and, WHEREAS, the bonds will provide a substantial boost to the lagging housing industry and to the California economy, and provide thousands of jobs, and, WHEREAS, the Cal-Vet bond issue for $500 million on the June 8th ballot will assure continuation of the program and its benefits to ex-service personnel, and, WHEREAS, Cal-Vet bonds are supported by every major veterans' organization, organized labor, business leaders, churchmen, women's groups, ethnic minorities, and others, NOW THEREFORE BE IT RESOLVED that does hereby endorse Proposition 2, the Cal-Vet bond issue, and urges all-out public support for the measure. s/ ~~ ~itizens For. Cal Vet Housing Proposition 2 Mate Headquarters: 5900 Wilshire Boulevard suite 2750, Los Angeles, 90036 'hone 213/931-6301 :orthern California Headquarters: 150 Post Street, uite 750, San Francisco, 94108 'hone 415/362-5173 ~~ghlin E. Waters, State Chairman :phen Reinhardt, State Co-Chairman Douglas J. Pringle, Treasurer C. Grayson, No. Calif. Chairman rank D. Nicol, So. Calif. Chairman 'alifornia Veterans Board lichael I. Neil, Chairman hos. R. Dolan .rthurE.Madrid THE FACTS ABOUT PROPOSITION 2, THE 1976 CAL-VET BOND ISSUE ~r. Ben D.A. Miano ohn D. Monaghan :obert N. Routh . Robert Springer What is Joseph Alexander :lex D. Aloia lames W. Archer -dward H. Ballard. M.D. ouis R. Baker -:oath Gene Bartow :larjorie Borchardt :teve Broidy ;on. Edmund G."Pat" Brown illian E. Brown yen R. Caldwell :.J. Carreon. Jr..M.D. :ev. Chas. S. Casassa. S.J. :Ifred P. Chamie 3ernard J Chase Henry B. Collins '~bert R. Dockson K. Earl .eorge W Elkins ohn A. Enos tarry L_ Foster 'Villiam W. Franklin :ol. John B. Gaskill (r) Stephen D. Gavin Richard A. Giesberg :enneth G. Hahn :uth I. Harmon onda Harrington :ADM C.C_ Hartman, (r) 'aul M. Haverluck loyd W Heggenberger :ev. Robert F. Hermanson ]r. William H. Hobbs Mayne M. Hoffman Nilliam K. Hood Stephen Horn ADM Charles F. Horne. Jr. (r) 'reston Hotchkis ~.V. Hurley 'aul H. Ingman Bernard J. Inguiff red C. Jennings :ichard Keatinge :ev. Julian J Keiser sister Helen Kelley )avid A. Leslie :obert C Lucas ames E. Ludlam vin Malinow ,Ibert M. Manriquez !Irs. John B. McDonald ames V. McNulty, M.D. ohn A. Meier :. Raymond Mireles D. Morgan !lichael R Morgan .ors. Henry G. Mosler llotomu Nakasako :rthur J. Nichols Villiam A Nierenberg rabbi Jacob M. Ott udge Isaac Pacht ~.E.Peterson (over! PTODOSltlon 2? This measure is a $500 million bond issue on the June 8th statewide ballot, providing a fresh supply of funds to continue the highly essential Cal-Vet program of low-interest home and farm loans to California veterans. It costs the taxpayer absolutely nothing. Why is this Unless Proposition 2 is passed, all the money in bond issue the present Cal-Vet fund will be gone by June, needed? 1976. This would be a double tragedy. First, it would be a cruel blow to one million Korean conflict and Vietnam veterans who have looked to State assis- tance for home purchase, a program carried on by a grateful State for 54 years. All low-interest Cal-Vet loans today are for homes and farms. Our veterans would have to resort to private lenders and pay high interest rates--as high as 9-3/4%, plus "points"--which thousands would be unable to afford. Secondly, the drying up of Cal-Vet loans would have a disastrous effect on our already troubled economy. Forty per cent of Cal- Vet loans are used to buy new homes and therefore are a tremen- dous boost to the construction, insurance, appliance, home furnishings, and other industries. For example, Cal-Vet funded $201 million in loans in 1974 and will add another $170 million through December, 1975. Another $168 million is expected to go out in loans by June, 1976. If this source of funds is cut off, our economy will be severely affected. Joblessness, already higher than in most other states, would rise even more. Will Absolutely not. The Cal-Vet program has not and Proposition 2 never will cost the taxpayers one cent. Mortgage increase payments by the veteran-homeowner cover not only taxes? the bond issue repayment, but administrative costs of the program as well. Cal-Vet is completely self-supporting, and the bond issue is entirely self-liquidating. More than $100 million in Cal-Vet bonds are paid off every year, so this measure will add nothing to state indebtedness. As a matter of record, the Cal-Vet bonds have always had the highest rating in the bond market. Vote YES on Proposition 2-at no cost to taxpayers! -3- The Cal-Vet bond issue is your biggest bargain in our State's operation; it benefits everybody, and it continues a tradition of gratitude for our present- day veterans with solid financial support that costs taxpayers nothing but their votes! Who supports Cal-Vet bond issues have always received near unanimous support Proposition 2? from all walks of life, and this one is no exception. Already endorsement for Proposition 2 has been voiced by businessmen, organized labor, minority groups, leaders of both political parties, women, civic organizations, and every major veterans organization in the State. This overwhelming backing for our veterans is based on the fact that Cal-Vet has always honored its commitment to our servicemen; while putting millions of dollars into our economy. The official State ID number for Proposition 2 is 746661. KEEP THE PLEDGE TO OUR HONORED VETERANS. IT'S YOUR BIGGEST BARGAIN. VOTE YES ON PROPOSITION 2 ON JUNE 8, 1976. 07