RESOLUTION NO. 2024-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAMARILLO SUPPORTING PROPOSITION 5, ALLOWS LOCAL
BONDS FOR AFFORDABLE HOUSING AND PUBLIC
INFRASTRUCTURE WITH 55 PERCENT VOTER APPROVAL.
The City Council of the City of Camarillo resolves as follows:
SECTION 1: The City Council of the City of Camarillo finds and declares as follows:
A. Under the California Constitution, a two-thirds vote is required at the local level, for
for the issuance of general obligation bonds, regardless of how the city, county, or special district proposes to use the funds.
B. On September 20, 2023, Assembly Constitutional Amendment 1 (ACA 1), Local government financing: affordable housing and public infrastructure: voter approval, qualified for the November 5, 2024, election.
C. On June 27, 2024, Assembly Constitutional Amendment 10 (ACA 10), Local government financing: affordable housing and public infrastructure: voter approval, amended Assembly Constitutional Amendment 1.
D. ACA 1 and ACA 10, assigned as Proposition 5, would allow a city, county, or special district with 55 percent voter approval, to incur bonded indebtedness to fund affordable housing, permanent supportive housing, or public infrastructure.
E. Proposition 5 would place several requirements on agencies seeking to incur general obligation bonds, including the development of a citizen oversight commission and annual independent audits.
F. On November 7, 2000, California voters passed Proposition 39, the School Facilities Local Vote Act, which reduced the voting threshold from two-thirds to 55 percent for purposes of repair, construction or replacement of school facilities.
G. Proposition 5 creates equality among public agencies by giving cities, counties and special districts the same level of approvals as school districts.
H. Proposition 5 streamlines the approval process for local agencies to generate much needed revenue to construct the infrastructure and housing needed to improve the quality of life of all residents.
I. Proposition 5 provides another tool for local governments to maintain critical infrastructure up to industry standards, encouraging reliable continuation of services, employee safety, and fiscal responsibility.
I. On July 25, 2024, the Policy Committee directed staff to forward a SUPPORT recommendation to the City Council for discussion and approval.
SECTION 2: The City Council of the City of Camarillo hereby SUPPORTS the efforts of Proposition 5 to provide local public agencies the tools to finance public infrastructure in a timely and responsible manner to enhance the quality of life of all residents through the issuance of general obligation bonds under a 55 percent voter approval.
PASSED AND ADOPTED September 25, 2024.
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Mayor
Attested to on _____________________.
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City Clerk
I, Kristy Buxkemper, City Clerk of the City of Camarillo, certify Resolution No. 2024-__ was adopted by the City Council of the City of Camarillo at a regular meeting held September 25, 2024, by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
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City Clerk