1979-585RESOLUTION NO. 79R 585
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM ENDORSING A CONSTITUTIONAL
AMENDMENT FOR THE PASSAGE OF PROPOSITION 2
IN THE NOVEMBER 6, 1979 ELECTION CONCERNING
FAIR INTEREST RATES.
WHEREAS, the California State Legislature overwhelmingly
approved the placement of PROPOSITION 2 before the electors on
November 6, 1979; and
WHEREAS, PROPOSITION 2 is a constitutional amendment
designed to remedy problems caused by outdated state interest rate
regulations that freeze many institutions out of the lending market.
These groups may only charge 10 percent interest totally unrealistic
when the prime bank rate is over 14 percent; and
WHEREAS, PROPOSITION 2 will allow more out of state
institutions such as insurance companies to enter the California
lending market without the restrictions that prevent them from
fairly competing; and
WHEREAS, California lenders will have an incentive to
keep their money in state; and
WHEREAS, the greater competition in the lending market
should result in a lower overall interest rate, as a supply of money
begins to catch up with demand; and
WHEREAS, California faces a severe shortage in housing.
The increase in money supply caused by PROPOSITION 2 will allow for
more financing for building houses and apartments, and the reduced
interest rates will make it easier for families to purchase their
own homes; and
WHEREAS, PROPOSITION 2 will help businesses by making more
loans available for expansion and create more jobs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Anaheim that the City of Anaheim, State of California,
endorses the passage of PROPOSITION 2, which will place into the
Constitution of California a system for fair and equitable interest
rates, insuring a growing and healthy economy.
THE FOREGOING RESOLUTION is approved d adopted by the
City Council of the City of Anaheim t i 16th •-i of October, 1979.
ATTEST:
CI T CLERK OF Tr. CITY OF ANAHEIM
WPH:in
OR OF THE C
F ANAHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ANAHEIM
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 79R -585 was introduced and adopted at a regular
meeting provided by law, of the City. Council of the City of Anaheim held on
the 16th day of October, 1979, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the .City of Anaheim signed said
Resolution No. 79R -585 on the 16th day of October, 1979.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 16th day of October, 1979.
ss.
CITY CLERK OF THE CITY OF ANAHEIM
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 79R -585 duly passed and adopted
by the Anaheim City Council on October 16, 1979.
CIT CLERK