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Departments  >>   Election Division   >>   Election Information   >>   Measure M Full Text

Measure M Full Text

FULL TEXT
TOWN OF YOUNTVILLE MEASURE M
RESOLUTION #2700-08 EXHIBIT A

TITLE
Limit on Aggregate Amount of Revenue Bonds Outstanding to
$2,000,000 Without Voter Approval, Except for Financing as Necessary
to Comply with State or Federal Orders, or for Emergencies.

SUMMARY
If enacted, this ballot measure would prevent the Town Councilís
issuance of revenue bonds in an outstanding aggregate amount greater
than $2,000,000 without the approval of a majority of the Town voters.
It would also limit the Town Councilís ability to issue revenue bonds
without voter approval to cases where the Council issues them, by
unanimous vote, in any amount, for buildings fixture or equipment
deemed necessary to comply with an order of a state or federal
authority, or where Council issues them, by majority vote, in response
to a state of emergency. The measure states that all revenue bonds
must be issued and sold in accordance with state or other laws.

TEXT OF INITIATIVE ORDINANCE
Whereas, the Town of Yountville depends on the transient occupancy
tax (TOT) for the majority of its operating revenue; and
Whereas, the TOT revenue is not guaranteed and can be adversely
affected by conditions beyond the control of the Town of Yountville,
including general economic conditions, floods, earthquakes, fires,
competition from new hotels and resorts, restaurant closings and
agricultural pests and other factors that could negatively impact the
wine industry; and
Whereas, the Town of Yountville has prospered since its incorporation
in 1965 without the need to issue revenue bonds secured by the TOT;
and
Whereas, citizens of the Town of Yountville should have a role in the
decision to incur long-term debts or obligations;
Now, therefore, be it ordained by the People of the Town of Yountville
that:
The Town Council is authorized to provide for the issuance of revenue
bonds. The aggregate amount of revenue bonds the town may have
outstanding at any time, without the prior approval of a majority of
the Town voters, is $2,000,000.
No voter approval shall be required with respect to revenue bonds:
1. Approved unanimously by the Town Council if the bonds are to
finance buildings, fixtures or equipment which are deemed necessary
by the Town Council to comply with an order of a duly constituted
state or federal authority having jurisdiction over the subject matter,
or
2. Approved by the Town Council if the bonds are adopted in case
of a state of war emergency, a state of emergency, or a local
emergency.
All revenue bonds must be issued and sold in accordance with state
law and/or any procedure provided for by the ordinance.
s/ Renate Halliday




Election Information
Measure M
Measure M Full Text
Measure P
Measure P Full Text
   
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