HomeMy Public PortalAbout2005-044 (03-15-05)Resolution No. 2005.044
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
OPPOSING THE PRIVATIZATION OF THE SOCIAL SECURITY SYSTEM
WHEREAS, The Old Age, Survivors and Disability Insurance (OASDI)
program, more commonly referred to as Social Security, is a comprehensive
family insurance plan that provides support for retired, deceased and disabled
workers and their families; and
WHEREAS, Approximately two-thirds of the population ages 65 and older
receive more than 50% of their income from Social Security; and
WHEREAS, Of the 30 million people nationwide who receive OASDI
benefits over 1 million of them reside in Los Angeles County; and
WHEREAS, The current OASDI structure is in need of adjustment based
on studies that have shown eventually there will be a shortage in benefits if the
current system is not modified; and '~
WHEREAS, Models are currently being contemplated by the federal
government that would privatize a portion of the Social Security system that
would result in a reduction of paid benefits simply due to the risk and
unpredictability of the sock market.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, PROCLAIM, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. That the City of Lynwood opposes the privatization of the
Social Security System.
Section 2. That the City Council and staff are authorized to correspond
with the offices ~ various government officials to articulate the City of Lyhw0(~d's
position on this matter.
Section 3. That this resolution shall become effective immediately upon
adoption.
RAMON ROORIGUEZ, M~
ATTEST:
APPROVED AS TO FORM:
NOLDO BELTRAN,
Y ATTORNEY
APPROVED AS TO CONTENT:
CITY MANAGER
STATE OF CALIFORNIA }
} ss.
COUNTY OF LOS ANGELES
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 15th day of March
,2005.
AYES: COUNCILMEN BYRD,
NOES: NONE
ABSENT: NONE
PEDROZA, SANTILLAN,
A/~T A I N: NONE
ANDREA L. HOOPER, CITY CLERK
VASQUEZ AND RODIRGUEZ
STATE OF CALIFORNIA
} ss.
COUNTY OF LOS ANGELES
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that
the above and foregoing is a full, true and correct copy of Resolution No.
2005.044 on file in my office and that said Resolution was adopted on
the date and by the vote therein stated.
Dated this 15th day of 4.ar-c-h~ 2005.
ANDREA L. HOOPER, CITY CLERK