HomeMy WebLinkAbout2891_CCv0001.pdf RESOLUTION NO. 2891
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS ,
CALIFORNIA, SUPPORTING PRESIDENT NIXON 'S PROPOSED GOVERN-
MENT GUARANTEE OF $250 MILLION IN BANK LOANS FOR THE
LOCKHEED AIRCRAFT CORPORATION
THE CITY COUNCIL OF THE CITY OF REDLANDS , CALIFORNIA,
hereby resolves as -J1_:ollotds :
WHEREAS Lockheed Propulsion Company is Redlands largest
employer who, annually,
Directly provides jobs for 950 persons
Indirectly creates employment for hundreds of others
Disburses a payroll of more than $13 . 5 million
Purchases goods and services in the local area in
excess of $2. 5 million
Pays local area corporate property taxes of $385 , 000 ,
and,
WHEREAS Lockheed Propulsion Company plays a major role
in Redlands civic affairs as
The largest single source of industrial contributions
to the Redlands Area Community Chest
An important contributor to the University of Redlands
A major source of membership revenue for the Redlands
Chamber of Commerce, and
WHEREAS Lockheed Propulsion Company has been an important
supplier of propulsion systems for many of our nation' s vital
I
space exploration and military defense programs , and
WHEREAS Lockheed Propulsion Company ' s parent corporation,
Lockheed Aircraft Corporation, faces bankruptcy because of
more than $500 million in losses from disputed development costs
on four major United States military programs and from the delay
in the L-1011 Tri Star Airbus Program resulting from the temp-
orary collapse of Rolls Royce , Ltd. , and
WHEREAS Lockheed Aircraft Corporation ' s impending bank-
ruptcy would create serious uncertainties as to the continuation
of Lockheed Propulsion Company operations in the Redlands area, and
WHEREAS any reduction in the current level of operations
of Lockheed Propulsion Company could have a major adverse impact
on the economy of the Redlands area,
NOW THEREFORE BE IT RESOLVED that the City Council of
the City of Redlands , meeting this day of June, 1971,
does declare its strong support for President Nixon' s pro-
posed $250 million in-bank loan guarantees to the Lockheed
Aircraft Corporation, and urgently requests bipartisan
efforts in the Congress of the United States to promptly enact
this much needed legislation.
ADOPTED, SIGNED MM APPROVED the day of June, 1971.
ATTEST :
U�11
& -ayor of the City of Redl nds
'71 ty797e-t k
APPROVED FOR FORM
sl Edward F. Taylor
City Attorney
Resolution No. 2891
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