HomeMy WebLinkAboutCC Res 3596 1986-04-28
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RESOLUTION NUMBER .359b
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, SUPPORTING S. 2166,
LEGISLATION walCH WILL MAINTAIN THE INTEGRITY OF
TAX-EXEMPT FINANCING FOR LEGITIMATE GOVERNMENTAL
AND QUASI-GOVERNMENTAL ACTIVITIES
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THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, localities assume almost exclusive responsibility for
the nation's overwhelming infrastructure and
redevelopment needs; and
WHEREAS, HR 3838, the Tax Reform Act of 1985, as passed by the
House of Representatives, includes detrimental
restrictions on a City's ability to use tax-exempt
bonds to finance infrastructure and redevelopment; and
WHEREAS, specifically, HR 3838 limits the ability to use tax-
increment financing and further restricts tax-exempt
financing witn an unrealistic volume cap; and
WHEREAS, HR 3838 would, in effect, devastate the most important
financing tools available to State and local
governments.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City
of Seal Beach is in support of S. 2166, responsible legislation
introduced by Senator's Wilson, Durenberger and Domenici, which
takes the necessary steps to correct existing flaws in the tax-
exempt bond statues while maintaining tax-exempt financing for
legitimate governmental and quasi-governmental activities.
PASSED, APPROVED AND ADOPTED BY THE City Council of the City of
Se~eac:,h, at a meeting thereof held on the ,;J/J'ftJ. day of
~-tl {, ,1986, by the ollowing
AYES:
Councilmembers
NOES:
Counci lmembers
ABSENT:
Councilmembers
ATTEST:
TATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Joanne, M. Yeo, City Clerk of Seal Beach, California, do
hereby certify that the foregoing resolution is the original copy
of Resolution Number ~~on file in the office of the City
Clerk, passed, approved and adopted by the City Council of the
~f Seal Beach, ~~gular meeting thereof held on the
_ day of /. , 1986.