HomeMy WebLinkAbout1456 Resolutionve • ells, City C er
ED AS TO FORM:
Mar
stel o, City Attorney Gre
RESOLUTION NO. 1456
A RESOLUTION in support of HJR7 - Industrial Development
Revenue Bonds.
WHEREAS, Federal tax laws allow the issuance of tax exempt
revenue bonds by state and local governments for the creation of
employment opportunities, industrial development and for the con-
trol of environmental pollution and the development of alternate
energy resources; and
WHEREAS, such non-recourse revenue bonds for job development,
pollution control and alternate energy resources derived from the
operation of self-supporting projects and would not be supported
nor guaranteed by tax revenues of the state or its municipalities
or any other political sub-divisions;
WHEREAS, the lack of authority for job development financing
in Washington deprives our state of the benefits of this federal
tax incentive and places counties in Washington state at a com-
petitive disadvantage in creating employment opportunities; and
WHEREAS, non-recourse revenue bonds and tax-exempt financing
can reduce the cost and encourage the construction of pollution
control facilities and alternate energy resources; and
WHEREAS, the Legislature has enacted legislation providing
for such non-recourse financing in Washington; and
WHEREAS, the Legislature has also approved a constitutional
amendment (HJR-7) to confirm the constitutionality of non-recourse
tax-exempt bonds,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO:
That the City of Pasco does hereby support the adoption of
JHR-7 to permit non-recourse revenue bonds for job development,
pollution control and alternate energy resources.
Pa by the City Council of the City of Pasco this j?
, 1981.
E. A. Sni er, Mayor
day of
ATTES :
ATTES
'ells, City Clerk ve
Snide?, Mayor
RESOLUTION NO. 1456
A RESOLUTION in support of HJR7 - Industrial Development
Revenue Bonds.
WHEREAS, Federal tax laws allow the issuance of tax exempt
revenue bonds by state and local governments for the creation of
employment opportunities, industrial development and for the con-
trol of environmental pollution and the development of alternate
energy resources; and
WHEREAS, such non-recourse revenue bonds for job development,
pollution control and alternate energy resources derived from the
operation of self-supporting projects and would not be supported
nor guaranteed by tax revenues of the state or its municipalities
or any other political sub-divisions,
WHEREAS, the lack of authority for job development financing
in Washington deprives our state of the benefits of this federal
tax incentive and places counties in Washington state at a com-
petitive disadvantage in creating employment opportunities, and
WHEREAS, non-recourse revenue bonds and tax-exempt financing
can reduce the cost and encourage the construction of pollution
control facilities and alternate energy resources; and
WHEREAS, the Legislature has enacted legislation providing
for such non-recourse financing in Washington, and
WHEREAS, the Legislature has also approved a constitutional
amendment (HJR-7) to confirm the constitutionality of non-recourse
tax-exempt bonds,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO
That the City of Pasco does hereby support the adoption of
JHR-7 to permit non-recourse revenue bonds for job development,
pollution control and alternate energy resources
PaO
/
yby the City Council of the City of Pasco this j?
day of , 1981.
IV D AS TO FORM.
) •;)-‘\-N iVi „
Greg tirtello, City Attorney