HomeMy WebLinkAbout2113RESOLUTION NO. 2113
A Resolution opposing certain provisions of
HR3838, the Tax Reform Act of 1985.
WHEREAS, certain provisions of HR3838, the "Tax Reform Act of
1985" will have a serious effect on State and local
government borrowing if enacted; and
WHEREAS, specific provisions regarding arbitrage requirements,
rebate requirements, advance refunding and mandatory
expenditure timelines are of greatest concern to cities;
and
WHEREAS, the proposed changes do not appear to be designed to curb
abuses, but to raise Federal revenues at the expense of
local government services; and
WHEREAS, the provisions of HR3838 coupled with a genera] Federal
reduction of support to State and local government places
an even greater burden on those entities for the provision
of services;
NOW THEREFORE BE IT RESOLVED, that the City of Bremerton opposes any
and all provisions of HR3838 that restrict the ability of local
government to finance their needs in a rational manner and to prudently
manage their debt and investment portfolios.
ADOPTED by the City Council of the City of Bremerton, signed by the
Mayor and attested by the City Clerk in authentication of such passage
this 2nd day of April, 1986.
MAYOR GENE LOBE
ATTEST:
KATHLEEN L. McCLUSKEY, CITY CLERK