1981-49 r
RESOLUTION 81- 49
A RESOLUTION OPPOSING H.R. 4420
WHEREAS, H.R. 4420 was introduced into the Congress
on September 9 , 1981 , and
WHEREAS, H.R. 4420 would amend Section 103 of the
Internal Revenue Code of 1954 by limiting the issuance
of Industrial and Commercial Revenue Bonds to economically
distressed areas as determined by regulations of the
Department of Housing & Urban Development , and
WHEREAS , Industrial and Commercial Revenue Bonds ,
as they are now constituted, enable Illinois communities
to stimulate private investment and projects prompting
economic development and offer a financing tool by which
projects , that would not otherwise be viable, may proceed.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE , COOK &
LAKE COUNTIES , ILLINOIS , that the Village of Buffalo Grove
is opposed to H.R. 4420 and to legislation that would
severely limit the viable Industrial and Commercial Revenue
Bonds as they are now provided for. The Village Clerk is
directed to forward copies of this Resolution to Congressman
Crane, Senators Percy and Dixon.
AYES : 6 - Marienthal , Stone, O'Reilly, Hartstein, Gerschefske, Schwartz
NAYES : 0 - None
ABSENT: 0 - None
PASSED: November 2 , 1981
APPROVED: November 2 , 1981
Village Presi t
ATTEST:
illage Clerk