1983-12-12 - Resolution 1983-54 - OPPOSING FURTHER RESTRICTIONS ON COMMERCIAL AND INDUSTRIAL REVENUE BONDSA RESOLUTION OPPOSING FURTHER RESTRICTIO}IS ON COI'IMERC IAL AND
INDUSTR IAL REVENUE BON DS
ITHEREAS, H.R. 4170, the Tax Reform Act of 1983, has been developed by the
House Ways and Means Committee for submission to the U.S. House of Representatives;
and
ITHEREAS, certain provisions of H.R. 4170 call for the placement of state-by-
state volume caps on tax exempt commercial and industrial development bonds; and
tTHEREAS, the imposition of such caps will impose unreal istic restrictions
on governments and agencies not only nat ionwide but within the State of lllinois;
and
WHEREAS, while the Village of Buffalo Grove real izes that abuses of this
type of financing have taken place in the past, measures should be taken to
remove such abuses rather than restricting the limits on development financing.
NOT.', THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
SECTION l. The Village of Buffalo Grove opposes the provisions of
H.R. 4170 that will act to severly restrict cornmercial and industrial development
bond financing,
SECTI0N 2, The Village of Buffalo Grove supports measures to control the
use of conrnerc ial and industrial developnnnt bond financing for projects that
will serve a defined and resolved publ ic purpose.
SECTIoN 3. lt is the opinion of the Village of Buffalo Grove that the
proper restrictions can be legislated without the imposltlcin of state-by-state
volume caps as have been proposed,
RESOLUT rON #83- 54
SECTl0N 4. The Village Clerk is directed
Resolution to Congressmen Rostenkowski, Crane,
to forwa rd cop i es of th is
and Porter, and Senators
Percy and D i xon.
AyES: 6 - Marienthal, Stone, OrRe111y, Hartstej.n, Glover, Reid
NAyES: 0 - None
ABSENT: 0 - None
pASSED: December 12 1983.
1983 .AppR0VED: December 12
vil a ge res ent
ATTEST:
age Cl er