RESOLUTION 85-18253 RESOLUTION NO . 85- 18253
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH URGING THE CONGRESS OF
THE UNITED STATES TO PRESERVE THE ABILITY OF
MUNICIPALITIES TO FINANCE MUNICIPAL PROJECTS
THROUGH LOW COST TAX EXEMPT BONDS .
WHEREAS , recommendations have been made to Congress to
remove the tax exempt status of all "non-governmental bonds" and
to redefine nongovernmental bonds to include any bonds where more
than one percent of the proceeds are used by a person other than
a state or local government ; and
WHEREAS , the above recommendation is unduly restrictive
and would remove the tax exempt status from many bonds where the
proceeds are to be used for legitimate governmental purposes ; and
WHEREAS , recommendations have been made to Congress to
further restrict the tax exempt status of interest earned by
municipalities from invested bond proceeds ; and
WHEREAS , the interest earned on said funds are legitimately
used to reduce the necessity for borrowing larger amounts of money ;
and
WHEREAS , recommendations have been made to Congress to
restrict the ability of municipalities to refund bond issues at
lower rates during periods of declining interest rates ; and
WHEREAS , recommendations have been made to Congress to
restrict the ability of municipalities to issue bonds to purchase
an annuity to fund municipal pension liability ; and
WHEREAS, adoption of the above mentioned recommendations
would make it more costly to finance municipal improvements ; and
WHEREAS , adoption of the above mentioned recommendations
would make it more difficult for many municipalities to meet the
public needs of their citizens .
NOW, THEREFORE , BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH:
SECTION 1 . The City of Miami Beach urges the Congress
of the United States to preserve the ability of municipalities
to finance municipal projects through low cost tax exempt bonds .
SECTION 2. That copies hereof be forwarded to the
President of the United States and members of the Florida Congres-
sional Delegation and the National League of Cities .
PASSED AND ADOPTED THIS 16th day of October , 1985 .
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ATTEST:
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CITY CLERK
(Requested by Commissioner Sidney Weisburd)
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OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
ORIGINAL
RESOLUTION NO. 85-18253
(Urging the Congress of the United States
to preserve the ability of Municipalities
to finance Municipal Projects through low
cost tax exempt bonds)