HomeMy WebLinkAboutResolutions - R-84-2 - 02/06/1984 - Oppose Tax-Exempt Bond Limitation Act R-84-2
RESOLUTION
WHEREAS , the City of McHenry , in the State of Illinois ,
is a non-home rule municipality , and has , in the past , effec-
tively used and issued Industrial Development Bonds ; and
WHEREAS , Industrial Development Bonds have helped promote
economic growth and stability in the City of McHenry along with
securing existing jobs and making new job opportunities possible ,
and
WHEREAS , the City of McHenry would not be able to attract
new industries without Industrial Development Bonds and full
employment is a high priority in McHenry ; and
WHEREAS , economic viability is of critical importance
to smaller non-home rule municipalities and a restriction of
the use of Industrial Development Bonds would cause monumental
harm to the City of McHenry ' s economic growth ; and
WHEREAS , employment opportunities are absolutely necessary
if this nation ' s economy is to continue its revitalization ; and
WHEREAS , the proposed Tax-Exempt Bond Limitation Act of
1983 ( "TEBLA" ) would prevent the issuance of bonds already
authorized by the City of McHenry ; and
WHEREAS , the " volume cap" which TEBLA would impose gives
preferential advantage to home rule units of government .
NOW , THEREFORE , BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL
that the City of McHenry , Illinois be recorded in the Congressional
Record as strongly opposing the passage of H . R . 4170 .
BE IT FURTHER RESOLVED , that a copy of the foregoing Resol -
ution be presented to the President of the United States and to
the Honorable U . S . Senators and Congressmen of the State of
Illinois .
PASSED and APPROVED unanimously this 6th day of February , 1984 .
Pirjeor
ATTEST :
City Clerk