6034-86 Request revision of HR 3838 tax exempt bonds

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1in9> McBr~her> Graham> Salmon, Wend Gallag 8Y: Brown, Chinnock, r°visions to revise the P to ress tatives with o P akewp9d' N0: 6034-86 equesting C Represen the City RESOLUTION RESOLUTION the House issued by AN EMERGEN as passed by h ds and. notes iciPa to yes of H. R. 3838> tax exempt b°h other mun its affect uP°n Ohio to{e the st1ate nmust incur ambstand Ohio. Lak wood>, state .and local Pro9 City , ~ubdiv~sionother t debt obligations, and WHEREAS> t and p°lit~c rov~meofs taad exemp as long recog- and the states ital imp ante to issue needed cah the issu ~ted States. A~e governments, taxes> finance, throug iota federal Inc°me facilities Congress °u~'` itY °{.states and ted from titutional imm ~ Which is exemP WHEREAS> the is have scarce re- cons the interes'~ °n re- nized ble gations> overnmen services a d other units °f ent i provements and city and ~,ov~de perman R• 3838, WHEREAS, the they may t ~ local level, and has passed H'to issue from which of Representatives the City ~mprove- sources the citizenry at s House the abilit ~itY`s capltafinancial quired by United State, and imPa~r that the beyond the would restC~ct. and at the worst, WH ropased law note > with a reg- and market its bonds be more ~xPens~Ve istra~ive would at least s and admin units of through ~t the City and °ther, rrence ments the CitY~ and the ~ncu resources of 1 Government, only be met by Federa fina~icial bu clans may WHEREA5:uses severe Which ST ATE. OF OHIO: overnments, u1ations> local g THE CITY OF LAKEWOOD> R 3838, state and requests that H lies to the of debt IT RE~pLVED 8Y as it PP ectfullY a THEREFORE, 8E resp tatves and low: NOW, That the Cit''Houseno{ Represen as indicated be tate be revised local 9°v ds" Section the United 5 ligations> state °rurp°$e bon as passed by tax exempt debt ° , and notes, where the tial p d as essen rlvate ablic b nds be tebate will be used by p {or P issuance All municipal ~ should notes are rivate al obligor>, the proceeds and not P. aft bonds d obligation the Pr~nep some p that such °vernment eneral ment is whether Thelkey ~s anon of the g ds ~9 inty exists in e °bliq municipal b~ uncerta regardless entities• H R 3838 tha to traditions individua and are secured by t~ ordinary respeGtand revenue pureoses The classficaCOmp~eX unhaVe been showi obligations tip harsh is S0 eneea such bonds are ent~ties• e b No w despread ab~s~ncluding g classifying and revenu and noted, H R• 3838 of the market• bonds wires that 5% The Pr0vjs10ns1of and that all public Pure°$e H R 3838 which req s three obligations)• th~n0t more than enter and are unnecessary the P~°Vimuat be expended in City may, Eliminate atidns be expended before the ~s b) debt obli9 bons must be sold reQuirementwhich roceeds debt obllg and note~he s,5°/° _ th orarY Period duof the Present the P roceeds law, bonds to the temp urge retention of the P Oh~O the imProv ments• the time ° years. Under {or Wit ust be expended' we expectation alicable temp- int° contracts rovtsion. with the app an unwodrs obi debt obi i ga reQui r s only a be exPe ded d which eds will wires the City proceorarY Perio ° {the pros , temp 851° ° H• R, 3838 which figle rep°rts e eral issuance that to as is the g eriod. ` visions Government and s into orarY P Eliminate the P he Federal pur Practice earning orrowed' c) ds to ces. interest must be b rocee and issuan take, how much the arbitrage P respect to has been t° t be rebated to rebate with and in determining barrow large~,o the Treasury Oh10 and elsewher the bond Proc r quyred to revenues issue local -~n sizing the bond s °n will be d other practice.~n earnin d others taxes an direct tax on account interest City a nd increa R 3x38 lev1es a and eventuaUpY I{ arbitrage t our terest aid by our C~ty> Federal Government>r in rove ent'. H be P, not only unnecessary and nts> p reate will amou_ aY g needed ,mP w is Such a tax ~s inion. pr4v~de for t e debt obligation ers. l in our oP government and rate uncons itut~ona its taxpaYebut is also desirable, ~