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CITY OF NORTH OLMSTED <br />RESOLUTION N0. 86- 31 <br />PAGE 2 <br />insurance company deductions by the amount of its tax-exempt income; and <br />WHEREAS, the retroactive effective date now stated in pending H.R. 3838 <br />forces current compliance with the Bill's provisions, even though not yet <br />law, and the uncertainty surrounding the enactment of this or any similar <br />legislation with a retroactive effective date has already resulted in <br />increased interest costs to state and local governments and will result in <br />increased interest costs to the City of North Olmsted; and <br />WHEREAS, uncertainty as to the provisions of and effective date of <br />federal tax legislation makes it impossible for the City of North Olmsted <br />to properly plan for its needed public facilities; and <br />WHEREAS, it is the opinion of the Mayor and members of Council that <br />H.R. 3838 will have a detrimental impact upon the City of North Olmsted. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF NORTH OLMSTED, COUNTY OF <br />CUYAHOGA AND STATE OF OHIO: <br />SECTION l: The Mayor and Council of the City of North Olmsted oppose <br />the enactment by the Congress of the provisions of H.R. 3838 applyinU to <br />its tax-exempt financings and related matters, and urges Congress, and <br />particularly the Senators from this State and the Representatives from this <br />district, to not enact those provisions of H.R. 3838 or any similar federal <br />tax legislation that may be proposed that restrict, directly or indirectly, <br />the ability of the City of North Olmsted and state and local governments <br />generally to undertake tax-exempt borrowings for governmental purposes at <br />the lowest cost to taxpayers and ratepayers. <br />SECTION 2: The Mayor and Council of the City of North Olmsted urge that <br />immediate action be taken by or on behalf of Congress, pending lesolution <br />of substantive issues, to remove the retroactive effective date in H.R. <br />3838, and to provide and ensure an effective date for the onerous <br />provisions of H.R. 3838, or any other similar federal tax legislation, so <br />that any such legislation, if enacted, will apply only to new obligations <br />issued after the date it becomes law. <br />SECTION 3: The Mayor of the City of North Olmsted is directed to <br />forward copies of this Resolution to the members of the Senate Finance <br />Committee and of the House Ways and Means Committee, and to the Senators <br />from this State and Representatives from this district, and is authorized <br />to publish this Resolution in a local newspaper and to post this Resolution