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<br />CITY OF NORTH OLMSTED <br />RESOLUTION N0. 81-137 <br />BY: JANET SARINGER <br />A RESOLUTION URGING THE CONGRESS OF THE UNITED <br />STATES TO RETAIN TAX-E!XEMPT INDUSTRIAL REVENUE <br />BONDS AS A b2ETHOD OF FINANCING INDUSTRIAL GROWTH <br />IN MUNICIPAL CORPORATIONS, COUNTIES, AND STATES <br />THROUGHOUT THE UNITED STATES. <br />WHEREAS, industrial revenue bonds have in the past offered <br />smaller companies the only real opportunity to borrow funds at <br />affordable interest rates, and <br />WHEREAS, the Council of the City of North Olmsted wishes <br />to express its concern that there is presently movement in the <br />Congress of the Uni,ted States to curtail the use of industrial <br />revenue bonds for local industrial development funding, and <br />WHEREAS, Congressional committees have been reviewing the <br />Industrial Revenue Bond Program for possible changes, including <br />restrictions on the kinds of projects that can be funded, and <br />WHEREAS, nearly Three Hundred Million Dollars ($300,000,000) <br />in capital improvements and permanent jobs in Cuyahoga County <br />have been instituted by virtue of the Industrial Revenue Bond <br />Program, and <br />WHEREAS, it is the desire of this Council to go on record <br />as indicating their b asic approval of the tax-exempt Industrial <br />Revenue Bond Program. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1. That this Council does hereby go on record as <br />approving t e basic concept of the tax-free Industrial Revenue <br />Bond Program for the purpose of encouraging small businesses to <br />locate, not only within the City, but the County and the State. <br />SECTION 2. That this Council urges the Congress of the <br />United States to study the Industrial Revenue Bond Program for <br />effectiveness with respect to attracting industrial development <br />and jobs associated therewith, and at the same time to correct <br />any abuses in the system without eliminating the effectiveness of <br />attracting new industry. <br />SECTTON 3. That the Clerk of Council be and she is hereby <br />authorize an irected to forward copies of this Resolution to <br />Congressman Ronald Mottl, Senators John Glenn and How ard Metzenb aum, <br />and all other cities located in the 23rd Congressional District.