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AG19891106
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AG19891106
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Last modified
3/28/2003 9:14:29 AM
Creation date
2/7/2003 11:29:59 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/6/1989
Board
Board of Commissioners
Meeting Type
Regular
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RESOLUTION IN SUPPORT OF TIlE PRESERVATION OF <br /> TAX-EXEMPT BONDS FOR <br /> STATE AND LOCAL GOVERNMENTS <br /> <br />WHEREAS, the federal, state, and local governments all share in the responsibility of building and <br /> maintaining the nation's physical and institutional infrastructure and in providing essential <br /> services needed to promote the general welfare; and <br /> <br />WtlEREAS, tbe federal government has steadily reduced its responsibility for infrastructure requirements, <br /> and has shifted moro and more financial responsibility to states and units of local government; <br /> and <br /> <br />WHEREAS, shifting the tax burden from the national level to state and local governments is an illusot3' <br /> savings for taxpayers and provides no net tax relief; and <br /> <br />WIIEREAS, finandng state and local government projects through the issuance of bonds thc interest on <br /> which is not taxed by the federal government is critical to allow states and local governments <br /> to exercise the responsibilities entrusted to and expected of them; and <br /> <br />WHEREAS, in recent years, the U.S. Congress has both limited the use of tax-exempt bonds by states and <br /> local governments, and made municipal bonds less attractive to signifieant groups of purchasess, <br /> thereby driving '0p the cost of financing public scrdcc projects; and <br /> <br />WIIEREAS, in 1988 the U.S. Supreme Court overturned a 100-year-old precedenl, ruling for the first time <br /> that the Constitution docs not prohibit the federal government from taxing the interest on state <br /> and local government bonds; and <br /> <br />WItEREAS, the Supreme Court decision places in jeopardy the use of tax-exempt bonds by the moro than <br /> 85,000 units of state and local government, as Congress seeks new sources of revenue to reduce <br /> the federal deficit; and <br /> <br />WHEREAS, state and local borrowing costs ,,viii increase by an estimated 20 to 30 percent if the interest on <br /> tax-exempt bonds is sub.~ect to federal income tax, and this added burden will bo reflected in <br /> reductions in public services or by incruased state and local taxes; and <br /> <br />WIIEREAS, further restrictions on the use of tax-exempt bonds wi!l seriously impair the ability of state and <br /> local governments to finance essential services and facilities, including schools, roads, water, <br /> sewer, gas, electricity, transportation and other basle functions, to tho detriment of ali citizens. <br /> <br />NOW, TI1EREFORE BE IT R,--F~OLVED: 'that the Cabarrus County Board of Commissioners calls upon <br />Congress and the President to recognize that tho state and local burden of maintaining and expanding the <br />national infrastructure and providing citizens with needed basic governmental services cannot be met ',vithout tax- <br />exempt bomls, and to resist all fi~rther efforts to reduce the use of such bonds to finance governmental projects. <br /> <br /> James W. Lent:,., Chairman <br /> <br />Frankie F. Small, Clerk to the Board <br /> <br /> <br />
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