HomeMy WebLinkAboutResolutions - 1984.03.08 - 16842Date March 8, 1984 Miscellaneous Resolution 84054
BY: PUBLIC SERVICES COMMIITEE - James E. Lanni, Chairperson
IN RE: OPPOSITION TO RESTRICTIONS ON INDUSTRIAL DEVELOPMENT BONDS EMBODIED IN
H.R. 4170
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
me. Chairperson, Ladies and Gentlemen:
WHEREAS, local muniriipalities and counties are authorized to issue industrial
development bonds under the Michigan Economic Development Corporations Act, and under
the provisions of the U.S. Internal Revenue Code ; and
WHEREAS, industrial development bonds have been utilized extensively since
1980 by both the 22 local EDC's and 1 county-wide EDC in Oakland County to finance
over $70 million of industrial and commercial development; and
WHEREAS, industrial development bonds have proved to be an effective tool for
stimulating commercial and industrial development that would not otherwise have taken
place, especially during the 1981-1983 economic recession which so severely affected
Oakland County; and
WHEREAS, the utilization of IDB's retains and creates jobs; increases the
local property tax base; provides needed public services; and adds dollars to the
state and federal treasuries by generating additional payroll taxes and by stimulating
spending on private goods and services; and
WHEREAS, the use of TDB's remains a local prerogative; does not require a state
or federal bureaucracy to administer; is not a grant-type program; encourages in-
vestment in capital assets which is a productive use of money; and has had po. icy and
procedural problems reduced by provisions of the Tax Equity and Fiscal ReRpensibilil-y
Act of 1982.
NOW THEREFORE BE IT RESOLVED by the Board of PrimmiQinnpo-9, of Oakland County
1!-; horQby opposed to any provisions of H.R. 4170 which v,AAWI; I)
place an annual state-wide dollar ceiling on tax-exempt bond volume; 2) prohibit the
purchw3c of lanc', or existing facilities to be included as olAcjih1(, procof ,d:;; fl
establish a per-user cap; 4) further /-gi-rio Ar119 depreciation use; 5) :rake any bill
provisions retroactive; and 6) sunset small-issue IDB's.
Mr. Chairperson, on behalf of the Public Services Committee, I nuvo the adoption
of the foregoing resolution.
PUBLIC SERVICES COMMITTEE
#84054 Mlrch 8, 1984
Moved by Lanni supported by Olsen the resolution be adopted.
AYES: Moore, Nelson, Olsen, Page, Perinoff, Pernick, Wilcox, Aaron, Caddell,
Calandro, oyon, Fortino, Hobart, Jackson, R. Kuhn, S. Kuhn, Lanni, Law, McPherson.
(19)
NAYS: None. (0)
PASS: Foley. (1)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY Or OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and havins a seal,
do hereby certify that 1 have compared the annexed copy of
-
Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on March 8, 1984
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Tetimony Whereof, I have hereunto set my hand and aflixed
seal of said County at Poiltiac, Michigan
8th day of.....Z) March 19 84 _
•••n•n•n•.1...T
this
LILIN,&ALLEN
County Clark/Rcgkter of Deaci