HomeMy WebLinkAboutResolution - City Council - 79-185 - 1979-05-08City Attorney
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RESOLUTION NO. 79-1305
RESOLUTION OPPOSING PASSAGE OF FEDERAL LEGISLATION
H.R. 3 712 -- A BILL TO AMEND SECTION 103 OF THE
INTERNAL REVENUE CODE OF 1954 TO PROVIDE THAT
THE INTEREST ON MORTGAGE SUBSIDY BONDS WILL
NOT BE EXEMPT FROM FEDERAL INCOME TAB
WHEREAS, it is the policy of the City of Fresno to
eliminate substandard and ether inadequate housing, to
prevent the spread of slums and blight, and to realize as
soon as feasible the goal of a decent home in a suitable
living -environment for all of its citizens; and
WHEREAS, in furtherance of this policy- it is the
goal of the City of Fresno to develop affordable residential
housing for its citizens whose financial Capabilities are
insufficient to allow them occupancy in standard housing at
todays market rates; and
.WHEREASt the City of Fresno has previously initiated:
the issuance of Tax --Exempt Mortgage Revenue Bands,, pursuant
to SB-99, under the auspices of the Redevelopment ,Agency of
u the City of Fresno to accomplish the development of housing
and removal of blight; and
WHEREAS, the City is desirous of continuing this
effort with future Band issues in the local area, and
WHEREAS, the federal government is presently
considering the passage of H.R. 3712 which, as now proposed,
would amend Section 103 of the Internal Revenue Code of 1954
to provide that the interest on mortgage subsidy bonds will
not be -exempt from federal income tax,; and
WHEREAS, the passage of H.R. 3712, as proposed,
will. preclude California cities from the utilization of SB-
99 redevelopment agency Bond issues, Marks. -Fortin rehabilitation
Band issues and certain Charter city programs;
PAWED ...�«,..
NOWr THEREFORE, be it resolved by the Council of
the City of Fresno does oppose the passage of A.R. 3712 as
initially introduced as it will eliminate a viable mousing
financial tool utilized by the City and should therefore not
be adopted
CLERK'S CERTIFICATION
STATE OF CALIFORNIA
COUNTY OF FRESNO ) ss ,
CITY OF FRESNO )
11 JACQUELINE L. RYLE, City Clerk of the City of
Fresno certify that the foregoing resolution was adopted by
the Council of the City of Fresno, California,,at a regular
meeting held on. the 8th day of May, 1979
JACQUELINE L. RYL
City Clerk
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By
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