HomeMy WebLinkAboutReso 95-121 - Declaring opposition to a portion of certain proposed regulations of the IRS with respect to private activity bonds & urging deletion of said portion of the proposed regulations CITY OF REDDING
RESOLUTION NO. �/— /
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING DECLARING ITS OPPOSITION TO A PORTION OF
CERTAIN PROPOSED REGULATIONS OF THE INTERNAL
REVENUE SERVICE WITH RESPECT TO PRIVATE ACTIVITY
BONDS AND URGING DELETION OF SAID PORTION OF THE
PROPOSED REGULATIONS
WHEREAS, the City of Redding, like many other California cities, is
experiencing significant new development, including single family, multifamily, senior
housing and commercial development; and
WHEREAS, existing infrastructure is inadequate to serve the needs of the
residents of the City resulting from such projected new development and the City has
no independent means of financing the infrastructure required for the new development;
and
WHEREAS, the City has for several years used a mechanism of financing
infrastructure for new development which calls for conditions to be placed upon the
new development through the planning process; and
WHEREAS, the City uses assessment districts and assessment bonds to raise the
capital required for new development; and
WHEREAS, the City has been made aware of the proposed treasury regulations
defining private activity bonds (the "Proposed Regulations"), and in particular, the
provision of the regulations which define private use to include the discharge of a
primary legal obligation by a developer; and
WHEREAS, if the Proposed Regulations become effective, unless the land-use
planning process of the City is drastically changed, the City's ability to continue to
finance the public infrastructure needed to serve the community as development
continues will be significantly restricted; and
WHEREAS, the City has no other means of providing financing for the public
facilities required to serve its growing population;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF REDDING, AS FOLLOWS:
Section 1. The foregoing recitals are true and correct and this Council hereby
so finds and determines.
Section 2. The City Council hereby declares its opposition to the portion of the
Proposed Regulations designated Section 1.141-3 (b) (8) and strongly urges the Internal
Revenue Service to delete that portion of the Proposed Regulations.
Section 3. The Mayor is hereby authorized and directed to send a certified copy
of this Resolution to the Internal Revenue Service to evidence this Council's opposition
to Section 1.141-3 (b) (8) of the Proposed Regulations.
Section 4. This Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED THIS 16th DAY OF APRIL, 1995 BY THE
FOLLOWING VOTE, TO WIT:
AYES: P. Anderson, R. Anderson, McGeorge, Murray and Kehoe
NOTES: None
ABSENT: None
ABSTAIN: None
DAVIDKEHOE, Ma or
ATTEST.
moi..
CONNIE ST114BIER., C Clerk
[SEAL j
FORM APPROVED:
W. LEONARD WIN&H
City Attorney
CLERK'S CERTIFICATE
I , Deputy City Clerk of the City of Redding, do hereby certify
as follows:
The foregoing resolution is a full, true and correct copy of a resolution duly
adopted at a regular meeting of the City Council of said City duly and regularly held at
a regular meeting place thereof on the _ day of April, 1995, of which meeting all of
the members of said City Council had due notice and at which a majority thereof were
present; and that at said meeting said resolution was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
An agenda of said meeting was posted at least 72 hours before said meeting at
City Hall, a location freely accessible to members of the public, and a brief description
of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said
meeting on file and of record in my office, and the foregoing is a full, true and correct
copy of the original resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of
its adoption and the same is now in full force and effect.
Date: , 1995.
Deputy City Clerk of
the City of Redding
SUTRO&CQ