HomeMy WebLinkAboutRES 211 Draft 01 1984-1988 OFFICE INFORMATION ONLY
Meeting: October 1, 1986
Action: Resolution withdrawn by Councilman Dahlberg because
it is moot as the Bill was passed by Congress .
Re: Res. 211-88
COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION No. 211 8G
WHEREAS, House-Senate Resolution 3838, the Tax Reform Act of
1986, is being compromised between a House-Senate conference
committee which may allow for the taxation of municipal bonds ; and
WHEREAS, indirect or minimum taxation on municipal bonds will
cost the states, municipalities and residents billions of dollars
in interest; and
WHEREAS , the proposal may include the taxation of municipal
bonds when used to finance important public facilities such as
roads , schools , water, sewage treatment as well as other important
community projects; and
WHEREAS, the competitive edge municipal bonds now enjoy due to
their tax exempt status is now threatened and will become far less
appealing to investors should legislation to tax the bonds be
successful; and
WHEREAS, statistics from 1983 show that of the 30,000 citizens
that paid no tax on incomes in excess of $50, 000 did not need tax
exempt bonds to escape taxes.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
HAWAII that the House-Senate Conference Committee on tax reform is
strongly urged to consider the municipalities plight and
devastating effects the legislation will have should municipal
bonds be taxed.
RECEIVED
',31 SEA 9 Ati 8 16
CFHTh ..)FeJs,TY CI_ E ,',
nse.
' — -
. '
,
BE IT FURTHER RESOLVED that copies of this resolution be
forwarded to Senator Spark Matsunaga and members of the Senate Tax
Conferees and Representative Rostenkowski and members of the House
Tax Conferees .
Dated at Hilo, Hawaii, this day of ,
1986.
INTRODUCED BY :
" X`•\ %
Cou Member, County of Haw i '
COUNTY COUNCIL ROLL CALL VOTE
County of Hawaii
Hilo, Hawaii AYES NOES ABS EX
DAHLBERG
DE LUZ
I hereby certify that the foregoing RESOLUTION was by DOMINGO
the vote indicated to the right hereof adopted by the COUNCIL HERKES
of the County of Hawaii on • JITCHAKU-INOUYE
KOKUBUN
ATTEST: LAI
SCHUTTE
YAMASHIRO
Reference FC-
211 86
RESOLUTION NO.
COUNTY CLERK CHAIRMAN& PRESIDING OFFICER
s.
OfFICE INFORMATION ONLY
Meeting: October 1 , 1986
Action: Recommend adoption of Res. 211-86
Re: Res. 211-86/FC-217
• REPORT OF THE
CON'vI T TEE ON FINANCE
Date: September 23 , 1986
Place: Kona Imin Center , Holualoa
Time: 1 : 00 p .m .
Chairman and Members
Hawaii County Council
Hilo, Hawaii 96720 •
Your Committee on Finance , to which was referred Resolution 211-86 ,
reports as follows:
The purpose of Resolution 211-86 is to encourage the U. S. Congress
House-Senate Conference Committee on Tax Reform to preclude the
taxation of municipal bonds..
• The resolution requests the tax free immunity because the taxation of
municipal bonds in any form will cost the states , counties and
residents billions of dollars in interest due to the loss of market
appeal to investors .
•
Your Committee on Finance is in accord with the intent of
Resolution 211-86 and recommends its adoption .
i4i4r
FRANK DE LUZ III, CHAIRMAN C1�
LORRAIN CHAKU-I O V. C. •M aii K . DAHLBERG, MEMBER
( 1'
TAKASHI DOMINGO, MEMBER •U SELL S . KOKUBUN, MEMBER
�/
(ABSENT & EXCUSED)
MER4 K . LAI , MEMB R SPENCER K . SCHUTTE, MEMBER
LA/MS
FC REPORT N0 , 217
ADOPTED : OCT 1988