HomeMy WebLinkAboutMINUTES - 07271993 - 1.34 1 . 34
Contra
Costa
TO: BOARD OF SUPERVISORSCounty
r c u11 J
FROM: Harvey E. Bragdon
Director of Community Development
DATE: July 27, 1993
SUBJECT: Permanent Authorization of Industrial Development Bonds (HR 827
(Coyne) and �S 719 (Breaux and Bryan) )
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
SUPPORT HR 827 (Coyne) and S 719 (Breaux and Bryan) legislation to
permanently authorized industrial development bonds and AUTHORIZE the
Chair to sign letters to County's legislative delegation.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
Contra Costa County has affirmatively addressed its economic
development responsibilities through, among other things, the issuance
of industrial development bonds. The County has issued industrial
development bonds on two occasions: once to finance improvements to
a steel company in East County and once to finance a nursing home.
The authorization to issue industrial development bonds has expired.
HR 827 and S 719 would permanently extend small issue industrial
development bonds. This program would have been permanently extended
under the provision of HR 11, the Revenue Act of 1992 . However, that
legislation was vetoed by former President Bush.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RE C ENDATION F BOARD CO TTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
Cf I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Jim Kennedy
646-4076
cc: Community Development
County Administrator ATTESTED 3
County Counsel ML BAtCHELOR, CLERK OF
via Community Development THE BOARD OF SUPERVISORS
California State Association AND COUNTY ADMINISTRATOR
of Counties ) /I
JK:1h/sra91hr827.bos
BY , DEPUTY
The Board of Supervisors Contra1,5
Phil Batchelor
// C G Clerk of the Board
6� /j and
0unty Administration Building Costa County Administrator
651 Pine St., Room 106 (510)646-2371
Martinez, California 94553-1290 County
Tom Powers,1st District
Jeff Smith,2nd District
Gayle Bishop,3rd District
= c _
Sunne Wright McPeak,4th District
Tom Torlakson,5th District
pTq COUr�
July 27, 1993
Congressman William Baker
1724 Longworth Building
Washington DC 20515
&V
Dear Congressman aker:
RE: Permanent Extension of Industrial Development Bonds: HR 827 (Coyne) and S 719
(Breaux and Bryan)
The purpose of this letter is to urge, on behalf of the County of Contra Costa, your co-
sponsorship of HR 827 and S 719. This bill would permanently extend small issue industrial
development bonds (IDBS). The County of Contra Costa has utilized the authority to issue IDBS
in the past to contribute to the economic development of the County. IDBS are a good tool for
creating new jobs and retaining existing jobs, particularly in the manufacturing' area.
Unfortunately, federal authorization for this program ended on June 30, 1992.
Your co-sponsorship of this legislation will be a significant contribution to the existing effort to
retain the availability of this program for our community.
Sincerely,
Tom Torlakson, Chair
Board of Supervisors
JK:T'1':lh
sra10/6r827.ttr