HomeMy WebLinkAboutMINUTES - 06231987 - 1.97 TO: BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon c,n� tra
Director of Community Development C,WLQ
(
DATE: June 10, 1987 "1
SUBJECT: Execute Letters to Congressional Delegation Requesting. -that Certain
Proposed Tax Law Changes Relating to Single Family Mortgage Bonds
Not be Inserted in the Technical Corrections Bill to the 1986 Tax
Reform Act
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize Chair to execute letters to Congressional delegation
requesting that certain proposed tax law changes that relate to
single family mortgage bonds not be inserted in the Technical
Corrections Bill to the 1986 Tax Reform Act.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Congress is currently considering a follow-up Technical
Corrections Bill to the 1986 Tax Reform Act. The purpose of the
Technical Corrections Bill is to correct, and clarify provisions of
the 1986 Tax Act. The Technical Corrections Bill is not supposed
to create new law.
An attempt may be made to .insert language in the Technical
Corrections Bill or accompanying resolutions that would have the
effect of limiting the origination period for single family
mortgage. revenue bond programs to three years. This is not
currently "in the tax law. Further, the requirement would apply to
programs funded through the sale of "current refunding" bonds,
i.e. , where new bonds are sold in an amount equal to unutilized
proceeds from a prior bond sale, the proposed three year
origination -period would begin with the date of sale of the prior
bonds.
The County is currently refunding its 1984 and 1985 single family
mortgage bonds. Since the bonds were initially sold in August,
1984 and April, 1985, the three year limit on origination would
preclude refunding the 1984 issue, and for practical pu po es
preclude refunding the 1985 issue as well.
CONTINUED ON ATTACHMENT: YES SIGNA
_ RECOMMENDATION OF COUNTY ADMINISTRATOR RECO T N O BOCOMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON J1IIW 2 3 1981 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT 3r. 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.
cc: Community Development ATTESTED ON 2 3 1987
County Administrators Office PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY DEPUTY
JK/mb
la/techcorr.bos