HomeMy WebLinkAbout1986-03-12 86-112 RESOLVE86-112
INT(R)UMM BY COUNCILOR WLLIEY, Marob 12,19B6
CITY OF BANGOR
venue .. is re..Bon
QeSa
ITLEJ �lbeInduatr.
,__�_.___.______............._........................
- ds ....__._—_�___-_..__.._
By Uw caro Counnl of dm Giro ofBaxgnr:
B SOLVED,
WHEREAS:
Industrial Revenue Bond financing has proven to be a
valuable resourcen local economic development, providing
industry agrowth incentive through additional s of
lower-cost capital, resulting in significant and direct
economic benefits to the city, region and state; and
WHEREAS:
certain questions relating to total tax-exempt bond
financing allowable in Maine, and to the allocations
within state capacities to various types of development
demands, have resulted in the State of Maine in effect
instituting a moritorium on tax-exempt bonds that assist
prospective industry, and have led to a significantly
lower capacity of only $24.25 million being recommended
n 1986 for so-called small issue industrial revenue bonds;
and
WHEREAS:
said m ritorium, not existing in many other states, i
directly impacting negatively on Bangor's expanded indus-
trial marketing program this year; and the limited capacity
being r ended for small issues i seriously restricting
the location, growth and expansion of small industry here
and elsewhere; and
WHEREAS:
the m ritorium has extended from the first of 1986 and
will continue indefinitely until questions relating to
capacities, allocations and qualifying standards are
resolved:
NOW, BE IT RESOLVED BY THE CITY COUNCIL OR THE CITY OF BANGOR THAT
State legislators, the office of the Governor of the State
of Maine and those appropriate state agencies are urged to
act a s possible and proper to terminate the present
moratorium in Maine, to assist priority solid waste energy
producing projects while increasing the capacity signifi-
cantly this year for small issue industrial revenue bonds,
and to provide qualification standards for industrial
revenue bond applicants that give top priorityto those
projects that offer basic new job opportunities by firms
with majormarketsfor their goods and services.
in city council 3-12-06
P
ci y Clark
06-112G
RES0LVE �
'86 F" Pi 23
Industrial Revenue Honda
FE.
CITY
1
CITY CLEW