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RESOLUTION NO. 1735 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION OPPOSING INDUSTRIAL DEVELOPMENT BOND <br />PER CAPITA LIMITATIONS <br />WHEREAS, the omnibus tax bill (H.R. 4170) of the United <br />States Congress contains provisions that impose state -by -state per <br />capita volume limits on Industrial Revenue Bonds; and <br />WHEREAS, the effect of this legislation would be to place <br />arbitrary limits on the amount of bonds cities can issue to finance <br />not only private activities but also many projects approved for <br />traditional public purposes; and <br />WHEREAS, restrictions on this basic tool for local economic <br />development would place cities at a severe disadvantage in being <br />able to respond to local industry or to prospects for expanding <br />employment opportunities and strengthening the tax base. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of <br />the City of Mounds View opposes the establishment of per capita <br />limitations on Industrial Development Bonding. <br />Adopted this 14th day of May, 1984. <br />ATTEST: <br />Mayor <br />(SEAL) <br />Clerk -Administrator <br />