HomeMy WebLinkAbout13-125RESOLUTION NO. 13-125
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA,
URGING THE ADMINISTRATION AND CONGRESS OF THE
UNITED STATES TO PRESERVE THE CURRENT TAX-
EXEMPT STATUS OF MUNICIPAL BONDS, AND RE]ECT
ANY PROPOSAL THAT WOULD REDUCE OR ELIMINATE
THE FEDERAL TAX EXEMPTION ON INTEREST EARNED
FROM TAX-EXEMPT MUNICIPAL BONDS, AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has
made the following determinations:
1. Several proposals are being discussed in the ongoing Federal budget negotiations
that would either reduce or eliminate the current tax exemption on the interest
earned from tax-exempt municipal bonds.
2. Florida state and local governments recognize that tax-exempt municipal bonds
are an important tool for financing critical infrastructure projects, such as schools,
hospitals, water and sewer systems, roads, highways and streets, public power
facilities, mass transit projects, airports, solid waste, sanitation and recycling,
multi-family housing, police and fire stations and equipment, bridges, tunnels and
other infrastructure projects.
3. Florida state and local government investments in infrastructure improvements
create jobs and enhance our communities.
4. Florida state and local government entities have financed more than $103 billion
in infrastructure investments from 2003-2012 through the tax-exempt bond
market.
5. If municipal bonds were fully taxable during this time period, it is estimated that
the $103 billion financed would have cost governmental entities an additional
$30.9 billion in interest expenses.
6. If the proposed 28 percent cap on the deduction for municipal bond interest for
new and outstanding state and local tax-exempt bonds were in effect, that
additional cost would have been approximately $10.8 billion.
7. Changes to the tax-exempt status of municipal bonds would significantly limit
future state and local government investments in critical public infrastructure,
increase costs for Florida's governmental entities and, ultimately, pass the burden
of higher construction costs onto all of Florida's taxpayers.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
St. Lucie County, Florida, that:
1. St. Lucie County supports the preservation of the existing tax-exempt status of
municipal bonds.
2. St. Lucie County opposes legislative provisions that would repeal or eliminate the
tax-exempt status of municipal bonds.
3. St. Lucie County opposes legislative provisions that would repeal, limit or "cap" the
deduction for interest earned on new and outstanding municipal bonds.
4. This resolution shall take effect immediately upon adoption.
After motion and second, the vote on this resolution was as follows:
Chairman Tod Mowery AYE
Vice Chair Frannie Hutchinson AYE
Commissioner Chris Dzadovsky AYE
Commissioner Paula A. Lewis AYE
Commissioner Kim Johnson AYE
PASSED AND DULY ADOPTED this the 16th day of July, 2013.
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BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA
BY: I A U
CHAIRMAN
APPROVEp~4S TO
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FORM AND
COUNTY A
ATTEST:
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