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fe <br /> <br />Amend Section 4(b)(1)(D) to delete the June 16 <br />deadline for State authorization and to expand <br />the non-profit corporation language to include <br />all instrumentalities of a local government. <br /> <br /> 2. That the City Council hereby proclaims its <br />opposition to the following three (3) substitute proposals to <br />be considered by Congress under a modified closed rule: <br /> <br />ae <br /> <br />A proposal by Rep. Andy Jacobs (D-Ind) which <br />would replace the mortgage bonds with 12%, non- <br />refundable tax credits for low-income, first <br />time home buyers. <br /> <br />be <br /> <br />A proposal by Rep. W. Henson Moore, (R-La) to <br />provide a $100 tax exclusion for interest <br />earned on savings deposits in mortgage pools of <br />lending institutions. <br /> <br />Ce <br /> <br />A proposal by Rep. James R. Jones, (D-Okla), <br />calling for a two year moratorium on mortgage <br />bond sales to allow Congress to study the <br />issue. <br /> <br /> 3. That the Clerk of the council is directed to <br />distribute copies of this Resolution to Senators Cranston and <br />Hayakawa and to all members of the California Congressional <br />Delegation. <br /> <br /> ADOPTED this 1st <br />1979, by the following vote: <br /> <br />day of October , <br /> <br />AYES: COUNCILMEN: <br />NOES: COUNCILMEN: <br /> <br />Bricken, Griset, Luxembourger, <br /> Markel, Serrato, Ward, Yamamoto <br />None <br /> <br />ABSENT: COUNCILMEN: None <br /> <br />ATTEST: <br /> <br />APPROVED AS TO FORM: <br /> <br />KEITH L. GOW, CITY ATTORNEY <br /> <br /> <br />