HomeMy WebLinkAbout92-116 - Aerospace DecisionRESOLUTION NO. 92 -116
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT
BEACH URGING FEDERAL ACTION TO MITIGATE THE COSTS TO
CALIFORNIA STATE AND LOCAL GOVERNMENTS STEMMING FROM
THE AEROSPACE DECISION
•WHEREAS, the California Courts upheld the claim of a consortium of aerospace
companies for a refund of State and local sales tax funds; and
WHEREAS, the amount of the initial claims is approaching $1 billion and a
subsequent action may double that amount; and
WHEREAS, payment of these refunds will be deducted directly from sales tax
revenue paid to State and local governments; and
WHEREAS, California is in the midst of a severe economic recession and
government budgets at all levels are in crisis; and
WHEREAS, the ultimate beneficiary of the Aerospace refund is the Federal
Government; and
WHEREAS, the Federal government has the authority in various ways to forgive
or mitigate these costs to State and local governments;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Newport Beach urges the President of the United States and responsible Federal
officials to recognize the severe economic hardship to the people of California created
by the Aerospace refund and to take appropriate actions to forgive, or mitigate the
costs thereof.
ADOPTED this 12th day of
ATTEST:
•'
CITY CLERK
October 1992.
MAYOR