HomeMy WebLinkAboutResolution 1476:.,
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A Resolution
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ENDORSING THE FREEPORT AMENDMENT. PROPOSITION FIVE,.
IN THE NOVEMBER 7, 1?8°, CONSTITUTIONAL AMENDMENT ELECTION'
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WHEREAS, Texas is the only state that now imposes
ad valorem property taxes on business inventories held ir.
the state temporarily; and
• WHEREAS, every other state has a "freeport" or
"goods-in-transit" exemption or .relief; and
WHEREAS, Ter.as companies are at a disadvantage in
selling their goods in other states and countries as a re-
sult; and
WHEREAS, experts agree that passage of a Freeport
Amendment would spur the creation of jobs in Texas, espe-
cially in high tech and manufacturing industries; and
WHEREAS, the City of Fort Worth and the Fort Worth
Chamber of Commerce supported the placement of such an
amendment on the November ballot; and
WHEREAS, the City worked with others. to include
specific allowance of aircraft machinery parts in the•exemp-
tion amendment while competing to secure the American Air=
lines maintenance facility in Fort Worth; and
WHEREAS, the Texas Legislature approved for sub-
mission to the voters a Freeport Amendment to the Texas Con-
stitution which will appear on the November ballot as Propo-
sition Five; and
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WHEREAS, the City Council and staff of the City of
Fort Worth believe that passage of the amendment will en-
courage economic growth, job creation and diversification of
our economy and is vital to our growth;
NOW ,J THEREFORE BE IT RESOLVED by the CITY COUNCIL of the
CITY OF FORT WORTH that the Council hereby endorses the
Freeport Amendment, Proposition Five, and commends its ap-
proval to the voters of our area on November 7, 1989.
Adopted this ~ day of October, 1989, by the City
Council of the City of Fort worth, Texas.
Mayor Bob Bolen
ATTEST:
Ruth Howard, City Secretary
APPROVED BY
CITY COUNCIL
OCT 17 1989
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