1995 Assembly Joint Resolution 62
ENROLLED JOINT RESOLUTION
Relating to: memorializing Congress to modify restrictions on the use of veterans mortgage bonds.
Whereas, men and women of the state of Wisconsin who served in the armed forces of the United States of America have distinguished themselves by their service and sacrifice; and
Whereas, the Wisconsin department of veterans affairs has provided housing loans to wartime veterans since 1973 through the primary mortgage loan program; and
Whereas, authorized lenders make loans utilizing funds acquired by the state through the issuance of tax-exempt general obligation bonds; and
Whereas, the veterans primary mortgage loan program is considered self-amortizing in that principal and interest payments by veterans are expected to cover debt service costs associated with the bonds; and
Whereas, federal law has limited the issuance of tax-exempt qualified veterans mortgage bonds to states, including Wisconsin, that issued those bonds prior to June 22, 1984; and
Whereas, this same federal law restricts mortgage loans financed by those bonds to veterans who served on active duty before January 1, 1977; and
Whereas, by this action, Wisconsin wartime veterans who served in Lebanon, Grenada, Panama, Somalia, the Middle East, the Persian Gulf and other military actions do not presently qualify for the Wisconsin mortgage primary loan program; now, therefore, be it
Resolved by the assembly, the senate concurring, That the Wisconsin legislature respectfully urges the Congress of the United States to amend section
143 (l) (4) (A) of the Internal Revenue Code and restore the state's ability to issue general obligation bonds in order to provide mortgage loans to Wisconsin veterans who served after January 1, 1977; and, be it further
Resolved, That the assembly chief clerk shall provide a copy of this joint resolution to all members of the Wisconsin congressional delegation, the presiding officers of the U.S. house of representatives and the U.S. senate and to the President of the United States.
