AJR62: Joint Resolution Text

LRB-4620/1

JS:kaf:km

1995 - 1996 LEGISLATURE

1995 Assembly JOINT RESOLUTION 62

November 1, 1995 - Introduced by Representatives Musser, Kaufert, Porter, Grothman, Murat, Boyle, Owens, Ainsworth, Otte, Gunderson, Dobyns, Brandemuehl, Baldus, Plombon, Coleman, Goetsch, Plache, Hahn, Olsen, Ryba, Nass and Zukowski, cosponsored by Senators Fitzgerald, Zien, Buettner, Rude, Drzewiecki, Moen, Breske and Clausing, by request of Council on Veterans Programs. Referred to Committee on Veterans and Military Affairs.

AJR62,1,2 Relating to: memorializing Congress to modify restrictions on the use of veterans mortgage bonds.

AJR62,1,5 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

AJR62,1,8 Whereas, the Wisconsin department of veterans affairs has provided housing loans to wartime veterans since 1973 through the primary mortgage loan program; and

AJR62,1,10 Whereas, authorized lenders make loans utilizing funds acquired by the state through the issuance of tax-exempt general obligation bonds; and

AJR62,1,13 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

AJR62,1,16 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

AJR62,2,2 Whereas, this same federal law restricts mortgage loans financed by those bonds to veterans who served on active duty before January 1, 1977; and

AJR62,2,6 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

AJR62,2,11 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

AJR62,2,15 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.

AJR62,2,16 (End)