Redondo Beach

Reacting to speculation that tax legislation might soon be introduced in Washington to eliminate the tax-exempt status of mortgage revenue bonds and industrial development bonds, the City Council took action this week to protect the city's ability to issue tax-exempt bonds covering all potential housing projects in the city.

On the recommendation of the city's bond counsel and Washington lobbyist, the council passed resolutions which state the city's intention to issue tax-exempt bonds to finance housing but do not obligate it to any projects for specific amounts of money.

The potential projects covered by the resolutions are sites at the closed Aviation High School, up to $7.5 million; Galleria Towers, up to $9.5 million; Lilienthal project, up to $4.5 million; Andrews School, up to $14 million; McCandless School, up to $14 million and the Aviation Way project, up to $1.2 million.

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