This committee was created back in the time that it was common for municipalities to issue municipal revenue bonds to assist in financing local projects. Some time ago, the federal tax codes were changed to remove the tax free investor status of such bonds and the State began to assume the role of issuing such bonds. This resolution is really a formality, but a necessity as viewed by the State's bond counsel. It also relieves our committee from the necessity of convening for but a five minute meeting. The project being financed is an assisted living facility at Grove and Forge Hill Roads.
Information is attached.