Mayor Marion Barry has told the City Council that President Reagan's proposed tax reform package, if approved, would effectively terminate the city's fledgling industrial revenue bond program by the end of the year.
In a letter sent to Council Chairman David A. Clarke on Tuesday, Barry urged the council to rush to approve 10 bond proposals totaling $212.5 million by Sept. 12, to leave adequate time for congressional review this year.
Barry, who has yet to formally submit several of the proposed bond issues to the council, said council members may have to vote on some proposals "without all of the financing-bond documents which usually accompany our submissions."
Council member John A. Wilson (D-Ward 2), chairman of the Finance and Revenue Committee, criticized the mayor's request yesterday and said it was presumptuous of Barry to have submitted a proposed timetable for council action. "If you want to get me mad, just send me a schedule," Wilson said.
Wilson also wrote Barry this week that he would insist that the administration fully document all requests for additional tax-exempt revenue bond authority to finance construction and economic development by nonprofit groups and private businesses.
"I do not intend to bring before my committee any revenue bond bill that does not have accompanying financing and bond documents," Wilson wrote.
The finance committee chairman last month raised questions about the accuracy of financial information the Barry administration submits to the council after learning that an aide had given the council a backdated memo.
The federal tax proposal unveiled by Reagan last week sets a Dec. 31 deadline for the issuance of tax-ex-empt revenue bonds to finance certain types of projects.
Under the city's current program, the District issues bonds on behalf of institutions like universities, nonprofit groups or businesses.
Purchasers do not have to pay taxes on the interest they collect on the bonds, making them an attractive investment.
Reagan's proposal would end that tax exemption if more than one percent of the proceeds of the bond issue were used by any entity other than a state or local government.
"More succinctly," Barry said in his letter, "it appears that the District's Revenue Bond program, as presently structured, would be effectively terminated."
Since late 1982, Wilson's committee has approved proposals for bond issues totaling $325 million in revenue bonds, although to date only $112.7 million of those bonds have been issued.
Those include two issues totaling $55 million for George Washington University, $1.7 million for Ottenberg's Bakery, $45 million for the National Rehabilitation Hospital, $7.5 million for the Phillips Collection and $3.5 million for the D.C Association of Retarded Citizens.
Other issues still awaiting final council action or congressional review include $70 million for Georgetown University, $5.7 million to build a National Museum of Women in the Arts and $2.77 million for the Washington Beef Co.
Also, $53 million for American University, $65 million for the D.C. Hospital Association and $16 million for the Washington Home for Incurables.
Barry's administration has other bond issues under consideration that would require quick action by the council to be adopted this year.
Those include $6 million for a Georgetown waterfront hotel near 29th and K streets NW; an additional $127 million in bonds for Georgetown University and $5.5 million to finance remodeling the offices of an international investment firm.
George Washington University is seeking $73 million in bonds to build additional medical facilities and a telecommunications network on campus.
Also, a consortium of local universities has requested $50 million in bonds to create a student loan pool.