HomeMy WebLinkAbout1962-04-03; City Council; Resolution 81411
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RESOLUTION NO. 814
A RESOLUTION OF THE CITY COuPaCIL OF
THE CITY OF CARLSBAD OPPOSING AMY AMENDMENT OF THE UNITED STATES
CONSTITUTION, OR ANY OTHER ACTION
BY CONGRESS OR THE EXECUTIVE BRANCH WHICH MIGHT SUBJECT TEE INCOME FROM STATE AND LOCAL BONDS TO A FEDEUL TAX.
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WHEREAS, The State of California and the political subdivisions theret
including the City of Carlsbad, have in fie past and are now currenay engaged
in financing, through the issuance of bonds, needed public improvements such
as the building of schools, highways, water and sewer distribution systems
and other projects for the promotion of the health, safety, and welfare of the
people; and
WHEREAS, The interest income which the owner derives from such
bonds has in the past and is now currently exempt from the imposition of any
federalincome tax; and
WHEREAS, The federal taxation of the interest of such bonds, as incom
would result in the curtailment of construction of needed public improvements,
and would result in either an increase of taxes imposed by the State of
California and any political subdivision, including the City of Carlsbad, in
order to pay higher interest costs, or the assumption by the federal governmen
of the responsibility of financing such improvements; and
WEEREAS, There is currently a national movement to permit the im-
position of the federal income tax on the interest income from the bonds issued
or to be issued by the several states and their political subdivisions; now,
therefore, be it
RZSOLVED by the City Council of the City of Carlsbad that the City
Council of the City of Carlsbad respectfully memorializes the President and
the Congress of the United States to oppose any amendment of the Constitution
of the United States, or any other action by the Congress of the United States,
or the executive branch thereof, which would have the effect of subjecting the
income from state and local bonds to a federal tax or to cause the tax to be
increased because of such bond holdings by a taxpayer whether or not the
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increase is in fact titled a tax; and be it further
RESOLVED, That the City Clerk is hereby directed to transmit copies
of this resolution to the President and Vice President of the United States,
to the Speaker of the House of Representatives, to each Senator and Represent-
ative from California in the Congress af the United States, and the Treasurer
of the State af California.
PASSED, APPROVED AND ADOPTED by the City Council of the City
of Carlsbad, California, at a regular meeting held on the 3rd day of April,
1962, by the following votq to wit:
AYES: Councilmen Guevara, Bierce, La Roche, Sonneman and McPher
NOES: None
ABSENT: None
., California
ATTEST:
(SEAL)
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