HomeMy WebLinkAbout1969-07-01; City Council; Resolution 16343
x
5
4
F
E
7
E
9
ac
I1
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
RESOLUTI OF CARLS OF MUNIC
*
RESOLUTION NO. 1634
N OF THE CITY COUNCIL OF THE CITY AD OPPOSING REMOVAL OF TAX EXEMPTION
PAL BONDS.
The City Council of the City of Carlsbad does hereby resolve
as follows:
WHEREAS, cities throughout the United States have heretofore
relied heavily on Tax Exempt Municipal Bonds to finance the expan-
sion of said cities, which bonds are attracted to the bond market
because of their tax exempt status, and
WHEREAS, during the next session of Congress and Senate of the
United States , the
presently en j oy i n g
representatives
the benef i ts of
of the citizens of
said tax exempt on
the cities
municipal
bonds will undoubtedly be confronted with legislation eliminating
or
as
impairing the tax exempt status of said municipal securities,and
WHEREAS, the City of Carlsbad has heretofore gone on record
opposing measures which would work a hardship on the a1 ready
hardpressed municipalities which rely on such tax exempt municipal
bonds and has urged the adoption of measures to retain the necessarj
flexibility of local agencies of municipalities to use whatever
measures necessary to assure the continued expansion and development
of their communi ties.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Carlsbad does hereby express its strong opposit
impairment in any way of the basic tax exempt status of
bonds the Federal Government based on the fact that
on to the
municipal
nterest
rates on funds borrowed by municipalities would probably double if
the tax exemption pri vi 1 ege were removed and certain of
municipal bonds would probably be unsaleable.
31
32
, <. r
I
i
7 CI
4
5
6
7
8
9
10
I1
12
13
2.4
15
16
17
18
19
20
21
22
23
24
25
26
27
28 i I
29 , I 30 1
31 1
32 1
I 1
8
BE IT FURTHER RESOLVED that the City Clerk of the City of
Iarlsbad be, and he is hereby directed to forward certified copies
if this resolution to Congressman Wilbur D. Mills, Chairman of the
louse Ways and Means Committee, Senator Russell Long, Chairman of
;he Senate Finance Committee, and to all of the Congressman and
ienators from the State of California.
PASSED, APPROVED, AND ADOPTED at a meeting of the City Council
If the City of Carlsbad, California, held July 1, 1969, by the
'ollowing vote, to wit:
AYES:
NOES: None
ABSENT: None
Councilmen Dunne, NcComas, Neiswender, Jardine and Castro
City of Carlsbad Carl sbad, Cal i forni a
ATTEST :