HomeMy WebLinkAboutResolution No. 5618•
RESOLUTION NO. 5618
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA REQUESTING.THE RESOLUTION
COMMITTEE OF THE LEAGUE OF CALIFORNIA
CITIES TO SUBMIT A RESOLUTION TO THE
LEAGUE'S ANNUAL CONVENTION OPPOSING ANY
CHANGE IN THE CURRENT TAX EXEMPTION ON
STATE AND LOCAL GOVERNMENT BOND INTEREST
WHEREAS, proposed legislation to change current tax
exemption of State and local government bond interest is before
the Congress of the United States; and
WHEREAS, if such proposed legislation is adopted, it
will constrict substantially the market for State and local
government bonds, increase the cost of capital financing for
localities, and raise innumerable legal and constitutional
problems; and
WHEREAS, it appears that to date none of the member
cities have requested the League of California Cities to adopt
a resolution opposing such legislation;
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Azusa, California, as follows:
SECTION 1. That the Resolution Committee of the
League of California Cities be requested to submit a resolution
opposing any change of the current tax exemption of State and
local 'government bond interest to the Annual Convention of the
League of California Cities which is to be held in San Francisco,
September 28 through October 1, 1969.
SECTION 2. That copie
the League be transmitted to eac
from California in the Congress
Representative Wilbur D. Mills,
U. S. House of Representatives;
man, Committee on Finance, U. S.
s of the resolution adopted by
h Senator and Representative
of the United States and to
Chairman, Ways and Means Committee,
Senator Russell B. Long, Chair -
Senate;
SECTION 3. That the City Clerk shall certify to the.
adoption of this Resolution:.
Adopted and approved this 2nd day of September, 1969.
77- ayor
I hereby certify that the foregoing Resolution was
duly adopted by the City Council of the City of Azusa at a
regular meeting thereof held on the 2nd day of September ,
19695 by the following vote of the Go cil:
AYES: Rubio, Cooney., Calv"ert,7'Solem
NOES: None
ABSENT: Decker
Deputy C4ty Clerk