HomeMy WebLinkAboutCC Reso No 1962-1073
RESOLUTION 1073
WHEREAS, The State of California and the political subdivisions thereof have
in the past and are now currently engaged in financi.ng, 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
1nJHEREl\.S, The interest income which the O'Wl1er derives from such bonds has in
the past and is not" currently exempt from the imposition of any federal income tax;
and
ir<lHEREAS, The federal taxation of the interest of such bonds, as income, 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
poli tical subdivision thereof in order to pay higher interest costs, or the assumption
by the federal government of the responsibility of financing such improvements; and
WHEREAS, There is currently a national movement to pennit the imposition of
the federal income tax on the interest income from the bonds issued or to be issued
by the several states and their political subd.i.visions; now, therefore, be it
RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELSINORE, That the .Legislature of
the State of California 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 t.axpayer whether or not the increase is in fact titled a tax; and
be it further
PBSOLVED, 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, and to each Senator and Representative from
California in the Congress of the United States.
Approved:
Hayor
ATTEST:
'Ci ty Clerk
Dated this 12th day of March, 1962.
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