HomeMy Public PortalAboutResolution No. 006-86 03-10-1986 RESOLUTION NO, 6-86
A RESOLUTION EXPRESSING OPPOSITION TO TAX
PROPOSALS BEFORE THE U. S. CONGRESS
RELATING TO MUNICIPAL BONDS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HILLS,
TEXAS:
WHEREAS, the United States Congress is currently considering tax
reform proposals including proposals relating to tax-
exempt bonds; and
WHEREAS, these proposals would restrict the investment of bond
proceeds, would require that certain earnings from the
investment of bond proceeds be paid to the U. S.
Treasury Department, would require that an Internal
Revenue Service Information Report be filed for every
bond issue, would impose additional taxes on banks that
purchase tax-exempt bonds, and would subject the holders
of tax-exempt bonds to minimum tax liability; and
WHEREAS, the proposed limitations on tax-exempt municipal bonds
would adversely affect the City of Richland Hills by
increasing borrowing costs, require continuous adminis-
trative review of bond issues and would require filings
with, and review by, the Internal Revenue Service of
each bond issue; and
• WHEREAS, the municipal bond proposals will result in an increase
in costs which must be passed on to the consumer, will
reduce the ability of municipalities and authorities to
provide vital public services and will impose added
federal bureaucratic controls over the provision of
such services; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HILLS,
TEXAS:
I.
That the City of Richland Hills, Texas, goes on record as
opposing the limitations and restrictions on municipal bonds
under consideration by the United States Congress, which, if
enacted into law would adversely affect all tax-exempt municipal
bonds, including bonds issued by the City of Richland Hills.
APPROVED AND ADOPTED THIS 10th DAY OF 198
YOR
•
ATTEST:
CITY SECRETARY