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RESOLUTION NO. 69 -971
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TEMPLE CITY SUPPORTING THE DELETION
OF ALL PROVISIONS LIMITING THE TAX EXEMP-
TION ON MUNICIPAL BONDS FROM THE -TAX
REFORM ACT OF 1969.
THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES RESOLVE:
WHEREAS, the Senate Finance Committee has acted to delete
those provisions of the House Tax Reform Bill which would
indirectly tax the interest earned on State and local govern-
ment bonds; and
WHEREAS, under this action the limit on tax preferences
and the allocation of deduction provisions of the House -
passed Tax Reform Bill will not apply to bond interest; and
WHEREAS, thereby the provisions extending a Federal
subsidy to State and local governments which choose to issue
their bonds on a taxable basis will be deleted.
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Temple City supports the Senate Finance
Committee's action, and the City Council hereby enlists the
support of our Senators and Congressmen.
The City Clerk shall certify to the adoption of this
Resolution and is hereby directed to send a copy thereof
to the Honorable Alan Cranston, the Honorable George
Murphy, Senate Office Building, Washington D. C., 20510,
and our Honorable Congressmen, Glenard P. Lipscomb and
Charles E. Wiggins, Washington D. C.
ADOPTED and APPROVED this 18thday of November , 1969.
ATTEST:
- leputy City C
Mayor
City of Temple City, California
I hereby certify that the foregoing Resolution was adopted
by the City Council of the City of Temple City, at a regular
meeting held on the 18th day of November , 1969, by
the following vote of the Council:
AYES: Councilmen- Beckley, Briggs, Merritt, Tyrell, Harker
NOES: Councilmen- None
ABSENT: Councilmen- None
Chief
74
puty City Cle"rk of the City of
Temple City, California