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RESOLUTION '~
f
No. 69 - 48
'f
WHEREAS, the Congress of the United States is considering placing
some form of a tax on the interest from municipal bonds; and
WHEREAS, such action would jeopardize tke municipal bond market
and would result in a long pexiad of litigation; would force some major
institutional investors to unload their bonds further clogging the market
and increasing intexest xates; would increase interest costs and reduced
market would force delays in many cxitical local programs; and would
increase competition between state and local bond issues and federal and
private corporate issues for the investor=a dollars; and
WHEREAS, the City Commission of the City of Clearwater opposes
any taxation of income from tax exempt municipal bonds;
NOW, THEREFORE, SE IT RESOLVED BY THE CITY
COMMLS5ION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY A55EMBLED, A8
FOLLOWS:
1. That the City Commission of the City of Clearwater hereby
officially opposes any taxation of income from tax exempt municipal bonds
and calls upon the members of the Congress of the United States to seriously
study this proposal and not to enact the same as a law.
2. That certified copies of this Resolution shall be forwarded forth-
with to Honorable Wilbur D. Mills, Chairman of House Ways and Means
Committee; Honorable Sam M. Gibbons, Member ~f the House Ways and
Means Committee; and Honorable William C. Cramer.
PASSED AND ADOFTED this 5th ~
Atte
.tc.ei~
Clerk
.•Reso.~69~48 .
f
' S•
May 5, 1.969
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