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RESOLUTION NO. 1320 <br />WHEREAS, the Congress of the United States is considering <br />several plans which would limit the exempt status for income <br />purposes of interest paid on bonds issued by cities; and, <br />WHER EAS, any limitation on tax exemption of interest paid <br />on municipal bonds will result in higher interest rates to be <br />paid by cities, and limit the market for such bonds; and, <br />WHERFAS, such limitation on tax exemption of interest paid <br />on municipal bonds will handicap local government in securing <br />funds for public improvements, and increase the burden on local <br />taxpayers and on users of public facilities; NOW, THEREFORE, <br />BE IT RFSOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TEXAS, That it go on record as opposing any plan by the <br />Congress of the United States that would in any way limit the <br />tax exempt status of interest paid on bonds issued by state or <br />local governments; and, <br />BE IT FURTHER RFSOLVED that a copy of this Resolution be <br />mailed to the United States Senators from Texas, and to the <br />Member of Congress in whose district the City of Paris is lo- <br />cated. <br />Passed and adopted this the 14th day of July, 1969. <br /> <br />R. A._Kennedy, Mayo_r <br />ATTFST : <br /> <br /> <br />- <br />H. C.~ Gres~ie, ~City Clerk ~ <br />APPRO VED A• TO FORM : <br />r~ ~ <br />~ <br />T. K. Haynes, City Attorney. <br />