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