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RESOLUTION NO. 4272
A RESOLUTION OPPOSING CHANGE IN TAX EXEMPT
STATUS OF MUNICIPAL BONDS
ORIGINAL
RESOLVED, by the Council of the City of Palo Alto, California,
that
WHEREAS, this Council is informed that the Congress of the United
States, in seeking acceptable methods of tax reform, is again consider-
ing the possibility of removing or otherwise changing the tax exempt
status of interest on municipal obligations;
WHEREAS, any such change would result in substantial increases in
the cost of financing needed municipal improvements to the great detri-
ment of millions of municipal taxpayers throughout the United States,
including the City of Palo Alto;
NOW, THEREFORE, IT IS DETERMINED AND ORDERED, that this Council
is strongly opposed to any legislation which would rescind or in any
way weaken the tax exempt status of interest on municipal obligations,
and the honorable representatives of the State of California in the
Congress of the United States are respectfully urged to oppose any
such proposed legislation with vigor and fortitude.
I hereby certify that the foregoing is a full, true and correct '
copy of a resolution duly passed and adopted by..the Council of the
City of Palo Alto, California, at a meeting thereof held on the 23rd
day of June, 1969, by the following vote of the members thereof:..
AYES, and in favor thereof, Councilmen: Arnold, Berwald, Clark,
Comstock, Gallagher, Gullixeon, Pearson, Spaeth
NOES, Councilmen:
None
ABSENT, Councilmen: Be • < Dias, W heatley
o? the CTty of`'Palo Alto
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