HomeMy WebLinkAboutCC RESO 8096RESOLUTION NO. 8096
CITY OF NATIONAL CITY, CALIFORNIA RESOLUTION REGARDING
POSSIBLE TAXATION ON MUNICIPAL BONDS
WHEREAS, there has been an increasing number of suggestions
that the exemption from Federal Income Tax of the income re-
ceived by the owner of a bond issued by a municipal corporation,
should be repealed;
WHEREAS, certain officials of the Federal Government are
making attempts to tax such income indirectly when bonds are
owned by a life insurance company;
WHEREAS, such taxation would greatly increase the cost to
a city for financing needed public work projects by the issuance
of bonds:
NOW THEREFORE THE CITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA DOES RESOLVE AS FOLLOWS:
THe members of Congress are hereby urged to resist any
sugges-:ion that the income received by the owner of a bond
issued by a municipal corporation should be made subject to
the Federal Income Tax, either directly or indirectly..
That the City Clerk is hereby authorized and directed
to send copies of this Resolution to the President of the
United States, the Secretary of Treasury, the United States
Senato^s for California, the Representatives in Congress for
the 28th and 30th Districts, and the Treasurer of the State
of California.
PASSED AND ADOPTED THIS 1Oth day of April ,I962.
MAYOR
ATTEST;!
CITY CLERK