R69-39 11-13-69CITY OF PEARLAND
CITY HALL HU 5-2411
P. O. BOX 157
PEARLAND, TEXAS 77581
A RESOLUTION
IN OPPOSITION TO ANY LIMITATION ON THE TAX EXEMPT
STATUS OF INTEREST PAID ON MUNICIPAL BONDS
WHEREAS consideration is currently being given to legislation
which is designed to disallow income tax exemption of municipal
bonds, and;
WHEREAS the passage
inevitably substantially
and enforcement of such legislation would
increase the effective rate of
applied to the sale of any such bonds, and;
interest
WHEREAS the net effect of such interest increases will ul-
timately be passed to the municipal tax -payer in the form of ad
valorem tax increases, and;
WHEREAS the City Council of the City of Pearland is vested
with the responsibility to preserve and protect the interests of
the citizens of Pearland,
NOW THEREFORE BE IT RESOLVED that the City Council
of Pearland declares the aforementioned legislation not
the best interest of the people of the City of Pearland
of the City
to be in
and/or
residents of this and other communities of this state, and through
such declaration affirm a position in direct opposition to the
passage of this legislation.
PASSED AND APPROVED at Pearland, Texas, this the 13 day of
November, A. D. 1969.
At
Dorothy L. Cooj,e
Ci
y Secretary