HomeMy WebLinkAboutReso 3071-1960RESOLUTION NO. 3071
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH
SAN FRANCISCO OPPOSING UNITED STATES TREASURER'S PROPOSAL
TO TAX INTEREST ON MUNICIPAL BONDS IN THE HANDS OF
INSURANCE COMPANIES
WHEREAS, the United States Treasury Department has proposed to promulgate regu-
lations to implement the Life Insurance Company Income Tax Act of 1959 so as to deny life
insurance companies the constitutional tax exemption of the interest on state and munic-
ipal bonds owned by them, and
WHEREAS, the Constitution of the United States, as judicially construed, has
established the doctrine of reciprocal immunity of obligations of federal, state and
municipal obligations, and
WHEREAS, the City Council of the City of South San Francisco are opposed to
any and all attempts to tax state and municipal obligations,
NOW, THEREFORE, BE IT RESOLVED that the said City Council expresses to the
Secretary of the Treasury by this Resolution opposition and disapproval of any regulation
which does not recognize the complete exemption from federal taxation of interest on
state and municipal bonds.
* * * * * * * *
I hereby certify that the foregoing resolution was regularly
introduced and adopted by the City Council of the City of South San Francisco at
cisco at a regular meeting held this 6th day of September, 1960, by the following vote:
AYES,
Councilmen Andrew Rocca, G. J. Rozzi, Emilio Cortesi, Leo J. Ryan
and Patrick E. Ahern
NOES, None
ABSENT, None
ATTEST:
ARTHUR A. RODONDI
CITY CLERK