HomeMy WebLinkAboutReso 3490-1962RESOLUTION NO. ~90
A RESOLUTION RELATIVE TO FEDERAL INCOME TAXATION
OF THE INTEREST DERIVED FROM PUBLIC BONDS
WHEREAS, the State of California and the political subdivisions thereof have in the past and are
now currently engaged in financing, through the issuance of honda, needed public improvements such as the
building of schools, highways, water and Sewer distribution systems and other projects for the promotion
of health, safety and welfare of the people, and
WHEREAS, the interest income which the owner derives from such bonds has in the past and is now
currently exempt from the imposition of any federal income taxi and
WHEREAS, the federal taxation of the interest of such bonds, as income, would result in the cur-
tailment of construction of needed public improvements, and would result in either an increase of taxes
imposed hy the State of California and any political subdivision thereof in order to pay higher ,interest
costs, or the assumption hy the federal government of the responsibility of financing such improvements;
and
WHEREAS, there is currently a national movement to permit the imposition of the federal income
tax on the interest income from the honda issued or to he issued hy the several states and their political
subdivisions;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does by
this resolution respectfully request the President and the Congress of the United States to oppose any
amendment of the Constitution of the United States, or any other action hy the Congress of the United
States, or the executive branch thereof, which would have the effect of subjecting the income from state
and local honda to a federal tax or to cause the tax to he increased because of such bond holdings hy a
taxpayer whether or not the increase is in fact titled a tax;
BE IT FURTHER RESOLVED that the City Cierk is hereby directed to transmit copies of this Resolu-
tion to the President and Vice President of the United States, to the Speaker of the House of Representa-
tives and to each Senator and the Representative from the 9th Congressional District of California.
I hereby certify that the foregoing resolution was regularly introduced
and adopted hy the City Council of the City of South San Francisco at an adjourned
regular meeting held on the llth day of June, 1962, hy the following vote:
Ayes, Councilmen
Noes, "
Absent, "
Leo J. Ryan, Patrick E. Ahern, ~milio Cortesi, and Andrew Rocca.
None
G. J. Rozzi
A TTE S T:
ARTHUR A. RODONDI
City Clerk