014171
11
RESOLUTION NO. 141
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ROLLING HILLS, CALIFORNIA,
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 bonds, needed
public improvements such as the building of schools, highways,
water and sewer distribution systems and other projects for
the promotion of the health, safety and welfare of the
people; and
WHEREAS, the federal taxation of the interest of
such bonds, as income, would result in the curtailment of
construction of needed public improvements and would result.
in either an increase of taxes imposed by the State of
California and any political subdivision thereof in order
to pay higher interest costs or the assumption by the federal
government of the responsibility of financing such improve-
ments; and
WHEREAS, there is currently a national movement
to permit the imposition of the federal income tax on the
interest income from the bonds issued or to be issued by
the several states and their political subdivisions;
NOW, THEREFORE, the City Council of the City of
Rolling Hills resolves as follows:
That the City Council of the City of Rolling Hills,
California, respectfully urges the President and the Congress
of the United States to oppose any amendment of the Constitution
of the United States, or any other action by the Congress of
the United States, or the executive branch thereof, which
would have the effect of subjecting the income from state
and local bonds to a federal tax or to cause the tax to be
increased because of such bond -holdings by a taxpayer
whether or not the increage,is in fact titled a tax; and
BE IT FURTHER RESOLVED, that the City Clerk is
hereby directed to transmit copies of this resolution to
the President and Vice President of. the United States, to
the Speaker of the House of Representatives and to each
Senator and Representative from California in the Congress
of the United States.
ADOPTED AND APPROVED this 17th day of April, 1962.
ATTEST:
OCity Clerk
r� orV h City Wl , t�olling Hills
APPROVED AS TO FO
City Attorney -r'''