HomeMy WebLinkAboutResolution 145 RESOLUTION FILE NO.
R E S O L U T I O N
WHEREAS, the tax exempt status of state and municipal bonds
is historically and inherently a part, of state and local sovereignty,
allowing the local government to determine and meet its own needs
with its own resources; and
WHEREAS, the savings in interest costs realized as a result
of tax immunity of municipal bonds is a direct benefit to every local
taxpayer; and
WHEREAS, the imposition of any nature of Federal involvement
in the issuance of municipal bonds would open the door to controls which
would seriously hamper local self-determination of needs and local
initiative for filling those needs; and
WHEREAS, the need for long-term stability and investor con-
fidence is indispensable to the marketing of municipal bonds and to
provide for local financing at the most economically advantageous cost
to local taxpayers; and
^ WHEREAS, any legislation at the Federal level which deals
with the tax exempt status of municipal bonds would be subject to
constant revision or change, policy decisions, interpretation, admin-
istrative rulings, and other uncertainties which could destroy the
historic values and advantages of local selfl-government in the area
of debt administration;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH:
THAT since any alteration .of the present exemption of state
and local bond interest is inimical to the interests of local tax-
payers and erodes the system and processes of democratic government;
The City Council of the City of Fort Worth hereby expresses
its opposition to any such proposals and urgently solicits the support
of its Congressional delegation, as well as all other Congressmen, in
opposing such legislation.
Mayor
Adopted May 29, 1973.