Res 0958 6/17/1969r
RESOLUTION NO. 5R
WHEREAS, legislation is now being considered in Congress
to eliminate, or at least modify, the tax exempt status of state,
municipal, school, county, and other public bonds ; and,
WHEREAS, such legislation will escalate interest costs on
all state and local government borrowing through bond issues, the
increased cost of which will be added to the tax bills of all Texans;
and,
WHEREAS, this will make it financially impractical for
many communities to start projects that are needed, such as hospitals,
schools, roads, etc. ; and,
WHEREAS, the reciprocal immunity by which the Federal
government and the state-local governments do not tax each other
will be destroyed, opening the gates for an unnecessary additional
burden in the form of higher taxes on all people; and,
WHEREAS, such legislation is another step in the direction
of diminishing the authority of local home rule by forcing communi-
ties to become financially dependent on Washington; and,
WHEREAS, the system of local government capital financing
through the issuance of tax exempt bonds has for a period of many
years enabled this cD untry, and Texas, particularly, to grow and
prosper, and to re-structure the method will endanger growth and
prosperity;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
The city of Wichita Falls respectfully recommends to
members of Congress to exert every effort to retain the historical
2-
tax exempt status of state and municipal bonds.
PASSED AND APPROVED THIS THE 17TH DAY OF JUNE, 1969.
14.11/'
M A Y O R
ATTEST:
CITY CLERK