#068 09-02-69 Urge Continuation Full Tax Exemption Municipal BondsResolution No. 68 September 2, 1969
Member Garis introduced the following resolution and MOVED its adoption:
RESOLUTION URGING CONTINUATION OF FULL
TAX EXEMPTION ON MUNICIPAL BONDS
WHEREAS, the House of Respresentatives has passed a bill (H.R.
13270) and sent it to the Senate for action which would seriously affect
the tax exempt status of municipal bonds; and
WHEREAS, it is indisputable that an increasing crisis exists
in financing those services provided by cities and other local municipal-
ities; and
WHEREAS, such cities and local municipalities are forced to
rely almost exclusively upon the property tax for revenues to finance
essential services; and
WHEREAS, property taxation in itself is not deemed to be an
equitable tax; and
WHEREAS, rates of property taxation are generally reaching
proportions of seriously high levels in order to meet the needs of urban
citizens:
NOW, THEREFORE, BE IT RESOLVED by the Village Council of the
Village of Golden Valley, Minnesota, to urge the congression.3.1 represent-
atives of the people of Golden Valley and the State of Minnesota, to take
necessary steps to reassure the retention of the full tax exemption feature
pertaining to municipal bond interest and to delete the provisions of H.R.
13270 which would remove such full exemption;
BE IT FURTHER RESOLVED to authorize and direct this Resolution
to be transmitted to the appropriate elected representatives of the people
of the State of Minnesota do the United States Congress.
Cliff Teresi, Mayor
ATTEST:
l
Helen Penniman, Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Jensen, and upon vote being taken thereon, the following members
voted in favor thereof: Bies, Garis, Jensen, Stockman, and Teresi; and
the following voted against the same: None, whereupon said resolution was
declared duly passed and adopted, signed by the Mayor and his signature
attested by the Village Clerk