HomeMy WebLinkAboutRES NO 18-62 RESOLUTION NO. ·18-62
A RESOLUTION OF THE COUNCIL OF THE CITY OF'
BAKERSFIELD OPPOSING THE TAXATION OF INTEREST
· ON BONDS FOR PUBLIC IMPROVEMENTS.
WHEREAS, The State of California and the political subdivi-
sions thereof have in the past and are now currently engaged in
financing, through the issuance of bonds, needed public improvements
such as highways, water and sewer distribution systems and other
projects for the promotion of the 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 tax; 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·politica~ subdi-
vision thereof in order to pay higher inte'rest costs, or the
· assumption by 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 bonds issued or'to be issued by the several+ states and
their political subdivisions;
NOW, THEREFORE, BE IT RESOLVED by the Senate and the' Assembly
of the State'of California, jointly, That the Council of the City
of Bakersfield respectfully memorializes the President and the
Congress of the United States to oppose any amendment~_of~_.the_ConSti ......
tution of the United States, or any other action by the Congress
of the Uni.ted States, or the executive-branch ther'eof, 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 'increase 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 Presi. dent and Vice President of
the United States, to the. 'Speaker. of the House of Representatives,
and to 'Senators Clair Engle and Thomas H. Kuchel and Congressman
Harlan Hagen. :
o0o
i HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the Council of the City of Bakersfield at a regular
.meeting thereof held on the 19th.day of March, 1962, by the
following vote:
Council of 'the City of Bakersfield
APP~OVED.i.'this '19th day of March, 19.62,
MAYOR of the City of Bakers field·