HomeMy WebLinkAbout1969-245 CCR Member Theodore Willard introduced the following resolution and
moved its adoption:
RESOLUTION NO. 69 -245
RESOLUTION URGING CONTINUATION OF TAX EXEMPTIONS
ON MUNICIPAL BONDS
WHEREAS, it is indisputable that an increasing crisis exists in financing
those services provided by cities and other local municipalities; 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; and
WHEREAS, it is reported that the Congress of the United States is seriously
considering proposals to remove the tax exemption accorded to municipal bonds
which are issued to finance the capital needs of local government; and
WHEREAS, the proposal to tax municipal bond interest would require local
governments to pay even higher interest rates and thereby impose an additional
burden on the already overburdened property tax source; and
WHEREAS, publicized subsidy programs which have been offered to replace
the ax x e exemption feature of municipal bonds are unacceptable in that they create
increased reliance -Ripon the frequently unreliable federal appropriation process
and they create increased federal control and dominance of local policy decisions:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota to urge the congressional representatives of the
people of Brooklyn Center and of the State of Minnesota to take such necessary
steps to assure the retention of the tax exemption feature pertaining to municipal
bond interest.
BE IT FURTHER RESOLVED to authorize and direct the Mayor to transmit
copies of this resolution to the appropriate elected representatives of the people
of the State of Minnesota and the United States Congress.
June 9, 1969
Date Mayor pro -tem
ATTEST: ZkO�" er
Resolution No. 69 -245 r 6
The motion for the adoption of the foregoing resolution was duly seconded by
member John Leary and upon vote being taken thereon, the following
voted in favor thereof: John Leary, Earl Rydberg, Howard Heck and
Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.