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Resolution No. 2779 1 RESOLUTION NO. 2779 2 A RESOLUTION OF THE CITY COUNClL OF THE CITY OF VERNON ENOORS mG THE PROVISIONS OF H. It. 7539. . 3 4 THE CITY COUNCIL OF THE CITY OF VERNON :RESOLVES AS FOLLOWS: 5 WHEllEAS# Hou.se of Representatives Bill No. 7539 has been pre- 6 senwd enabling commercial banks to underwrite Municipal Revenue Bonds; and 7 WHEREASj such underwriting by commercial banks will mean a 8 i substantial savings t.o tax payers; 9 10 NOW~ THEREFORE. BE IT RESOLVED: SECTION 1: That the City Council of the City of Vernon does 11 hereby endorse and support H. R. 7539. 12 SECTI()N 2: The City Clerk of the City of Vernon shall 13 certify to the passage of this Resolution" and thereupon and thereafter the sam 14 shall be in full force and effect. 15 ADOPTED and APPROVED this 6th day of July" 1965. 16 17 18 19 A TTE.ST: F. ~ City Clerk 20 21 22 23 24 STATE OFCALlFORNlA ) ( ss. COUNTY OF LOS ANGELES ) 25 l~ F.. A. ZIEMER". City Clerk of the City of Vernon, do hereby 26 certify that the foregoing Resolution, being Resolution No. 2779" was duly 27 adopted by the City Council of the City of Vernon". and approved by the Mayor CD ~ ~ gill 28 of said City" ata regular meeting of the City Council held on July 6" 1965. ><>z~Ol ; 01ll0..::!..29 ~ .... mm ! 3301 0 i} ~Jt, City Clerk u-oo . ~ Zo "z.. - 0 0 ~ > 0 Z .. ~ffi 32 > IU ~ I ( U Investments Administration #1293 San Francisco Headquarte~s Mr. H. N. Warren Vice President and Manager Vernon Branch #372 Vernon April 21, 1965 H. R. 7539 .. Dear llels: You vill recall m::/ letter in March bringing you up to date on the proposed legislation before the House of Representatives, known as H. R. 5845, which would perm! t commercial banks to underwrite and deal in municipal revenue bonds in which they can invest. On April 15, 1965 a new bill known as H. R. 7539 was introduced in the House of Representatives by Representative Fernand J. St. Ge:rJllain (D) of Rhode Island for consideration by the 89th Congress. It is expected that other congressmen will also introduce similar bills including Representative Richard T. Hanna (D) frCJl1 Calif'ornia's 34th Congressional District. The bill is similar to that which was considered by the 88th Congress but is expected. to eliminatef'rom underwriting consideration, revenue bonds issued f'or industrial development purposes. There ma,y also be an amendment to underscore the prohibition on selt-dealing betveen.banks and thei~ trust departments, already a matter of' statutory provision. We expect the proposed legislation to be immediately referred to the House of' Representatives Ccmmi ttee on Banking and Currency with hearings scheduled April 26 - 27, 1965. In order that California's many political Subdivisions ma,y again express their support for the proposed. legislation, will you please ask the appropriate officials in your community to go on record either by letter or resol.ution (re-affirming past action). California members of the House of Representatives Canmi ttee on Banking and Currency and their Congressional Districts are: Richard T. Hanna Burt L. Talcott Del Clawson (D) 34th (R) 12th (R) 23rd Cities and other political subdivisions within the Congressional Districts of Committee members should address their communication to their respective congressmen as follows: ~ ~ ~ o ,..... I I i \W ~ - 2 - HOllorable (Name of COllgressman) House of Represtmtatives House Office Building Washington,D. C. 20515 Dear Collgressman (Name of Congressman): Copies of the communicatiolls, illcluding resolutions should be sent to the other California members of the Committee and to: Honorable Wright Patman Chairman House of Representatives Committee on Banking and Currency 2129 R~burn House Office Building Washington. D. C. 20515 California cities and political subdivisions geographically located outside of the Congressional Districts represented by the three California Committee members should send their communications to their own Congressm8ll. with copies to the Cali.fornia Committee members 8Ild the Chairman. To assist in proViding information for consideration by your local Officials. I am. enclosing duplicate copies of the following: 1. A draft of the Bill 2. A brief statement pertaining to the legislation 3. A statement of the need fOr the legislation 4. A list of California Congressmen comprising the 89th Congress In addition to the list of supporting organizations. The League of California Cities. The County Supervisors Association and The Irrigation District Association have registered their support. If you need additional copies of the enclosed material or have any questiOlls. please cOlltact me or Assist8Ilt Vice President N. Harris Ade_. We would like copies of supporting communications. Incidentally. some of the congressmen may be home during the Easter recess and can be contacted in person. Kind regards. Sincerely. Alan K. Browne Vice President I ISank d !m-trira NATIONAl ~~11'<fsASSOCIATION VERNON,OALIFORNIA H.N.WARREN June 17, 1965 RECEIVED _t --/f-ir- F. A. ZIEMER CITY CLERK VICE PRESIDENT AND MANAGER Dear Frank: JUL 6 If)., 1965 ~7~ Mr. F. A. Ziemer City Clerk City of Vernon 4305 Santa Fe Avenue Vernon, California 90058 Thank you very much for taking the time to discuss with me HR Bill 7539. You will find enclosed considerable data on the status of the Bill and its contents. The hearings which were scheduled for April 26 and 27, 1965 were, apparently, adjourned. Apparently someone felt there was not sufficient support to insure approval by the committee and, rather than risk a negative vote, it was tabled temporarily. I think you will agree that passage of the Bill would be helpful to many city governments and other political subdivisions and it would be appreciated, therefore, if you would refer this to Mayor Furlong, soliciting his sup- port in having a resolution passed and forwarded to the indicated representatives. Kind personal regards and thanks again for your cooperation. Encls. , HNW:tl I NEED FOR LEGISLATION TO AID THE CAPITAL MARKETS OF LONG TERM BOND ISSUES OF STATE AND LOCAL GOVERNMENTS The central domestic issue in the United States today concerns the fiscal responsibilities of State and local govern- ments and can be simply stated: The raising of funds to provide all the necessary facilities required and demanded by the growing urban and suburban population of the United States. These are such local necessities as schools. water. sewer and power facili- ties. tunnels. bridges. roads. playgrounds. parks. airport and ground transportation facilities. etc. State and local govern- ments today are spending annually approximately $62 billion. In addition. State and local governments have annual long term borrowings of over $10 billion. There are nearly $90 billion of long term State and local government bonds outstanding and this amount is increasing by approximately $5 billion a year. Over $60 billion of this long term debt is now owed by local govern- ments. In relation to the gross national product (GNP). State and local government spending increased sharply over the last decade while Federal government expenditures have remained constant. as was pointed out at a news conference on November 28. 1964. by President Johnson. State and local government spending will rise even more dramatically in the next decade. The National Planning Association projects such expenditures at an annual rate of nearly $155 billion by 1975, of which nearly $50 billion will be for educational purposes. Congress in 1933 passed legislation which allowed commercial banks to continue in their historic role of under- writers and dealers of Federal government obligations and general obligations of State and local governments. In 1933, nearly all bond issues of State and local governments were general obligation bonds, and, as such were encompassed by the language of that Act. The use of revenue bonds at that time was not widespread, although issues such as those of the Port of New York Authority were con- sidered within the scope of the phrase "general obligation." However, over the years, the legislation passed in 1933 has been interpreted so as to exclude commercial banks from the under- writing and dealing in municipal revenue bonds, to the direct detri- ment of local government bodies. Lack of competition and the absence of commercial bank capital and expertise has resulted in high borrowing costs for State and local government municipal revenue bond issues. HR 58~5 which was introduced in the B8th Congress and which was the subject of extensive hearings before the House Bank- ing and Currency Committee would give authority to commercial banks to deal in and underwrite high grade revenue bonds. Thirty-one years ago Congress was not concerned with revenue bonds. There was no reason for them to be, since at that time they were so - 2 - insignificant a method of public financing that there was only passing reference to them in the hundreds of pages of hearings of the Banking Act of 1933. However, just since 1950 the percentage of revenue bonds has tripled. Now nearly 40 per cent yearly is via the revenue bond route. Sin~e 1945. issuance of revenue bonds has increased from $205 million alone to nearly $4 hillion a year, or nearly a twenty fold increase. During this same period general obligation bonds have increased only six times. In 1950 revenue bonds were 16 per cent of the total muni- cipal financing and in 1963. it was 40 per cent of the total. Banks have successfully proven their ability to partici- pate in the field of pUblic financing by their proven record of ability in underwriting bonds over the past 31 years. They provide a ready reservoir of trained talent to underwrite. deal in and distribute revenue issues. For example, of the total amount of general obligation bonds issued, 56.5 per cent were purchased by banks or bank managed syndicates in 1963. There is no reason this ability cannot carryover into the revenue field in order to help municipal governments. The excellence of the record of the commercial banks in the underwriting field is demonstrated by the fact that subsequent to the passage of the Banking Act of 1933. Congress specifically amended the act for commercial banks to underwrite bonds of the - 3 - Public Housing Agencies, Banks for Cooperatives, T.V.A., the World Bank, the Inter-American Development Bank, and others. Congress wanted the underwriting resources of the commercial banks for these issues. At the present time State and local public officials throughout the country are strongly in support of Congressional legislation which would update the 1933 Act to meet the realities of the coming decades by providing that State and local govern- ments will have access to the same capital markets for municipal revenue bond issues as now exist for general obligation bonds. Such legislation would lower borrowing costs of State and local govern- ments for two very simple reasons I more competitive bidding for new issues, and the strengthening of the secondary market. The legislation introduced in the 88th Congress was endorsed by the Bureau of the Budget, the President's Council of Economic Advisers, t.he United States Treasury Department. the Comp- troller of the Currency, Federal Deposit Insurance corporation, American Bankers Association, the American Municipal Association, and by many elected public officials throughout the country. There were 34 State municipal leagues, representing 9300 local govern- ments, which also endorsed the legislation. The opposition to such legislation stems from the investment bankers who would naturally prefer not to have the competition of commercial banks. However, they express their opposition by - 4... ~ raising arguments concerning bank regulation. Such arguments center around conflict of interest charges relating to bank trust departments and the correspondent banking system. The conflict of interest arguments are, of course, entirely removed by regulation 9 of the Comptroller of the Currency where bank bond departments might be tempted to sell bonds to trust accounts administered by the bank. In fact there is no conflict of interest with the trust department purchases. Since a trustee needs to put his money to work promptly, his choice is not limited to new issues on a when-issued basis. There is a plentiful supply from $500 to $700 million per day in the secondary market ample to handle trust needs. In addition, trust conflicts of interest are also removed by local fiduciary law. In regard to arguments relating to the corresponding bank system, this is a very healthy and competitive system, and no bank would jeopardize relations with its corresponding banks by any potentially quick profit on sale of bonds. Perhaps the most convincing answer to conflict of interest arguments is found in the history of the last 31 years. There have been no charges of bank abuses in the underwriting and deal- ing in general obligation bonds during the last 31 years since the passage of the 1933 Act. As mentioned above, Congress has seen fit to specifically provide for bank underwriting and dealing in bond issues other than general obligation bonds when the public need required such amendments to the Act. There is no reason to - 5 - believe that banks would now start taking advantage of customers, if they are given the right to underwrite municipal revenue bonds. Finally, banking is a very closely regulated industry and bank supervisors, both Federal and State, certainly would not tolerate any conduct by commercial banks along the lines raised by the investment bankers in their very strong opposition to this regu- lation. The Chairman, Wright Patman, of the House Banking & Currency Committee, has indicated that this legislation will be considered during the early part of the 89th Congress, and that a final determi- nation by the Committee will be made. The actions taken by the 89th Congress will be of particular importance to the cities throughout the United States in meeting their fiscal responsibilities for the coming decades. The endorsement of the United States Conference of Mayors of such legislation is in the public interest and will substantially assist municipal governments. - 6 - A BILL To assist cities and States by amending section S136 of the . Revised Statutes, as amended, with respect to the authority of national banks to underwrite and deal in securities issued by State and local governments, and for other purposes. S~ ~t enaet~d by the Senate and Hou~e 00 Rep~e~entat~ve~ 06 the United State~ 06 Ame~~ea in Cong~e~~ 4~~embled, That paragraph "Seventh" of section S136 of the Revised Statutes of the United States, as amended (12 U.S.C. 24) is hereby amended - (1) by striking out the colon preceding the word "P~ov~ded" in the sixth sentence thereof and .inserting the following: "or (3) by an agreement between the public housing agency and the State in which such public housing agency is situated, in which agreement the public housing agency agrees to borrow from the State, and the State agrees to lend to the public housing agency, prior to the maturi~y of such obligations (which obligations ~hall have a maturity of not more than eighteen months), moneys in an amount which (to- gether with any o~her moneys irrevocably committed to the payment of interest on such' obligations) will suffice to pay the principal of such obligations with interest to maturity thereon, which moneys under the - 2 - terms of said agreement are required to be used for the purpose of paying the principal of and the interest on such obligations at their maturity"; and (2) by adding the following new sentences at the end of such paragraph: liThe limitations and restrictions contained in this paragraph as to dealing in and under- writing investment securities shall not apply to all other obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof or agency of a State or any political subdivision thereof (except special assessment obligations and industrial development obligations) which are at the time eligible for purchase by a national bank for its own account, except that no association shall hold such Obligations of anyone obligor or maker (other than general Obligations of a State or political subdivision thereof) as a result of underwriting, dealing or purchasing for its own account (and for this purpose Obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at anyone time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund. For purposes of this paragraph the term 'industrial develop- ment Obligation' shall mean an Obligation, not secured - 3 - by the full faith and credit of the issuer, payable solely from the rentals received by the issuer from the letting of property to private manufacturers for the principal purpose of manufacturing articles for sale if such obligations have been issued to finance the acquisition, construction, equipment or other develop- ment of such property and such property is held or to be held by the issuer for the principal purpose of such letting and not as part of or incidental to another project of the issuer." ... NEED FOR LEGISLATION TO AID THE CAPITAL MARKETS OF LONG TERM BOND ISSUES OF STATE AND LOCAL GOVERNMENTS The central domestic issue in the United States today concerns the fiscal responsibilities of State and local govern- ments and can be simply stated: The raising of funds to provide all the necessary facilities required and demanded by the growing urban and suburban population of the United States. These are such local necessities as schools. water. sewer and power facili- ties. tunnels. bridges. roads, playgrounds, parks. airport and ground transportation facilities, etc. State and local govern- ments today are spending annually approximately $62 billion. In addition. State and local governments have annual long term borrowings of over $10 billion. There are nearly $90 billion of long term State and local government bonds outstanding and this amount is increasing by approximately $5 billion a year. Over $60 billion of this long term debt is now owed by local govern- ments. In relation to the gross national product (GNP), State and local government spending increased sharply over the last decade while Federal government expenditures have remained constant. as was pointed out at a news conference on November 28, 1.964, by President Johnson. State and local government spending will rise even more dramatically in the next decade. The National Planning Association projects such expenditures at an annual rate of nearly $155 billion by 1975, of which nearly $50 billion will be for educational purposes. Congress in 1933 passed legislation which allowed commercial banks to continue in their historic role of under- writers and dealers of Federal government obligations and general obligations of State and local governments. In 1933, nearly all bond issues of State and local governments were general obligation bonds, and, as such were encompassed by the language of that Act. The use of revenue bonds at that time was not widespread, although issues such as those of the Port of New York Authority were con- sidered within the scope of the phrase "general obligation." However, over the years, the legislation passed in 1933 has been interpreted so as to exclude commercial banks from the under- writing and dealing in municipal revenue bonds, to the direct detri- ment of local government bodies. Lack of competition and the absence of commercial bank capital and expertise has resulted in high borrowing costs for State and local government municipal revenue bond issues. HR 58~5 which was introduced in the 88th Congress and which was the subject of extensive hearings before the House Bank- ing and Currency Committee would give authority to commercial banks to deal in and underwrite high grade revenue bonds. Thirty-one years ago Congress was not concerned with revenue bonds. There was no reason for them to be, since at that time they were so - 2 - insignificant a method of public financing that there was only passing reference to them in the hundreds of pages of hearings of the Banking Act of 1933. However, just since 1950 the percentage of revenue bonds has tripled. Now nearly 40 per cent yearly is via the revenue bond route. Sin~e 1945, issuance of revenue bonds has increased from $205 million alone to nearly $4 billion a year, or nearly a twenty fold increase. During this same period general obligation bonds have increased only six times. In 1950 revenue bonds were 16 per cent of the total muni- cipal financing and in 1963, it was 40 per cent of the total. Banks have successfully proven their ability to partici- pate in the field of pUblic financing by their proven record of ability in underwriting bonds over the past 31 years. They provide a ready reservoir of trained talent to underwrite, deal in and distribute revenue issues. For example, of the total amount of general Obligation bonds issued, 56.5 per cent were purchased by banks or bank managed syndicates in 1963. There is no reason this ability cannot carryover into the revenue field in order to help municipal governments. The excellence of the record of the commercial banks in the underwriting field is demonstrated by the fact that subsequent to the passage of the Banking Act of 1933, Congress specifically amended the act for commercial banks to underwrite bonds of the - 3 - ~ believe that banks would now start taking advantage of customers, if they are given the right to underwrite municipal revenue bonds. Finally, banking is a very closely regulated industry and bank supervisors, both Federal and State, certainly would not tolerate any conduct by commercial banks along the lines raised by the investment bankers in their very strong opposition to this regu- lation. The Chairman, Wright Patman, of the House Banking & Currency Committee, has indicated that this legislation will be considered during the early part of the 89th Congress, and that a final determi- nation by the Committee will be made. The actions taken by the 89th Congress will be of particular importance to the cities throughout the United States in meeting their fiscal responsibilities for the coming decades. The endorsement of the United States Conference of Mayors of such legislation is in the public interest and will substantially assist municipal governments. - 6 - CALIFORNIA MEMBERS OF 89th CONGRESS HOUSE OF REPRESENTATIVES DISTRICT NAME 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17, 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31, 32. 33. 34. 35. 36. 31. 38, Don Clausen (R) Harold T. Johnson (D) John E. Moss (D) Robert L. Leggett (D) Philip Burton (D) William S. Mailliard (R) Jeffery Cohelan (D) George P. Miller (D) W. Donlon Edwards (D) Charles S. Gubser (R) J. Arthur Younger (R) Bert L. Talcott (R) Charles M. Teague (R) John F. Baldwin (R) John J. McFall (0) B. F. Sisk (D) Cecil R. King (D) Harlan Hagen (D) Chet Holifield (D) H. Allen Smith (R) Augustus F. (Gus) Hawkins (D) James C. Corman (D) Del Clawson (R) Glenard.P. Lipscomb (R) Ronaid B. Cameron (D) James Roosevelt (D) Edwin Reinecke (R) Alphons 0 Be 11 (R ) George E. Brown Jr, (D) Edward R. Roybal (D) Charles H. Wilson ('D) Craig Hosmer (R) Kenneth W. Dyal (D) Richard T. Hanna (D) James B. Utt (R) Bob Wilson (R) Lionel Van Deerlin (D) John V....Tunney (D) -- ~ PURPOSE STATUS OF LEGISLATION ADMINI- STRATION APPROVAL PROPONENTS fll<- 1 ~'7~ J cr LEGISLATION To.a.ssS.stcities and states by amending Section 5136 of. the Revisfld Statutes to permit national banks and other member ba.r'1kso.f the Federal Reserve System to underwrite and aealiIl.highquality revenue b9nas of "the state and local governments. To bring about more adequate competition in the purchase and sale of revenue bonds issued by the state and local governments by permitting more adequate funds to be used for such purchases and sales, thereby reducing borrowing costs of the state and local governments and enabling them to better meet their present and future fiscal responsi- bilities. In the 88th Congress, the House Committee on Banking and Currency.held extensive hearings on H.R. 5845. In the Senate, an identical bill (8.828) was introduced by S.enatorsClark, Humphrey, Kefauver, Lausche and Morse. Bills are expected to be introduced soon in the present Congress and hearings will take place in the House during the Spring. A draft of proposed bill, together with an analysis thereof is attached. The legislation has been recommended by: Bureau of the Budget President's Council of. Economic Advisors Department of the Treasury Federal Deposit Insurance Corporation Comptroller of the Currency The proposed legislation is strongly supported by the following organizations: National League or Cities U. S. Conference of Mayors National Institution of Municipal Law Officers American Transit Association International Bridge, Tunnel and Turnpike. Association .Many other state and local bodies, in- '\ eluding the Municipal Leagues of 33 states. The American Bankers Association The Reserve City Bankers Supporting solutions are now under consideration by the Independent Bankers Association, and the\National Association of State Bank Supervisors. , OPPONENTS NEED FOR LEGISLATION EFFECT OF LEGISLATION - 2 ... Investment Banking Firmst concentrated largely in New York. In 1933t Congress passed legislation prohibiting national banks and other member banks of the Federal Reserve System from underwriting and dealing in the stocks and bonds of private corporations. At the same time Congress determined that it is appropriate and necessary that !he banks assist in market- ing the obligations of public bodies; the 1933 Act specifies that the banks may underwrite and deal in securities of the federal government and in the "general obligations" of the state and local governments. At that timet a type of obligation which is now called a "revenue bond" was practically unknown, but in recent years this type of bond has come into widespread use as state and local governments have increasingly adopted it as a method of financing new public facilities of a type which can pay for themselves. TodaYt "revenue bonds" make up about 40% of all the bonds being issued by the state and local govern- ments, and the percentage is still increasing. An expanding populationt population shifts and other factors will increase the need for new public facilities even faster in the years ahead. Thust there is a competitive capital market for general obligation bonds due to the presence of both commercial banks and investment banks. In the growing and important capital market for revenue bonds, competition and needed funds are deficient. During a recent year 38% of all the state and local revenue bonds were issued on non-competitive bidst while only 3% of their general obligation bonds failed to receive competitive bids. Enactment of proposed legislation will help to reduce borrowing costs of state and local governments for two reasons: 1. Providing more competitive bidding in the primary offerings of revenue bonds. 2. Strengthening of the secondary market for out- standing revenue bonds by the addition of bank capital and expertise. DEL CLAWSON MEMBER OF CONGRESS 230 CONGRESSIONAL DISTRICf CALIFORNIA OFFICE ADDRESS: 1430 LoNGWORTH HOUSE OFFICE BLDG. WASHINGTON, D.C, 20515 COMMITTEE ON BANKING AND CURRENCY COMMITTEE ON UN-AMERICAN ACTIVITIES (Congress of tbe I1niteb ~tates JJOU~t of ~tprt~tntatibt~ .a~bington, a.<lC. FIELD OFFICE: 10241 SOUTH PARAMOUNT BollLEVARD DOWNEY. CALIFORNIA TELEPHONE No., 923-9206 July 12, 1965 RECEIVED.. 7 --17 -~b --;----A ..,. .. < F. '~. ziiM5;- C,T)? CI.FR.'{ Mr. F. A. Ziemer City Clerk City of Vernon 4305 Santa Fe Vernon, California Dear Mr. Ziemer: Your letter of July 7 has been received and I am glad to have the resolution which you enclose relative to H.R. 7539. As you may know, a sudden decision was made to take up the bill in Executive Session. I was in California at the time on a trip arranged to coincide with the Easter Congressional recess and was not present for the vote in Committee. However, the decision was made to table the bill. I will certainly have your interest and your position firmly in mind in any further consideration of this measure. /..:. ,;'" Sin~.)I'" .'~/ .'. ... /:--: L/ .'1/~,-...... ......'. L.. :;/,,/... .-'~.,.r.' , Del Clawson Member of Congress DC: ac DEL CLAWSON MEMBER OF CoNGRESS 23D CONGRESSIONAL DISTRICf CALIFORNIA OFFICE ADDRESS: 1430 LoNGWORTH HOUSE OFFICE BLDG. WASHINGTON, D.C, 20515 COMMITTEE ON BANKING AND CURRENCY COMMITTEE ON UN-AMERICAN ACTIVITIES ~ongress of tbe Wniteb ~tates J}OU~t of l\tprt~tntatibt~ .a~fngton, :1'.<<:. FIELD OFFICE: 10241 SoUTH PARAMOUNT BouLEVARD DoWNEY, CALIFORNIA TELEPHONE No" 923-9206 July 12, 1965 RECEIVE 7--fr -Ps- ~ C,'rY Q.J-E}~/{ Mr. F. A. Ziemer City Clerk Ci ty of Vernon 4305 Santa Fe Vernon, California Dear Mr. Ziemer: Your letter of July 7 has been received and I am glad to have the resolution which you enclose relative to H.R. 7539. As you may know, a sudden decision was made to take up the bill in Executive Session. I was in California at the time on a trip arranged to coincide with the Easter Congressional recess and was not present for the vote in Committee. However, the decision was made to table the bill. I will certainly have your interest and your position firmly in mind in any further consideration of this measure. '-:;c<',,/ "., /1' S~!'/ >:1":;~p;,~/ .~.J/ .~.. Del Clawson Member of Congress DC: ac ..........- r '0 (FJl lUJ [jj Ir u \\ f7 \ \// \' .' , I I! !J CITY OF VERNON CALIFORNIA July 7. 1965 Honorable Wri&ht Patman Chairman House of Representatives COlIIIlittee on Banking and Currency 2129 Rayburn House Office Building Washington, D.C. 20515 Dear Sir: Enclosed you will find a certified copy of Resolution No. 2779 ... A RESOLUTION OF THE CITY COUNCIL or THE CITY OF VERNON ENDORSINC THE PROVISIONS OF H. R. 7539, which 1Iaa adopted by .the City Council at ita regular meeting held July 6, 1965. 1I'AZ:1l. enc. Yours very truly, CITY OF VERNON 11'. A. Zi_er. City Clerk r \ I; ~ ~ o '01'1 \V J u Honorable Del Claw80n HOU8e of Repre8.ntati~.8 House pfficeBuilding Wa.hinaton, D.C. 20515 Dear Sir: CITY OF VERNON CALIFORNIA July 7, 1965 Encl08ed you will find a certified copy of Re8olution No. 2779 - A llESOLUT10NOr THE CITY COUNCIL OF THE CITY OFVBRNON ENDORSING THI PROVISIONS or H.ll. 7539, which was adopted by the City Council at its regular.eeting held July 6. 1965. .rAZ: 11. ene. Your8 very truly, CITY or VERNON r. A. Ziemer, City Clerk r : i n ~ u IT] Irj U ~\P rf IJ CITY OF VERNON CALIFORNIA July 1. 1965 Bank of America 3810 Santa Fe Avenue Vernon.. California Attention: Mr. H. N. Warren Vice Pre.ident and Manaler Gentl..n: Enclosed you will find . certified copy of Resolution No. 2779 - A RESOLUTION or THE CITY COUNCIL or THE CITY or VERNON INDORSING THE PROVISIONS OF H. R. 7539, which was adopted by the City Council at its reaular meeting held July 6, 1965. Yours very truly, CITY or VERNON .,. A. Ziemer, City Clerk FAZ:ll. enc.