Resolution No. 3045
Ii
~ .
..- - , .
.1 RESOLUTION NO. 3045
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON, URGING THE
CONGRESS OF THE UNITED STATES TO REFRAIN FROM ENACTING LEGISLATION
3 WHICH WOULD CHANGE THE CURRENT TAX EXEMPTION ON STATE AND LOCAL
GOVERNMENT BOND INTERES1'.
16
17
18
19
20
21
22
23
24
25
26
27
28
29
4
5 THE CITY COUNCIL OF THE CITY OF VERNON RESOLVES AS FOLLOWS:
SECTION 1: That the City Council of the City of Verno.
does hereby urge the Congress of the united states to refrain
from enacting legislation which would endanger the market for
state and local securities and which would make the performance
of the responsibilities of local government more difficult and
costly.
SECTION 2: That the City Council of the City of Vernon
hereby opposes Federal legislation that might alter the ta.x
exempt status of interest on local government bond issues.
SECTION 3: That the City Clerk of the City of Vernon
is bereby directed to forward a copy of this ~esolutlon to
Senator Russell B. Long, Chairman, Senate Finance Committee of
the United States Senate.
SECTION 4: The City Clerk of the City of Vernon is
30 hereby directed to certify to the plutsage of this resolution and
31
32
1.
,-T " ~ ."
.1 thereupon and thereafter the same shall be in full force and
2 effect.
3 ADOPTED and APPROVED this 21st day of october, 1969.
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 I
I
32
ATTEST:
~iY
C1erk
2.
'! '!' -. t>
1 STATE OF CALIFORNIA )
) ss.
2 COUNTY OF LOS ANGELES )
3
4 I, F. A. ZIEMER, City Clerk of the City of Vernon, do
5 hereby certify that the foregoing resolution, being Resolution
6 No. 3041 ,was duly adopted by the City Council of the City of
7 Vernon, and approved by the Mayor of said City, at a regular
8 meeting of the City Council held on October 21. 1969
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
~CitY
Clerk
3.
SUPPORTING
DOCUMENTS
cc: James Mize
Executive Officer of the Board of Supervisors
500 W. Temple Street
3&3\Hall of/1\dm-.-/.. 91TY OF VERNON
.Los Ang~J.es, Ca. 90012 CA.LlFORNIA.
w I coPC:~~~~:2::..~........~~~=.::/.....
October 22, 1969
enator Ru..ell B. Lonl
inIan, Senate FbuUlce C~itt..
a.hinlton. D.C. 20510
Oar Sir:
Enclosed i. a certified copy of ae.olution No. 3045 - A
SOLUTION r6 THE CITY COUNCIL C'1I THE CITY C1I VDMOR. OUIIfC TIll
CONGRESS or THE UNITED STATES TO unAIN r.OM ENACTIMGLlSICLlTIc:.
ICH WOUtJ) CHANGE THE CURRENT TAX EXEMPTIOM OR STAT! Aim LOCAl.
o RNMEMT BOND INTEREST, which wa. adopted by the City Council
f the City of Vernon at it. resular ..etial of October 21. 1969.
Your. very truly.
r. A. Zi...r. City Clerk-
Director of Finance
eDc.
~. .c;[
~~
143
o ftT 7 195~j
.J lJ
P\1.~
l/~):]'4;
.~7,*~~J~'
MEMBERS OF THE BOARD
ERN EST E. DEBS
CHAIRMAN
BOARD OF SUPERVISOR S
COU.NTY OF LOS ANGELES
383 HALL OF ADMINISTRATION / LOS ANGELES, CALIFORNIA 90012
FRANK G. BON ELLI
KENNETH HAHN
BURTON W. CHACE
WARREN M. DORN
JAMES S. MIZE, EXECUTIVE OFFICER
October 3, 1969
Each School District in
the County of Los Angeles
Each City of the County
of Los Angeles
Each Member of the Senate Finance Committee
Each Member of the Los Angeles
County Delegation to the Congress
Gentlemen:
At its meeting held September 30, 1969, on motion of Supervisor
Frank G. Bonelli, the Board of Supervisors of the County of
Los Angeles reaffirmed its position opposing legislation which
will remove the tax exempt status from municipal bonds.
Tax reform legislation is presently being heard by the Senate
Committee on Finance. The "Tax Reform Act of 1969," H.R. 13270,
contains two proposals: one to enact a minimum income tax, and
another, to set a maximum amount of income that could be exempted
from taxation, which includes interest paid on State and local
bonds. The members of the Board feel that this is an extremely
urgent matter and that it is imperative that action be taken
as soon as possible.
Accordingly, the Board adopted the attached resolution and urges
that your governing board adopt a similar resolution~sending
the original directly to @11€l:~Qr~J1''g.l?.51~11I?.! :L()J:1g~ghai.rrnCl.rl' .Senat e
Finance Committee, Washington, D.C. 20510, and a copy to
James Mize, Executive Officer of the Board of-SuperVisors,
500 West Temple Street, 383 Hall of Administration, Los Angeles,
California 90012.
truly yours,
~9~
S. MIZE
Attachment
.. '1' ~"
..
383 HALL OF ADMINISTRATION / LOS ANGELES, CALIFORNIA 90012
MEMBERS OF THE BOARD
ERN EST E. DEBS
CHAIRMAN
FRANK G. BONELLI
KENNETH HAHN
BURTON W. CHACE
WARREN M. DORN
BOARD OF SUPERVISORS
COUNTY OF LOS ANGELES
JAMES S. MIZE, EXECUTIVE OFFICER
143
On motion of Supervisor Bonelli, unanimously carried, it is ordered
that the following resolution be and it is hereby adopted:
WHEREAS, it is essential that any government have the power to
tax and to borrow to support necessary services; and
WHEREAS, by altering the tax exempt status of local bond issues,
the federal government may be challenging the reciprocal tax immunity
and the autonomy of local government; and
WHEREAS, passage of any measures to remove the tax exempt status
of local bond interest may have a negative result of making municipal
bonds less attractive to potential purchasers, thus raising the cost
of debt service; and
WHEREAS, measures intended to cut out "tax loopholes" may result
in higher tax rates for our citizens in order to provide revenue for
public facilities that once was provided from the sale of tax exempt
municipal bonds; and
WHEREAS, the "Tax Reform Act of 1969" includes a proposal to enact
a minimum income tax, and another proposal to set a maximum amount
of income that could be exempted from tax, enactment of either of
which, if they includ~ interest paid on State and local government
obligations, would pose a serious constitutional issue:
NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors of
the County of Los Angeles opposes federal legislation that might
alter the tax exempt status of interest on local government bond
issues; and
BE IT FURTHER RESOLVED that the Congress of the United States be
petitioned to refrain from enacting legislation which would endanger
the market for State and local securities and which would make the
performance of the responsibilities of local government more difficult
and more costly.
STATE OF CALIFORNIA )ss.
County of Los Angeles)
I, JAMES S. MIZE, Executive Officer and Clerk of the Board of
Supervisors of the County of Los Angeles, do hereby certify that the
attached is a full, true and correct copy of the Original Minutes of
Board Order No. 143 of September 30, 1969 on file in the office of the
Board of Supervisors of the County of Los Angeles, and ex officio the
governing body of all other special assessment and taxing districts
for which said Board so acts.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of the County of Los Angeles
this 1st day of October, 1969
JAMES
Board 0