CC Resolution No. 262 RESOLUTION NO. 262
A UNANIMOUS RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BAYTOWN PUBLICLY EXPRESSING ITS OPPOSITION
TO ANY PLAN BY THE CONGRESS OF THE UNITED STATES
THAT WOULD IN ANY WAY LIMIT THE TAX EXEMPT STATUS
OF INTEREST PAID ON BONDS ISSUED BY STATE OR LOCAL
GOVERNMENTS ; AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE THIS RESOLUTION ; DIRECTING THE CITY MA-
NAGER TO FORWARD CERTIFIED COPIES OF THIS RESOLU-
TION TO THE UNITED STATES SENATORS FROM THE STATE
OF TEXAS AND THE UNITED STATES CONGRESSMEN FROM
BAYTOWN ' S CONGRESSIONAL DISTRICT .
WHEREAS , the Congress of the United States has
under consideration several proposed plans which would limit
the exempt status for income tax purposes of interest paid
on bonds issued by state and local governments ; and
WHEREAS , any limitation on tax exemption of in-
terest paid on state and local bonds would result in higher
interest rates to be paid by state and local governments in
their borrowing ; and
WHEREAS , any increase in cost of borrowing is paid
directly by the taxpayers of the community borrowing or by
the users of publicly owned facilities ; and
WHEREAS , any limitation on tax exemption of in-
terest paid on state and local bonds would limit the market
for such bonds ; and
WHEREAS , any limitation of the market in which
state and local bonds are sold would handicap state and lo-
cal governments in providing funds for urgently needed public
improvements ; and
WHEREAS , the City Council of the City of Baytown ,
Texas , desires to formally express its opposition to any
plan by the Congress that would in any way limit the tax exempt
status of interest paid on such bonds ; NOW THEREFORE ,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BAYTOWN :
Section 1 : That the City Council of the City of
Baytown hereby formally expresses its opposition to any plan
by the Congress of the United States that would in any way
limit the tax exempt status of interest paid on bonds is-
sued by state or local governments .
Section 2: That the Mayor is hereby authorized and
directed to execute , and the City Clerk to attest , this re-
solution for and on behalf of the City Council of the City
of Baytown , Texas .
Section 3 : That the City Manager is hereby directed
to forward certified copies of this resolution to the United
States Senators from the State of Texas and the United States
Congressmen from Baytown ' s Congressional District .
INTRODUCED , READ and PASSED by the affirmative vote
of the members of the City Council of the City of Baytown ,
on this 12th day of June , 1969 .
Glen Walker, Mayor
ATTEST:
relu�P _
E na Oliver , City Clerk
APPROVED:
William R. Laughlin , City Attorney