CC Resolution No. 816 1383
RESOLUTION NO. 816
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAYTOWN STATING ITS OPPOSITION TO LEGISLATION WHICH
WOULD IF PASSED APPLY A MINIMUM TAX TO MUNICIPAL
BONDS PURCHASED BY BANKS.
WHEREAS, there is at present legislation being proposed in
the U. S. Congress which would affect the tax exempt status of
interest on municipal bonds;
WHEREAS, this legislation would reduce the tax benefits
available to banks when they purchase municipal bonds;
WHEREAS , such legislation could drive up interest rates on
tax exempt bonds as much as a full percentage point;
WHEREAS , this legislation would severely curtail the ability
of municipalities to market their bonds;
WHEREAS, the vitality of cities depends upon the ability to
sell its municipal bonds; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: That the City Council of the City of Baytown
hereby states its opposition to legislation being proposed in
the U. S. Congress which would if passed apply a minimum tax to
municipal bonds purchased by banks.
Section 2: That this Resolution shall take effect im-
mediately from and after its passage.
INTRODUCED, READ and PASSED by the affirmative vote of the
City Council of the City of Baytown on this the 12th day
of August , 1982.
EMMETT 0. HUTTO, a or
ATTEST:
EILEEN P. H LL, City Clerk
APPROVED:
RANDALL B. TR NG, Cit orney