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<br />C~ <br />RESOLUTION URGING CONTINUATION OF <br />TAX EXEMPT~C~ DI3 MUNICIPAL BONDS <br />EXHIBIT "A" <br />WHEREAS, it is reported that the Congress of the <br />United States is considering proposals to modify the tax <br />exemption accorded to municipal bonds which are issued to <br />finance the capital needs of local government; and <br />2910 <br />WHEREAS, the proposal to tax municipal bond inter- <br />est will require local govenments to pay higher interest rates <br />and thereby impose an additional burden on the already overbur- <br />dened local property tax source; and <br />WHEREAS, any attempts by the Federal Government to <br />subsidize local government in the payment of such higher in- <br />terest rates would prove unduly burdensome and unworkable; <br />NOW THEREFORE, BE IT RESOLVED by the Village Council <br />of the Village of Falcon Heights, Minnesota that Congressman <br />Joseph Karth and Senators Eugene McCarthy and Fritz Mondale <br />take such steps as are necessary to assure full retention of <br />the tax exemption feature pertaining to municipal bond inter- <br />est. ~~ <br />BE IT FURTHER RESOLVED that the Mayor is authorized <br />and directed to transmit copies of this resolution to the <br />appropriate elected representatives of the people of the State <br />of Minnesota in the United States Congress. <br />l \/~~ r1 ~ <br />ate <br />ATTEST <br />L. -mod ~ ~. <br />,;.~ Mayor <br /> <br />