HomeMy WebLinkAbout1969 0728 Council ResolutionVete019e Zifte .aeed
Lino Lakes, Minnesota 55014
From the office of:
RESOLUTION
ADOPTED BY THE VILLAGE OF LINO LAKES, ANOKA COUNTY, MINNESOTA,
URGING THE DEFEAT OF PROPOSED LEGISLATION THAT WOULD ELIMINATE
TAX -EXEMPTION STATUS or INCOME FROM MUNICIPAL BONDS.
WHEREAS, some members of the Congress are now considering
a bill that would eliminate the tax-free status of income emana-
ting from municipal bonds; and
WHEREAS, the municipalities must depend upon the sale-
ability of their bonds to provide needed services; and
WHEREAS, the elimination in part or in whole of the tax-
free income would discourage the purchase of municipal bonds
and, in fact, make then totally unacceptable to today's buyer;
WHEREAS, the creation of another governmental agency to
handle the interest supplement on bonds would result only in
increased cost to the taxpayer; and
WHEREAS, the enactment of such a law would only result in
an excessive financial burden on the taxpayer; and
WHEREAS, the enactment of such a law would threaten the
existence of every municipality in the State of Minnesota;
and
THEREFORE, BE IT RESOLVED that we, the members of the Lino
Lakes Village Council implore you as our elected representatives
to take all necessary steps to defeat any proposed legislation
that would eliminate the tax-exempt status of municipal bonds.
Duly adopted by the Village of Lino Lakes this 28th day of
July, 1969.
s-:2) Mayor
erk -Treasure