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Vete019e Zifte .aeed <br />Lino Lakes, Minnesota 55014 <br />From the office of: <br />RESOLUTION <br />ADOPTED BY THE VILLAGE OF LINO LAKES, ANOKA COUNTY, MINNESOTA, <br />URGING THE DEFEAT OF PROPOSED LEGISLATION THAT WOULD ELIMINATE <br />TAX -EXEMPTION STATUS or INCOME FROM MUNICIPAL BONDS. <br />WHEREAS, some members of the Congress are now considering <br />a bill that would eliminate the tax-free status of income emana- <br />ting from municipal bonds; and <br />WHEREAS, the municipalities must depend upon the sale- <br />ability of their bonds to provide needed services; and <br />WHEREAS, the elimination in part or in whole of the tax- <br />free income would discourage the purchase of municipal bonds <br />and, in fact, make then totally unacceptable to today's buyer; <br />WHEREAS, the creation of another governmental agency to <br />handle the interest supplement on bonds would result only in <br />increased cost to the taxpayer; and <br />WHEREAS, the enactment of such a law would only result in <br />an excessive financial burden on the taxpayer; and <br />WHEREAS, the enactment of such a law would threaten the <br />existence of every municipality in the State of Minnesota; <br />and <br />THEREFORE, BE IT RESOLVED that we, the members of the Lino <br />Lakes Village Council implore you as our elected representatives <br />to take all necessary steps to defeat any proposed legislation <br />that would eliminate the tax-exempt status of municipal bonds. <br />Duly adopted by the Village of Lino Lakes this 28th day of <br />July, 1969. <br />s-:2) Mayor <br />erk -Treasure <br />