HomeMy WebLinkAboutReso 1960-2503 RESOLUTIO NO. 2503 ,`
T . ,
• •A ESOLUTI9N` OF THE CITY iCOUNCIL OF THE- CITY �2' , &, .
', CHULA'VISTA 'URGING` OPPOSITION.BY CONGRESS- . .
- • °IaNAL °DELEGATION .T0`PROPOSED UNITED, STATES ' "
• ' `_ TURY REGULATION WHICH I WOULD "'CHALLENGE^:` ' .
.:-T '''IMMUNITY-FROM FEDERAL' TAXATION+.OF' STATE,
'AND MU40IPAL BONDS. , :: µ ,
''WHEREAS, he'
, Q`onstitution of ,the United States has `-
'r , judicially &onstr�ked 'as established the .doctrine ofrecipro-
cal 2mmunity °of" obiigati®ns of. federal,. 'state -and municipal
, - . '; obligations,` and ' . ,§
Y , °cone s
' 'WHEREAS, rary to express Congrressitonal intent, '
-+ ' the`'Commissioner Of, Inter ,,al Revenue h d .c ' • '
M' ^ • � as propose' ert}ain � '
- regulations under °the''Life Insurance C" ' ..,
r opany Income -Tax Act `
of 1959,; which do not: give .due recognition to said • mmunit
° Y� '
WHEREAS, t1 . cost of public Forks of the City would
• be increased:, unless, there As complete recognition _that interest '
F
on these obligations has full and c'ompl e ete cen ption; and
.WHEREAS , °if ;aid -Pegulations are.•perrniitted to become
effective,' there is 'a great probability that litigation 'will ,
. be precipitated, ih which' the Constitutional uestion of the
federal right, to' .tax :state :and municipal bonds ,interest will'` - • ,
_ ' be ,,raised, and §ubh "litigation would inevitably' have';drastic• ' '
' , 'effects• upon,the munici=pal. bond market; ' .
NOW, THEREFORE, B ' IT RESOLVED AS FOLLQWS
. " t. That the;.° City
y Council, of the City of Chula Vista
hereby ,pratests..the pr ulation 'uri oposed 're
g der• the Life Insurance
Company Tncome .Tax Act of •1959, as'-it appears IA the'. Federal
Register Of August 18`, 1960:+ .,
. , . 2. ."That copigs bf this resolution shall immediate . e
be send,.to Representative Bob Wilson, Senator Thomas °Kucli;1 '
. and, Senator. Clam, Engle; and to thAe Nationa ' Y
]: Institute of° Muni='
cipal Law 'fivers, 8 9° 1 .th Street, N.W.1.,Washingtaii 6', D'.C..
., � , ° • '
a �, r
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ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF
CHULA VISTA, CALIFORNIA, this 13th day of peptember 19 60
by the following vote, to-wit:
AXES: COUNCILMEN Smith McAllister Menzel McMains
NAYS: COUNCILMEN None
• ABSENT: COUNCILMEN DeGraaf
...,ice( ..:�.l �►I/IG/
�,_ •oro ae K yo a : rlg
• ATTEST ,
c, .« ty Clerk
•
STATE O?`CALIFORNIA )
COUNTY OF SAN DIEGO ) as.
CITY OF CHULA VISTA )
I, KENNETH P. CAMPBELL, City Clerk of the City of Chula Vista,
California, DO HEREBY CERTIFY that the above and foregoing -is a full,
true and correct copy of Resolution No. , and that the same
has not been amended or repealed. •
DATED
City Clerk