HomeMy WebLinkAbout1969 14_Against removing tax exempt status on bonds_1969.08.04RESOLUTION NUMBER 14
WEREAS a Bill is to be considered in Congress, which would, if
passed, remove the tax exempt status of municipal bonds, qnd
WhEREAS it is obvious that subjecting municipal bonds to taxatioal
would greatly restrain and possibly prevent the sale of stmh bonds by
cities and towns, which have been or may hereafter be voted and issued
by towns and cities in the State of Cklahoma, and
WEEREAS the taxing of municipal and would cause bond purchasers
to demand increased interest rates, which additional charges would in
turn be added to the tax bur4an of the individual tax payers of cities
and towns in Oklahoma, who would be required to retire the bonds, and
IffiHERDLS the laws of the State of Cklahosm prohibit the charging
of a greater rate of interest than six percentum (6%), which limitation
would most likely render the sale of such bonds impossible, and thereby
create a great hardship upon the Cities and Towns of the to of Cklahomap
W, THEREFCBS, BE IT WK WD that the Citizens and taxpayers of
BE IT .FURS EER PFB-IJLVvD that a copy of this resolution be sent to
each Cklahoma senator and member of the we of Npresentatives in
the Congress of the United States of America, to inform them of the
town's objections regarding the taxing of municipal bonds,
PASSED2 APERCNED AN D AIWID at regular open meeting of the Board
of Trustees of The Town of Wasson Qlahomq,
held Augustf 1969.
Prosidiat of
the Board of Trustees of
AfTESTs
1 The Town
of Cmassn, la a,
A/
Pi '--Z"
I Y
LIX
Clerk
Board Member,
Board Member,
Board Member