Laserfiche WebLink
WHEREAS,total repeal of the exemption over the last decade would have cost state and <br /> local governments over $495 billion in additional interest costs; and <br /> WHEREAS,the municipal tax exemption has a long history of success, and it continues <br /> to finance the majority of our nation's infrastructure needs for state and local governments of all <br /> sizes when no other source exists to do so. <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San <br /> Leandro opposes any efforts by Congress and the White House to reduce or repeal the federal tax <br /> exemption on interest earned from municipal bonds; and <br /> BE IT FURTHER RESOLVED that we oppose any action that would reduce or repeal <br /> the exemption on tax-exempt bond interest, and affirm that there should be no legislative action <br /> to apply any changes retroactively to current outstanding bonds; and <br /> BE IT FURTHER RESOLVED that a copy of this resolution shall be sent to our <br /> Congressional Representatives and key members of the Administration. <br /> Introduced by Councilmember Souza and passed and adopted this 17th day of June, <br /> 2013, by the following vote: <br /> Members of the Council: <br /> AYES: Councilmembers Cutter, Gregory, Lee, Prola, Reed, Souza; Mayor Cassidy (7) <br /> NOES: None (0) <br /> ABSENT: None (0) <br /> ATTEST: 14 1, <br /> Marian Handa, City Clerk <br /> RESOLUTION NO.2013-084 2 <br />