HomeMy WebLinkAbout1968 Resolution No. 032 [1] [NOT PASSED]l ~l2
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RESOLUTION NO. 32, SERIES OF 1968
A RESOLUTION URGING CONGRBSSIONAL SUPPORT OF
3782 INSOFARAS SAID BILLS RELATE TO THE CLARIFI
OF T~TION OF MUNICIPAL BONDS AS ESTABLISHED IN THE
ENACTED\REVENUE AND EXPENDITURE CONTROL ACT OF 1968.
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, .R. 18371
AT ION
CENTLY
WHEREAS, certain provisions of the Reven~ and Ex-
penditure ontrol Act of 1968 appear to remove th~ tax exempt
status of niciapl bonds through removeing the ~ax exempt
status of " ndustrial development bonds" and defining an
industrial d velopment bond as one which is iss~ed for a facility
which will h ve private occupants paying for ~hat facility's
use, a nd
~IRR~~s. Lhis broad definition may result in the
laxal1on of bond-1ssue<l for such public fatiliti@s as tratts-
port ~t inn nyRtC'mn• p~rkin~ l ot~. ~nd wa t~r tra n s mission s y stems
wh e n Lhe laller arc conHlructed on a regional basis, a nd
w1m111 ·:/\::. ··'"" l ;'l v .,t inn nf in rnm,-. rlprivnrl from m11ni r·in 01J
bonds woulu result au llllJhu1 jnLecef>L 008t Lo municipa.lilies
~nrt aer1n11a1y ef f er·t th e v1ahi lity nf thi~ m€tthnn of fin~nrin'J
muC'h ll«'P(lr•rl pul, I J c I mprovcmpn t n.
NOW, '1'HERE1''0RI, BE I'r RESOLVED BY THE CITY COUNCIL
OF' TllE CITY OF' F.NGf_,F.WOOD. COLO R/\00, as follows:
r:,,,.t in11 1 . <'nU<rrnrirdnn;il nnr>nnry nf ll.R. 1R171
nd !::> J '/8:l, mea::;uce::; whi ch clarit y the tax exempt status of
income derived from municip~l bond interest is urged.
Secllo11 'J.. 'l'he Di rector of Pinanee is hereby direeted
t-n forw;irc'I r-nl'"li"~ of thi ~ rr"'i:Jolution to me mb ers of the Colorado
co11y1·u:.1:;lu nctl Ut·ll''Jal lu11 , L'la i1l~111 e1 11 M lll::; 01 Lh e 11 ou::;e Way::; anu
Means Committee, and Chariman Long of the Senate Finance Com-
mittee. I
AOOPTF.D AND APPROVP.O t d•Y of July, 1968
Mnyor
/\T'rBST:
City Clerk -Treasurer
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