HomeMy WebLinkAbout09-08-88-11 - Resolution - 09/08/1988RESOLUTION NO. 09-08-88-11
WHEREAS, the City Council of the City of College Station
met on the 8th day of September, 1988, and was desirous
expressing its concern to the House of Representatives that
federal laws regarding the taxation of state and local gov-'
ernment bonds should not be changed in order to increase
federal revenues;
WHEREAS, this concern became increased as a result of the
recent Supreme Court case of the United States, where that
court held, in South Carolina v. Baker, that Congress may
tax interest on state and local government bonds;
WHEREAS, these state and local government bonds are an im-
portant source of revenue for state and local governments
in order to finance public capital improvement projects;
WHEREAS, the taxation of interest on state and local gov-
ernment bonds would severely impair the ability of these
governments to finance such projects; and
:~::,' i. WHEREAS, historically, Congress has respected the important
· .:.3'.i.\ .:." F role of these bonds in funding public capital improvement
' projects by refraining from taxing the interest on such
'~...~/..-~-~.~'__.. :, bonds;
~. ~.~:? i NOW, THEREFORE, BE IT RESOLVED, that the City of College
~ .~::! .] .... : Station City Council expresses its strong desire that the
(~?--!~.i House of Representatives not change federal laws regarding
./.:.=.,, ~:.,- the taxation of state and local government bonds.
~] SIGNED this 8th day of September , 1988.