62-KRESOLUTION 6 2-K
WHEREAS, the City Council of the City of Boynton Beach, Florida,
recognizes the necessity of maintaining and preserving the exemption of state
and local bond interest from federal taxation; and
WHEREAS, the Treasury Department of the United States has in
recent months, through circuitous means, attempted to tax the interest on
municipal bond holdings of certain corporate entities; and
WHEREAS, it is felt that such efforts on the part of the Treasury
Department are in direct contravention of the clear legislative intention of
existing law regarding such matters, and if such attempts are allowed to
continue, same would result in irreparable damage to and seriously impair
the success and feasibility of all future financing programs of municipal
corporations; and
WHEREAS, it is deemed essential that the City of Boynton Beach,
Florida, makes its feelings on this subject known to the President of the
United States, to whom the Treasury Department is directly responsible;
NOW, THEREFORE , be it resolved by the City Council of the City
of Boynton Beach, Florida:
1. That the City of Boynton Beach, Florida, does hereby assert
its strenuous opposition to the attempts of the United States
Treasury Department to directly or indirectly tax the interest
on outstanding municipal or state bonds, and respectfully
requests the President of the United States to advise and
require the United States Treasury Department to cease
and desist from any present or future efforts to so tax such
holdings.
2. That the City Clerk of the City of Boynton Beach, Florida,
furnish certified copies of this Resolution to John F. Kennedy,
President of the United States, Senator Spessard Holland,
Senator George Smathers, Congressman Paul G. Rogers,
and the House Ways and Means Committee and the Senate
Finance Committee.
mi
1962,
PASSED and ADOPTED t his
5 ~ day of ~e~ , A.D.
(CORPORATE SEAL)
CitY Cler
CITY OF BOYNTON BEACH,
FLORIDA