HomeMy WebLinkAboutResolution - 081072M - Department Of Treasury Urged To Withdraw Proposed Regulation - 08_10_1972�.., KJ:pr
RESOLUTION
WHEREAS, the Congress of the United States enacted legislation which amen
the Tax Reform Act of 1969 by prohibiting the issuance of tax exempt bonds for the
purpose of arbitrage; and
WHEREAS, the Department of the Treasury has issued proposed regulations,
on June 1, 1972, which take an entirely new course in interpretation of such legis-
lation and such proposed regulations are unreasonable and are not within the scope
and intention of the Congress; further, the Treasury, by its action, has placed an
onerous burden upon state and local governments at a time when the Congress and
the President have professed an understanding of state and local financial problem;
and have expressed their willingness to cooperate in finding remedies for such
problems; and
WHEREAS, the proposed Treasury regulations exceed the directives of the
Congress and as long as such regulations are permitted to exist, an intolerable
burden will be placed on state and local governments; NOW THEREFORE
IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK
THAT the Department of the Treasury BE, and is hereby urged to withdraw
is proposed regulations dated June 1, 1972 relating to such legislation; and
THAT this resolution be wired immediately to the Commissioner of Internal
Revenue, with copies to the Senators and members of Congress from Texas and to
the National League of Cities - United States Conference of Mayors.
Passed this loth day of August 1972.
TTEST:
r
MORRIS W. TURNER, MAYOR
venia Lowe, City SeQXetary-Treasurer
'PROVED AS TO FORM:
red O. Senter, Jr., Attorney