HomeMy WebLinkAboutResolution - 703 - Thanks & Appreciation To Congressman Kent Hance, Delaying IRS Ruling 80-55 - 01/22/1981DGV•cl RESOLUTION M3 - 1/22/81
RESOLUTION
WHEREAS, the Internal Revenue Service of the Department of the Treasury ofj
the United States proposed to declare the interest from state government 1�
certificates of deposit not deductible by banks if the certificates of deposit
are secured by pledges of municipal tax exempt bonds; and
WHEREAS, said proposed Internal Revenue Ruling 80-55 would have gone into
effect on January 10, 1981, significantly impairing the ability of the City of
Lubbock to raise funds for important public projects; and
WHEREAS, Congressman Kent Hance was instrumental in delaying the imple-
mentation of Internal Revenue Service Ruling 80-55 until May 31, 1981, so that
the potential effects of such ruling may be studied; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY.OF LUBBOCK:
THAT said City Council of the City of Lubbock hereby gives its thanks and I
appreciation to Congressman Kent Hance for his assistance and continued in-
terest in this matter of vital concern to the City of Lubbock and other similar
cities, and I
THAT a copy of this Resolution be forwarded to Congressman Hance following!
its passage.
Passed by the City Council this 22nd day of _ January ,1981.
BI MCALIS ER, MAYOR
ATTEST:
Evely"aff_ City SecFettr&reasurer
k APPROVED AS TO CONTENT:
Robert Massengale, Finafice Director
APPROVED AS TO FORM:
G. Vandiver, First Asst. City Attorney