HomeMy WebLinkAbout021227 RES - 08/27/1991A RESOLUTION
SUPPORTING PASSAGE OF H. R. 710 and S. 913 AS AMENDMENTS TO
THE TAX REFORM ACT OF 1986 PERTAINING TO TAX EXEMPT
MUNICIPAL BONDS TO PROVIDE FOR REDUCED BORROWING
COSTS FOR SMALL BOND ISSUERS AND PROVIDE ASSISTANCE TO
SMALL COMMUNITIES SEEKING TO FINANCE CAPITAL
IMPROVEMENTS.
WHEREAS, H. R. 710 and S. 913 are designed to simplify the U. S. Tax Code
provisions that pertain to tax exempt municipal bonds;
WHEREAS, raising the limit for bank qualified bonds to Twenty -Five Million
annually would extend the interest benefit to a wider group of small communities and would
provide current small issuers with greater latitude in planning their financing activities;
WHEREAS, the passage of these bills would reduce the borrowing cost for
small bond issuers by enhancing bank demand for small issue tax exempt securities;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, TEXAS:
SECTION 1. That the City of Corpus Christi supports H. R. 710 as
introduced by Congressman Beryl Anthony and S. 913 as introduced by Senator Max Baucas.
SECTION 2. That the City Manager and staff are directed to advise all local
legislators and other pertinent officials of this resolution, and to take all steps necessary to
support this legislation and resolution.
ATTEST:
City Secretary
CAQ.J\J:Dg--U>
MAY
APPROVED: /5,6 DAY OF J u 4y/ , 1991.
JAMES R. BRAY, CITY ATTORNEY
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The above resolution was passed by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
066
wiLajcik
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