HomeMy WebLinkAbout021228 RES - 08/27/1991A RESOLUTION
OPPOSING H. R. 1552 WHICH LIMITS THE MARKET FOR TAX
EXEMPT BONDS BY DECREASING THE AMOUNT OF TAX EXEMPT
INCOME ALLOWED INDIVIDUAL AND CORPORATE INVESTORS.
WHEREAS, the City of Corpus Christi has issued over $76 million in tax
exempt bonds since 1986,
WHEREAS, the City of Corpus Christi plans to issue $28 million over the next
several years for essential improvements approved by the voters in April 1986;
WHEREAS, the City of Corpus Christi wishes to pay the lowest possible
interest rate on its debt;
WHEREAS, by limiting the market for tax exempt debt, H. R. 1552 will cause
an increase in interest rates paid by the City of Corpus Christi for financing of its essential
improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, TEXAS:
H. R. 1552.
SECTION 1. That the City of Corpus Christi urges Solomon Ortiz to oppose
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 resolution and oppose this legislation.
v,c
MAYOR
THE CITY OF CORPUS CHRISTI
APPROVED: /PA DAY OF u ! , 1991.
JAMES R. BRAY, CITY ATTORNEY
By
Assistan City Attorney
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Corpus Christi, Texas
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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
Com,
Cu+
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