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<br />. <br /> <br />. <br /> <br />Resolution 86-7, Page 2 <br /> <br />government and private enterprise partnerships' to provide <br /> <br />efficient and cost-effective delivery of services thereby <br /> <br />impairing the ability of state and local officials to determine <br />public priorities within their jurisdictions and the most <br /> <br />appropriate method of financing those priorities; and <br /> <br />WHEREAS, certain proposals being considered by the <br />United States Congress would subject the interest earned on said <br />obligations to Federal income taxation or eliminate the ability of <br /> <br />financial institutions to deduct the cost incurred in buying and <br />carrying tax-exempt obligations and would adversely affect the <br />continued efficient functioning of the entire market for state and <br />local government obligations thereby raising the cost of borrowing <br />for state and local government and consequently raising the cost <br />of government; NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: <br /> <br />SECTION 1. That the United States Congress is urged to enact no <br />legislation which would limit the ability of State and local <br /> <br />government to issue tax-exempt obligations for public purposes as <br /> <br />defined by duly enacted State law, tax the interest on said <br /> <br />obligations, or eliminate the ability of financial institutions to <br /> <br />deduct the costs of purchasing or carrying such obligations. <br /> <br />SECTION 2. This resolution shall take effect immediately from and <br />after its passage by the City Council of the City of La Porte. <br /> <br />- <br />a <br />~ <br />fi <br />~ <br />I -2- <br />~ <br />I <br />I <br />