HomeMy WebLinkAboutResolution No. 513-12 .. �4_3 -1 a, f
RESOLUTION IN SUPPORT OF THE PRESERVATION OF
TAX EXEMPT FINANCING
WHEREAS, a fundamental principle of tax-exempt financing is the ability of local
governments"to determine the services needed in the respective communities and to raise
capital to provide the services free from federal tax on the bonds used. The exclusion of
interest on state and local obligations from federal gross income is an important financing
tool in a time where job creation and rebuilding critical infrastructure is critical to our nation's
state and local economies.
NOW THEREFORE BE IT RESOLVED that the City of Rochester, County of Olmsted,
State of Minnesota opposes efforts by Congress and the Administration to eliminate or
limit the use of tax-exempt bonds by State and Local governments or to change the ability
of investors to claim the exemption.
BE IT FURTHER RESOLVED that a copy of this Resolution shall be sent to the City's
Congressional Representatives and to the Administration.
BE IT FURTHER RESOLVED that that a copy of this Resolution shall be submitted to
the League of Minnesota Cities.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF J0JWMb&1L, 2012.
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ACTING PRE IDENT OF 8AID
COMMO C UNCIL
ATTEST:
CI Y LE
V __T
APPROVED THIS DAY OF JOLUYn bt-t— , 2012.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res10/Support.TaxExemffinan
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