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RESOLUT:LON iVO. 82- 80 <br />INTRODUCED BY: I"Sayor & Counci,l as a Whole <br />A RESOLUTION OPPOSING THE PROPOSED FEDERAL <br />TAX LEGISLATION THAT WILL ADVERSLY AFFECT <br />THE MUNTCIPAL BOND MARKET. <br />WHEREAS, there is curreritly periding before Congress legislation <br />that will impose a minimur:l tax on individuals with adjusted gross <br />incomes in excess of Thi:rty Tliousand Dollars ($30,000.00) and <br />couples with adjusted gross incomes in excess of Forty Thousand <br />Dollars ($4.0, 000 e 00) ; and <br />WHEREAS, the`said legislation would further provide that <br />interest earned from munic'ipal securities issued after 1982 would <br />be included in the alterna,tive tax base subject to the alternative <br />minimum tax levy; and <br />WHEREAS, the said legislation also provides for a corporate <br />minimum tax on interest earned from municipal securities; and <br />WHEREAS, the said legislation furthermore provides that all <br />municipal and United States Governmerit securities issued after <br />December 31, 1982 be in a registered forin and would furthermore <br />require that each fiscal officer keep a record of ownership on all <br />bonds and notes and to cliange the recorcl eacfi time the security <br />changes hands; and <br />WHEREAS, the said legisl,ation has further provisions which <br />will restrict the issuance of industrial revenue bonds and other <br />changes that wi1,1 adyexsely affect municial financial interests; and <br />WHEREAS, tlie aforemeritioned legislation has already been <br />approved by the Finance Committee of the United States Senate and now <br />awaits action by tfie full Seriate;' and <br />WHEREAS, if such legislation is enacted it will adversely <br />affect Mayfield Village and all other municipal corporations, now, <br />th.eze,fore, <br />BE IT RESOLVED BY THE COUNC IL OF MAYFIELD i7ILLAGE, OHIO, THAT : <br />Section 1e The Mayor and Council of Mayfield Village, Ohio, are <br />vigorously oppose?c to the passage of the tax Iegislation currently <br />pending before the Un:i_te,d States Senate that wi11 adversely and <br />dramatically affect the municipal bond market by imposing certain taxes <br />on municipal securities not now in existerice. <br />Section 2m The Clexk of Council is hereby authorized and <br />directed to send a. certifi.ed copy of this Resolution to President <br />Ronald W. Re.agan, to Seriators John Glerin and Howard Nletzenbaum and <br />to U.S. Representatives Denni.s Eckart and Ronald Mottl..