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CITY OF NORTH OLMSTED RESOLUTION NO. 68-/J;Z BY Ui_ A RESOLUTION DECLARING OPPOSITION TO ANY FEDERAL LEGISLATION ATTEMPTING DIRECTLY OR INDIRECTLY TO REMOVE THE TAX EXEMPT STATZTS OF BONDS AND NOTES OF THIS POLITICAL SUBDIVISION, AND DECLARING AN EMERGENCY. WHEREAS,there has now been introduced into the Congress of the United States of America, several bills which would either directly mmove the exemption from Federal income taxation for interest paid on the bonds or notes of this political subdivision or indirectly remove such exemption by requiring the political subdivision to agree to such removal as a condition of receiving Federal grants-in-aid, subsidies or guarantees of the payment of principal of and interest on such bonds or notes ; and WHEREAS,the passage of a bill of such type would result in the determination by a Federal aqency or whether or not it was wise to undertake a local public improvement and remove from the political subdivision the a- bility to determine which improvements were of benefit to it and should be made ; and W:EiEREAS, the adoption of such bills would implicitly concede the power of the Federal government to impose taxation upon the states and local political subdivisions and thereby rQgulate in a most effective manner the operation of local political subdivisions. NOW, THEREFORE, BE IT RESOLVED by the City of North Olmsted, Cuyahoga County, State of Ohio : Section 1: That this political subdivision hereby opposes any bill which would attempt to remove from the interest paid on its bonds or notes, the ex- emption in the hands of the recipient from Federal income taxation whether such bill shall attempt to effect such removal by providing Federal grants, subsidies, or guarantees as cnnsideration for the political subdivision agreeing to the re- moval of such exemption or directly remove such exemption. Section 2: That the removal of the exemption from Federal income taxation of the interest paid on the bonds and notes of this political subdivision would result in a loss of the ability of the political subdivision to determine for itself what improvements are of benefit to it and should be undertaken and would place such decision-making in a Federal agency which would not be responsive or responsible to the electors of this political subdivision Section 3: That in order to evidence the opposition of this political subdivision to the above described legislation the Clerk is hereby directed to forward a certified copy of this resolution to the Honorable William E. Minshall, member of the United States House of Representatives from this district, Senators Frank J. Lausche and Stephen Young, members of the United States Senate, and john J. Gilligan and William B. Saxbe nominees for the office of United States Senator.