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A RESOLUTION OPPOSING THE ENACTk~NT OF THE MUNICIPia=L TAXABLE <br />BOND ALTEP~ATIVE ACT OF 1976 WHICH IS PRESENTLY BEING CON- <br />SIDERED BY THE U. S. HOUSE OF REPRESENTATIVES. <br /> <br /> WHEREAS, the U. S. House of Representatives' Ways and <br />Means Committee has approved H. R. 12774 entitled the Munici- <br />pal Taxable Bond Alternative Act of 1976 and said Bill is pre- <br />sently before the entire House of Representatives; and <br /> <br /> WHEREAS, such Bill would give municipal governments <br />the option of issuing non-taxable and taxable bonds with federal <br />subsidy; and <br /> <br /> WHEREAS, such taxable bonds with subsidy might benefit <br />municipal governments in the immediate future, but it is the be- <br />lief of this City Council that the option for taxable bonds with <br />subsidy in lieu of non-taxable bonds eventually would subject <br />the municipal bond to direct control and regulation of the federal <br />government coupled with the threat of reduced subsidies in the <br />future. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that it opposes the enactment of <br />the Municipal Taxable Bond Alternative Act of 1976. <br /> <br /> BE IT FURTHER RESOLVED that the City Clerk is direct- <br />ed to forward a copy of this resolution to Congressman Daniel <br />and Senators Byrd and Scott. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held May 25~ 1976. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />