1960-6259RESOLUTION NO. 6259
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM OPPOSING THE UNITED STATES TREASURY
PROPOSAL TO TAX INTEREST ON MUNICIPAL BONDS IN
THE HANDS OF INSURANCE COMPANIES.
WHEREAS the United States Treasury Department has
proposed to promulgate regulations to implement the Life
Insurance Company Income Tax Act of 1959 so as to deny life
insurance companies the constitutional tax exemption of the
interest on state and municipal bonds owned by them, and
WHEREAS the Constitution of the United States, as
judicially construed, has established the doctrine of recip-
rocal immunity of obligations of federal, state and municipal
obligations, and
WHEREAS representatives of NIMLO and other interested
municipal groups held a conference with representatives of the
United States Treasury Department in which they voiced opposi-
tion to any and all attempts to tax state and municipal
obligations.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Anaheim that it hereby approves the written
proposed regulation which was submitted to the Under Secretary
of the Treasury in the following language: "Any interest
which under Section 103 is excluded from gross income shall
be excluded from the computation of any items of income or
deduction of life insurance companies under part one of sub-
chapter L," which sub chapter exempts state and municipal
obligations from taxation.
BE IT FURTHER RESOLVED that a copy of this resolution
be forwarded to the United States Senators and the Representa-
tives in Congress from this district and that they be urged
to use their efforts to secure the adoption by the Treasury
Department of the United States of the above regulation.
THE FOREGOING RESOLUTION is approved and signed by
me this 30th day of August, 1960.
A TTEST:
CITY CLERK OF THE CITY OF ANAHEIM
-1-
MAYOR OF TIE CITY OF ANAHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
(SEAL)
I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do
hereby certify that the foregoing Resolution No 6259 was introduced
and adopted at a regular meeting provided by law, of the City Council
of the City of Anaheim, held on the 30th day of August 1960 by the
following vote of the members thereof:
AYES: COUNCILMEN: Chandler, Coons, Fry, Thompson and Schutte
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim
approved and signed said Resolution No. 6259 on the 30th day of August 1960.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of the City of Anaheim this 30th day of August 1960.
CITY CLERK OF THE CITY OF ANAHEIM