234965 ORIGINAL TO CITY CLERK 23�Q�5
- CITY OF ST. PAUL F,OENCIL NO.
f OFFICE OF THE CITY CLERK
O CIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONE � DATF
WHEREAS, national banks a.nd other member banks of the
Federal Reserve System are not permitted to inveat in revenue
bonds of State and Local governments; and
WHEREAS, this prohi.bition severely restricts the
marketing of revenue bond� and increases interest rates to
the public; and
WHEREAS, high quality munieipal revenue bonds are a
safe and sound investmen�; and ,
WHEREAS, there is now pending before the Gongress S. 1306,
to permit national banks and other member banks of the Federal
Reserve System to invest in high quality municipal revenue
- bonda; now, therefore, be it
-, RESOLVED, by the Council of the City of Sa�nt Pau1 that
this Council hereby supports this important legislation and �
urgea the members of the Minneso�a delegation in Congress
to work for its enactment; and be it
FUR3'I�R RESOLVED, that the City Clerk is instructed to -
-�- send copiea of this resolution to all members of the Congress
from the State of �Minnesota.
��M AP
-- � �'�`-�-.
�
orpor io� unsel �
COUNCILMEN Adopted by the Council SE� 1 2 lg��,_
Yeas Nays
��r3san—
�Dalglish �EP 1 � 1967
� proved 19_
Hollax�� �
�1Vleredith Tn Favor
\Peterson ' Mayor
fl
�Tedesco A gainst
�Mr. President, Byrne
- ,:s; t, , :,i; � r. i r� �.
�;.; 1.�,
.. .!�'i�. :tr �.�A :i. . ; a J
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DUPLICATE TO rRINTER 234��5
= GTY OF ST. PAUL FIOENCIL NO.
, OFFICE OF THE CITY CLERK
' COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONER DATF _
W�REAS, nat3.o�a1 banke &nd other memb�r banks of the
Federal Reaerve System are no� �ermi�ted to lnveat in revenue
bonds of Stat� and I,oQal governn�nts; and
WFIEREAS, thie proh�.bition severely reetrio�� the
marketing of revenue bonds and i.ilarea�es inte�edt rates to
�he pubi�.a; and
W�iEREAS, high qualitp muniaipal reveriue bonds are a
eafe and souncl inves�ment; and
W�REA3, there ia now pending before �he Congress S. i3o6,
to permi� national banke and other member b�nks of �he Federal
Re�erve Sy�tem to inveaL in high quality muniG�.pal �evenue
bonde; r�ow, therefore, be it
RESOLVED,, by the Counail of the C3ty of Ss�.�t Paul �ha.t
th�� Council hereby �uppor�s thie impor�ant legialation ar�d
urges �he members of the �.i.xineao�a delegation in Congress
to work for its enaatment; and be it
FUR�H�R RE30LYFD, tha.t the City Clerk ie ingtrua�ed to
send aopies of thia riesol�.tion to all memt�ere of the �ongre�s
from the State of Minnesota.
��,p 12 i967
COUNCILMEN
Adopted by the Council 19—.
Yeas Nays
�°n ��� � '� 156�
Dalglish Approved 19—
H 1,�lanr�
Meredith � Tn Favor
Peterson �y�r
Tedesco � Against
Mr. President, Byrne
�2z