Resolution 02192RESOLUTION NO, 2192
AUTHORIZING THE DEPOSIT OF PUBLIC FUNDS IN ACTIVE
AND INACTIVE DEPOSITS j CERTAIN REEKS.
WHEREAS that certain act of the Legislatare of ti a State of California
entitled, "An act to authorize and control the deposit Pe banks of mouey belonging
to or in the custody of any county, city and county, city, town, municipality or
other public or municipal corporation within the State, and to repeal all acts or
parts of acts in conflict with this act," approved April 28, 1133, as amended,
provides in part that notwithstanding any of the other provisions of said act the
treasurer may, and be is by said act expressly euthorized, to deposit funds and to
enter into contracts relating thereto with any State cr National bank in compliance
with and subject to such previsions and conditions relating to the eayment of
interest on public funds as are now or may hereafter be prescribed by any act of the
Congress of the United States or rules or regulattche of any department or agency of
the Federal Government adopted pursuant thereto and which seid acts; rules or regu-
lations impose lawful RD.6 binding regulations governing the payment of interest on
deposits of public funds by member banks of the Federal Reserve System or banks the
deicsits of which are insured by the Federal deposit insurance corporation and
which acts, rules or regulations governing the payment of interest are in conflict
with the provisions of said act, and
w:TERas, this Council recognizes that a conflict between state and Federal
laws now exists, or will exist as of August 23, 1137, the effective date of Federal
regulations imposing restrictions upon said banks as afcresuid,
NOW THEREFORE, BE 11 RESOLVED EY TRE COUNCIL OF THE CITY OF ALAMEDA that
said Council does hereby consent that the treasurer of said City of Alameda, during
the existence of such conflicting provisions between such Federal law or regula-
tions arid the provisions of said state act above referred to, shall determine what
amount of money shall be deposited as inactive deposits and the rate or rates of
interest thereon, and shall determine whet amount of money shall be deposited as
active deposits and shall enter into such contract or contracts as in his judgment
will be to the public advairtoge, with Bank of America National Trust & Savicgs
Association and/or American Trust Ccn any, which contract or contracts shall fix
the'duratiou of deposits and the rate or rates of intereet thereon, if any, und
provide conditions for the withdrawal and repayment thereof, and, within the
requirements of Section 4 of said state act, preecribe the soeurity therefor.
1, the undersigned, hereby certify that the foregoing Resolution was duly
and regularly introduced and adopted by the Council cf the City of Alameda in regular
meeting assembled on the ?th day of September, by the following vote, to Tit:
AYES: Councilmen Cerrington, Godfrey, Morhia and President Weichhart, (4).
NOES': None.
ABShi4T: Councilman Maurer, (1).
IN WITNESS .HEREOF, I have hereunto set my hund and affixed the official
seal ef said City this ath day of September, 1937.
(SEAL)
** * * * * * *4
D. ELMER 1lYER, City Clerk
of the City of Alameda
By LOREME R. BEAT=
Deputy
I hereby certify that the foregoing is a full, true and correct copy of
"Resolution No. 2192, AUITIORIZIMG THE DEPOSIT OF ,B.IC FUNDS IN ACTIVE AND INACTIVE
DEPOSITS IN CERTAIN BANKS", intreduced and adopted by the Council on the 7th day' of
September, 1937.
2, , X22,2,2.-2-,RRRR
011 y 01o.1-15... qt-tTre Cj f Alameda.