Resolution 02910RESOLUTION NO. 2910
AUTHORIZING DEPOSIT OF PUBLIC FUILDS IN ACTIVE AND INACTIVE
DEPOSITS IN CERTAIN BANKS.
WHEREAS, that certain at of the Legislature of the State of California
entitled: "An act to authorize and control the deposit in banks of money belong-
ing 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," anproved April 28, 1933, es amended,
provides in part that notwithstanding any of the other provisions cf said act the
treasurer may, and he is by said act expressly authorized to, daposit funds and
to enter into contracts relating thereto with any State or National bank in com-
pliance with and subject to such provisions and conditions relating to the pay-
ment of interest on public funds as are now or may hereafter-be prescribed by any
act of the Congress of the United States ur rules or regulations of any depart-
ment or agency of the Federal Government adopted pursuant thereto and which said
acts, rules or regulations impose lawful and binding regulations governing the
payment of interest on deposits of public funds by member banks of the Federal
Reserve System or banka the deposits 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
WHEREAS, this Council recognizes that a conflict between State and
Federal laws and regulations now exists;
NOW, THEREFORE, HE IT RESOLTED BY THE COUNCIL OF THE CITY OF ALAMEDA
that the City Council hereby consents that the City Treasurer shall deposit, and.
he is hereby authorized and empowered to deposit, funds of the city as an Inac-
tive Deposit in the following named banks, and in an amount not exceeding the
sum net opposite the name of such hanks, as fellows:
Bank of America National Trust and Savings Association - $200,000.00
BE IT 'FURTHER RESOLVED that the City Council hereby consents that the
City Treasurer shall deposit, and he is hereby authorized and empowered to de-
posit, all funds of the City not deposited in an Inactive Fund as an Active De-
posit in the following named banks, and in an amount not exceeding the sum set
opposite the name of such banks; es follows:
Bank of America National Trust and Savings Association - V500,000.00
American Trust Company ----------------- 50,000,00
RESOLVED, FURTHER, that the Treasurer be, and he is herehy, authorized
and empowered to determine in his discretion what amount of money shall be de-
posited as an Inactive Deposit and what amount of money shall be deposited as an
Active Deposit with each of the above named banks, but in no case shall such
Active Deposit and such Inactive Deposit exceed the limitations dereinabove pro-
vided-
RESOLVED, FURTHER, that during the existence of such conflicting pro-
visions between such Federal law or regulations and the provisions of said State
act above referred to, the Treasurer of said City of Alameda shall determine
what amount of money shell be deposited as Inactive Deposits and. the rate or
rates of interest thereon not less than 1/2 of 1%0 and, shall determine what
amount of money shall be deposited as Active Deposits and the rate or rates of
interest -thereon:, if any;
RESOLVED. FURTHER, that said Active Deposits and said Inactive Deposits
shall be made in accordance with the terms and conditions of an agreement to be
made with said banks by the Treasurer of the City of Alameda for the deposit of
public funds pursuant to the provisions of Chapter 189 of Statutes of 1933, as
aaended, with agreement said Treasurer is hereby authorized and empowered to
enter into.
I, the undersigned, hereby certify that the foregoing Resolution was
duly and regularly introduced. and adopted by the Council of the City of Alameda
in regular meeting assembled on the 17th day of August, 1943, by the following
vote, to wit:
AYES: Councilmen Branscheid, Howe, Jones, Osborn and President
Godfrey, (5).
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I HAVE hereunto set my hand and affixed the offi-
cial seal of said City this 18th day of August, 1943.
(SEAL)
LOREME R. BEATIE
City Clerk of the City of Alaraecla
* * * * * * * **
I hereby certify that the foregoing is a full, true and correct copy of
"Resolution No, 2910, AUTHORIZING DEPOSIT OF FIBLIC FUNDS IN ACTIVE AND INACTIVE
DEPOSITS IN CERTAIN BANKS," introduced and adopted by the Council an the 17t1i day
of August, 194).
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11./4
(34y Clerk he7-City of
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