Resolution 03661RESOLUTION NO. 3661
A17T'FIORIZING DEPOSIT OF PIMLIC FUNDS IN ACTIVE AND
INACTME DEPOSITS IN CERTAIN BANES.
WHEREAS, that certain act 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", approved April 20, 1933, as amended, pro-
vides in part that notwithstanding any of the other provisions of said act the
treasurer may, and he is by said act expressly. authorized to, deposit funds and to
enter into contracts relating thereto with any State or National Bank in compliance
with and subject to such provisions and conditions relating to the payment of in-
terest on public funds as are now or may hereafter be prescribed by any act of the
Congress of the United States or rules or regulations of any department or agency
of the Federal Clover stent adopted pursuant thereto and, which said acts, rules or
regulations impose lawful and binding regulations governing the paymentof interest
on deposits of public funds by member banks of the Federal Reserve System or banks
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
Lavas and regulations now exists;
NOW, TEEREFORS, BE IT RESOLVED BY Ti-,Ui,' CCTUNCIL OF T11LO CITT 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 Inactive Deposit
in the following named banks, and in an amount not exceedirg the sum set opposite
the nave of such banks, as follows:
Bank of America National Trust and Savings Association
BE TT FURTEER RESOLVED that the City Council hereby consents that the C1t-'Y
Treasurer shall deposit, and he is hereby authorized and empowered to deposit, all
funds of the city not deposited in an Inactive Fund as an Active Deposit in the fol-
lowing named banks, and in an amount not exceeding the sum set opposite the name of
such banks, as follows:
Bank of America National Trust and Savings Association - 1600I 000.00
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American Trust Company - - - - - - - - - - - - - - - - - 0, 000.00
RESOLVED, FUIM.LER, that the Treasurer be, and he is hereby, authorized and
enTowered to determine in his discretion what amount of money shall be deposited 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 hereinabove provided.
RESOLVED, FURTHER, that during the existence of such conflicting provi-
sions 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 shall be deposited as Inactive Deposits and the rate or rates of interest
thereon not less than 1/2 of 1%, and shall determine what amount of money shall be
deposited as Active Deposits and the rate or rates of interest thereon, if any;
REMIXED, FURTHER, that said Active Deposits and said Tnactive Deposits
shall be rade 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 139 of Statutes of 1933, as amended,
which agreement said Treasurer is hereby authorized and empowered to enter into$
il 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 6th day of January, 1948, by the following vote,
to wit:
AYES: Councilmen Anderson, Osborn, Sweeney and President Branscheid,
NOES: None.
ABSENT: Councilman iones, (1).
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IN WITNESS WHEBEOF, 1 have hereunto set my hand and affixed the offi-
cial seal of said City this 7th day of January, 1948.
0. P. CLARK
(SEAL) City Clerk of the City.of Alameda
I hereby certify that the foregoing is a full, true and correct copy of
"Resolution No. 3661, AUTHORIZING DT PCSIT OP PUBLIC FUNDS IN ACTIVE AND TNACTTVE
DEPOSTTS IN CERTAIN BANKS," introduced and adopted by the Council on the 6th day
of January, 1948.
City, ClQ1 of the City of Alameda