Resolution 02286RESOLUTION kW. 2286
AUTTIORIZIAG THE DEPOSIT' OF PUBLIC FUNDS IN ACTIVE
AND INACTIVE DEPOSITS 1 CERTAIN BANKS A
WHEPLAS that certain. act of the LEgisipture of the State of Califb=ble. entitled,
"An. act to authorize amd control the deposit in banks of money belonging to or i0 . the
custody of any county, cit1 . and count:, city, town, munIcipalitee or other public or
mundcipal corporation. bEthin. the State, and to repeal all acts or parts of acts 11 conflict
with. this abt," approved April 28, 193), as amended, provides in part that notwithstanding
any of the other provisions of said act the treasurer may, and. he is by said act expressly
authorized, to dbposit funds and to enter into contracts relating thereto with any State or
National banX in comliance with. and. subject to such provisions and benditiona relnting
to the payment of interest on. publio 1, 10,, as are now cr may hereafter be prescribed by
any. act of the Congress of thb United States or rules or regulations of any department
or agency oT the Federal Government adopted.. tursuamt thereto and which such acts, rules or
regulations impbse lawful and. binding regulations governing the payment of interest on
deposits of rxbdic funds by member banks of the Fedbral Reseren System or ranks the
deposits of which are insured. by the Federal depbsit insuranob corporation and which ants,
rules or regulations governing the payuent of interest are in conflict with the provisions
of said. act, and
WREETES, this Council recognizes that a conflict between State and Federal law"
and regulations naw ehist,
NOW IffibeFFORIE BE IT liascano ay TIE COUNCIL OF FMB CITY OF ALABEDA that snid.
009 01 does hereby consent that the treasurer of said City of Alaxeda,during the existence
of such conflicting ""1' '1,19' between such Federal law or regulationE and the provisions
of said state pet above referred to, shall determine wXat amount of money shall be
deposited in inactive dPnesits and the rate or rates of interest thereon, such inactive
deposits to be. not in excess of $75,000.00 at any ono time in each of the bankb hereinafter
named, and shall determine ubbt amount of money shall be deposited as 19 ''1? deposits.
and. shall enter into each contract OT contracts as in his judgment will be to the
publie advantspo, with Bank of Amarich National. Trust & Sayings Association. andYon American
Trust Company, which contrant or contracts shall fix the duration of depesits and Tie
rate or rates of interest thereon, if any, abd provido conditionb for the withdrawal abG
repayment thereof, and withim the requirements of Section 4 of said state act prescribe
the security therefor.
I, the undersigned, hereby certify. tact the foregoing Resolution was duly
and regularly introduced and adopted by the Council of the City of Alameda-In reguibm
mbetinp assembled on the 6th dry of Sertemtbiq 1938, by the rellbwing vote, to wit:
hart,( 5),
AYES: Councilmen Carrington, Dodfrhy, Ueurcr, Edrvis and President Welch
NOES: Note.
ASSIST: No re .
IN HITE= WEEPEOF, I :eye hereunto set my hand. and affixed. the official
seal if said. City this 9th day of September,1938,
D. EL= DYER
(SEAL) City Cl 1 of the City cm ktemeds.
1 hereby certify. hat then foregoing is a full, true and correct copy of "Resolu-
tion No. 2286, AETNA:Y=1N01 TEU DEPOSIT OF' PUELIC BE. IN ACTIVE AND INACTIVE DEPOSITS
IN CIHATAIN BANDS", introduced end adopted by the Council on the 6th day of September,
1938.
beszel_
peeig uezEbe.Aziabz,Hpbyyi
City Clerk of ethe-Citybof Alameda.
gees_