Resolution 02509RESOLUTION NO. 2509
AUTHORIZING THE DEPOSIT OF PUBLIC FUNDS IN
ACTIVE AND INACTIFE DEPOSITS IN CERTAIN BANK
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 ants in conflict with this act", approved April 28, 1933, as amended,
provides in part that notwithstanding any of the other provisions of said act the
treasurer may, and he is by said not expressly authorized to, deposit 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 or rules or regulations of any department
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 banks the deposits of which are insured by the Federal Deposit Insur-
ance Corporation and which acts, rules or regulations governing the payment of
interest are in conflict with tho provisions of said act; and
WHEREAS, this Council recognizes that a conflict between State and
Federal laws and regulations now exists;
NOW, THEREFORE, BE IT RESOLVED EY THE COUNCIL OF PHE 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
regulations and the provisions of said State act above referred to, shall deter-
mine what amount of money shall be deposited as inactive deposits and the rate
or rates of interest thereon, such inactive deposits to be not in excess of
$150,000.00 at any one time in the bank hereinafter named, and shall determine
what amount of money shall he deposited as active deposits and shall enter into
such contract or contracts as in his judgment will be to the public advantage
with Bank of America National Trust Pe Savings Association, which contract or
contracts shall fix the duration of deposits and the rate or rates of interest
thereon, if any, and provide conditions for the withdrawal and repayment thereof,
and, within the requirements of Section 4 of said State act, prescribe the
security therefor.
* * * * * * * *
1, 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 2Cth day of August, 1940, by the following
vote, to wit;
AYES: Councilmen Carrington, Godfrey, Maurer, Morris and President
Weichtart, (5).
NOES: None.
ABSENT: None,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the offi-
cial seal of said City this 21st day of August, 1940.
LORELTE R. BEATIE
(SEAL) City Clerk of the City of Alameda.
* * * *. * * *
hereby certify that the foregoing is a full, true and correct copy
of Resolution No. 2509, "AUTHORIZING THE DEPOSIT OF PUBLIC, FUNDS IN ACTIVE AND
INACTIVE DEPOSITS IN CERTAIN BANKS," introduced and adopted by the Council on
the 20th day or August, 1940.
;;R:
ai
Citx Clerk of the City of Alameda.