Resolution 02519RESOLUTION NC. 2519
AUTHORIZING. THE DEPOSIT OF PUBLIC, FUNDS IN
ACTIVE AND INALTIVE DEPOSITS IN CERTAIN BANKS.
WHEREAS, that certain act of the legislature of the Ctate 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 parte of acts 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 act expressly authorized to, deposit funds and
to enter into contracts relating thereto with any State OT National bank in com-
pliance with and subject to such provisions and conditions relating to the payment
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 02 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-
anee 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, BE TT RESOLVED 3Y THE COUNCIL OF THE CITY CI 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 Sank of America National Trust & Savings
Association, and shall determine what amount of money ahall be deposited as ac-
tive deposits in the bank of America National Trust 1. Savings Association or the
American Trust Company, and shall enter into such contract or ccntracts as in
his judgment will be to the public advantage with said banks, 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 aet, prescribe the se-
curity therefor.
* * * * * * * *
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 3rd day of September, 191.0, by the following
vote, to wit:
AYEE. Councilmen Carrington, Godfrey, Maurer, Morris and President
•eichhart, (5),
NOES: None.
ABSENT: None.
IN WITNIES8 tREREOF, I have hereunto set my hand and affixed the offi-
cial seal of said City this 4th day of September, 1940.
LCRENE R. PEATIE
(SEAL) City Clerk of the City of Alameda.
I hereby certify that the foregoing is a full, true and correct copy of
Resolution No. 2519, "AUTHORIZING THE DEPCSIT OF PUBLIC FUNDS IV ACTIVE AND
INACTIVE DEPOSITS TN CERTAIN BAIREC", in-traduced and adopted by the Council on the
3rd day of September, 1940.
-ty
C t y Clerk of the Gil;
,y of Alameda.