Resolution 02649RESOLUTION NO. 2E149
AUTHORIZING DEPOSIT OF PUBLIC FUNDS IN ACTIVE AND
INACTIVE DEPOSITS IN CERTAIN BANKS.
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, munibipality
or other public or municipal corporatibn with the State, and to repeal all acts
or parts of acts in conflict with this act," approved April 23, 19.33, as amended,
provides in part that notwithstanding any cf the other provisions of said art the
treasurer may, and he is by said act expressly authbrizod. te, deposit funds and.
to alter into contracts relating thereto with any State or National bank in com-
pliance with and subject to such. provisions and conditions relating to the payment
of interest on public funds as are DOW 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 depooits of public funds by member bark s. of the Federal Reserve
System cr barks the deposits of which aro insureo . by the Federal Deposit Insurance
Corporation and which. acts, rules or regulations governing the payment of interest
are in conflict with the provisions cf said act; and
AS , this Council recognizes that a conflict between State and
Federal laws and regulations now exists;
NOV:, THEREFORE, EE IT RESCIV: EY TEE COUNCIL 11 THE CITY O ALE-)A
that the City Council hereby consents that the City Treasurer shall depesit, 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 exceeding the sum set
opposite the name of such tanks, as follows:
Bank of America National Trust and Savings Association - $200,000.00
BE IT FURTHER RESOLVED that the City Conrail hereby consents that the
City 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 depart in
the following named basks, and in an amount not exceeding the 5 01 set opposite the
name of such. banks, es follows:
Bank of America National Trust and Savings Association - - $400,000.00
American Trust Company ------------------ $ 40,000.00
RESOLLT-BL FURTHER that the Treasurer be, and he is hereby, authorized and
empowered to determine in his discretion what amount cf 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 he case shall such Active de-
posit and subh inactive deposit exceed the limitations hereinabove provided.
RESOLVED FURTHER that during the existence of such conflicting provisions
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 03 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;
RESOLVED FURTHER that said Active deposits and said inactive deposits
shall be made in accordance with the terms and conditiens of ah agreement lb 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
amended, which agreement said Treasurer is hereby aathorlzed. and empowered to
enter into.
* * * * * 's * * *
1, Ito undersigned, hereby certify that the foregoing Resolution was
duly and regularly introduced and adopted b the Council of 10 City of Alameda
in regular mooting assembled en the 19th day of August, 1941, by the following
vote, to wit:
AYES: Councilmen Branscheid„ Bowe, Maurer and 1' President Godfrey,
NOES: None.
ABSENT: President Weichhart, (1).
Al WITNESS WHEREOF, I have hereunto set my hand and 3 Xe t he offi-
cial seal of said City 10 20th day of August, 1941.
LOBLNE R. SEATIE
(SEAL)
11 ty. Clerk of the City of Alameda.