HomeMy WebLinkAboutCC Res 334 1937-09-16
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RESOLUTION No.3~1t
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A RESOLUTION OF THE OITY OOUNOIL OF THE OITY OF SEXL
BEAOH, OALIFORNIA, AUTHORIZINg fHi OITY TREASURER TO
DEPOSIT PUBLIO FUNDS IN AOOORDANOE WITH RiGULATIONS
ISSUED BY THE BOARD OD' GOVZRNORS OF THli: FEDERAL REA
SERVE SYSTJ:M AND WITH REOENT Am:NDKENTS OJ' THJ: PUB-
LIO DEPOSIT AOT OF THli: STATE or OALIfORNIA.
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The Oity Oouncil of tho Oity of Soal Beaoh, Oalifornia,rosolToS;
as follows:
WHEREAS, tho Logislature of tho Stato of Oalifornia, adoptod an
aot ontitled: II An aot to authorize and oontrol tho doposit in banks
of money bolonging to or in the custody of any oounty, oity and ooun
oity, town, munioipality or othor publio or munioipal oorporation
within this Stato, and to repeal all aots or parts of aots in conflio
with this aot,"approvod April 2g, 1933, by amending sootion 1 theroof
and by adding a new section thoreto to be numborod sootion 3a, rolat-
ing to the doposit of public monoys, to de."re the urgency thereof,
and to provido that this act shall take effoot iJlllllodiahlY,"approved
by tho Governor Juno 2g, A.D. ,1937; and,
WHEREAS, said Oity Oouncil rooognizes, that said City Troasuror
is governa4 by said state law as amended and rogulations issued by
the Board of Governors of tho Foderal ReBrve Systom with rospeot to
Activo and Inaotive Deposits of Publio Funds of said City;
NOW, THEREFORE, said Oity Oounoil there foro resolvos; that not-
withstanding any of the provisions of said Ac; of said State Legisla-
ture tho oity treasurer may, and he is hereby oxpressly authorized, t
deposit funds and to enter into contracts rolating theroto with any
State of national bank in oomplianoe with and subject to suoh provis-
ions and oonditions rolating to the payment of interest on public f
as arc now or may hcronftcr be proscribed by any aot of the Oongross
of the United States or rules or regulations of any department or
agency of tho D'ederal Government adoptsd pursuant theroto and whioh
said acts, rulos or regulations impose lawful and binding regulations
gOTorning tho payment of interist on deposits of public funds by mem-
bor banks of tho Federal ROBrvO System or banks the deposits of whioh
aro insured by the Federal deposit insurance oorporation and whioh
aots, rulcs or regulations governing the payment of interost are in
oonfliot with the provisions of this aot. Suoh treaeurer may, during
the existenoe of suoh oonflioting prOVisions between suoh Federal Law
or rogalations and the provisions of this act, with the consent of th
governing body of the oit,~~determine what amount of money shall be
deposited as inactive deposits and the rate or rates of interest the
on, and shall dotermine what amount of money shall be deposited as ac
tive deposits and shall enter into such oontraot or oontracts with
suoh depositary or depOSitaries as in his ~udgmont will be to the
~lio advantage so to ~ ~Oh contraot or contracts shall fix tho
uration of deposits and the ate or rates of interest thereon, if an ,
nd prOVide oonditions thdrawal and repayment thereof and, with
in the requirements of eeotion 4 of euoh Aot of the State Legislature,
resoribe the seourity therefor. Upon the enaotment by the United
tatos of any law removing restriotions imposed upon banks by the law
f the United States or by any rogulation thereunder relative to tho
ayment of interest upon publio funds, any such agreement theretofore
ntered into by said treasurer and any bank shall be subjeot to term-
nation gy eithsr party thereto,
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Ad~~~;~:;~~ and Approved this 16th day of September, 1937,
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tt:.~~:{~~i";$~.,L,J './6 Of the i ty 0 eal Beach,Oalifornia.
;..:~ QA'by, Olerk.
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