HomeMy WebLinkAboutCC Res 371 1938-09-01
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RESOLUTION NO.~
A RESOLUTION OF THE CITY COUNC IL OF THE CITY OF SEAL
BEACH, CALIFORNIA, AUTHORIZIID THE CITY TREASURER TO
DEPOSIT PUBLIC FUND IN ACCORDlNCE WITH R:EGULATIONS
ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM AND WITH RlIDENT AMENDMENTS OF THE PUBLIC
DEPOSIT ACT OF THE STATE OF CALIFORNIA.
The City Counoil of the City of Seal Beach, California;reaolve
88 follows:
w~BREAS, the Legislature of the State of California, adopted a
Aot entitled: "An Aot to authorize and control the deposlt in banks
of money belonging to or ili the cuatody of any county, city and coun ,
city, town, municipality 01' other publio municipal corporation withi
this State, and to repeal all aots or parts of acts in confllot with
thls aot,"Approved April 28, 1933, by amending section 1 thereof and
by adding a new seotion thereto'to'be numbered Seotion 3a, relating
to the deposit of public moneys, to deolare the urgency thereof, and
to provide that this act shall take"effeot immediately,"Approved by
the Governor, June 28,1937,A.D.;and,
WHEREAS, said City Council reoognlzes, that said City Treasurer
is governed by sald State Law as amended and regulations lssued by t e
Board of Governors of the Federel Reserve System with respect to
Aotlve a~d Inactive.Deposits of Public Funds of sald City; and,
NOW, THEREFORE, ssid City Council therefore, resolves; that not
withstanding any of the provisions of said Act of sald State Legisla
ture the Oity Treasurer may, and he ls hereby expressly authorized,
deposit funds' and to enter into oontracts relating thereto with any
State of National Bank in oompliance with and subject to such provis
lons and conditions relating to the payment of interest on publio
funds as are now or may be nereafter be preacribed by any Aot of Con
gress of the United Statea or Rules and Regulations of any Departmen
- ~or Itgency-of- the' Federa'l Government- adopted pursuant thereto a nd -wi
said acts, rules 01' regulations impose lawful and blnding regulatio
governing the payment of interest on deposita of public fUnds by mem
ber banks of the Federal Resrve System or banks the deposlts of whic
are insured by the Federel Deposit Insurance Corporation and whioh
aots, rules or regulat'ons governing the payment of lnterest are in
oonflict with the provislons of this act. Suoh Treasurer may, durlng
the existenoe of such oonflloting provisions between suoh Federel La
01' regulations and the provisions of this act, with the consent of t e
governing body of the clty, determine what amount of money shall be
deposited as Inaotive Deposits and the rate or rates of interest
thereon, and shall determine what amount of money shall be desposite
as Aotive Deposits and s hall enter into al10h oontract or oobtraots
with such deposita1'1 or deposltaries as in his judgment will be to
the pubU... advantage so to do, whioh oontract or contracts shall f1x
the duration of deposits and the rate or rates of interest thereon,
:ht any, and provide conditlons for withdrawal and repayment thereof
and within the requirements of Seotion 4 of ElIch Act of the State
Legislature, presoribe the seour1ty therefor. Upon enactment by the
United States of any law' removing restriotions imposed I1pon banks by
the laws of the United States 01' by any regulation thereunder relatl e
to the payment of interewt upon public fundS, any suoh agreement
theretofore entered into by sald Treasurer and any Bank shall be sl1b
jeot to te~ination by elther partt there~o.
Adopted, Signed and Approved thls 1st, day of September, 1938.
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Mayor
or ~he y 0 ea each;Ca11rornia.
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