HomeMy WebLinkAboutRESO 1174ir, ~
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R E S 0 L U T I 0 H I 0 • ---..----...... ~ --!!.!!
RESOLU'fiOH RELA'l'IJG TO C!!Y BAit DBPOSITS
The Council or 1he City or Palo Alto DO RESOLVE aa followaa
WHEREAS, that certain act o! tho L•sialature pf ~· State or California entitled, •An act to authorize and control
the deposit in banks ot money belonging to or 1n the custody
ot any count7, city and county, city, town, municipality or other
public or municipal corporation within the State, and to repeal
all acta or parta ot acta tn contl;ot with tb11 act,• approved
April 28, 1933,• aa amended, provid~• that notwithatand1ng any or~·
other prov1ai~a or the aet tau.e treasurer My, and he ia h&:rebr...4J.x-
p:rosalJ authorized, to deposit funds and to enter into eontraota
relat1as thereto with any State or Nat1on~l bank 1n compliance
with &ad subject to such prov1•1one and con~1t1ona relating to
the parment ot 1nte~eat on public tunda •• are now or .. 1 hereafter
be prescribed bf any act ot the Congreea ot the United 8tatea or
rulea or r~gulation. ot any department or agency of tbe Federal
GoYernment •dopted purauJnt thereto and 1b1Cb said acta, rulea
or regulation• lmpoae lawfUl and binding regulation• governing
the payment of 1nter•st on depoaite or publlo tunda by member
'banks o!' the Federal ReaerYe Sya tea or banks the depos1 ta o!
which are insured by the Foderal deposit 1nt~uranoe corporation
and w.h1oh aota, rulea or r'tgulat1ona sove~ the pa,.ent or
interest are 1n oontl1ot with the provisions or this aot; and
WHEREAS, the Council of the City or Palo Alto recog-
nizee that a conflict between state and federal lawa now existsJ
NOW, THEREFORE, aa1d Council dqea hereby consent that w. c. COBB, Treasurer or aaid City of Palo Alto, during the exist-
ence of such eonfl1et1ng·prov1e1ona between such federal law or
regulations and the provisions of said ~tate act ~bove referred
to,ahall deter.mine what amount of money shall be deposited a1
1naot1ve depoaite and the rate or rates of intere~t thereon, and
ahall ~eter.mine what ~ount of ~ar,ey shall be deposited as active
depo31ti and ehall enter into such contract or contracts with such
depositary or depositaries aa 1n hia judgment will be to the public
advantage so to do, which contrGct or contracts shall fix the
duration or deposita and th8 r.te or rates or interest thereon, it
any, and ~ro•1de conditione for the withdrawal and repa~ent there-
of, and, within the ~quirementa of Section 4 of said state act, pr~ecr1be the security therefor.
The above and foregoing resolution was duly and regular•
introduced at a regular meeting of the Council of tha City of Palo
Alto on Monday, the l~th day ot September, 1937, and waa there-
after, on Monday, the 25ti1 d&J ot October, 1937, duly and
regularly passed by the following votet
01 1:.-' = .....
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AYES a Bloia, Bonh~, Caahel, Collins, Costello, Cypher,
Goddard, Mra. Mernor, X1tchell, Mosher, R1oharda,
Salsman, Thoita, Tho~s, Wood
. i J L
NOESs
ABSENTs
Xon~.
Bone.
Al'TESTa_~ 1~
.. 1. '" er •
d,liv.&4M APPROVEDsayor •
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