HomeMy WebLinkAboutResolution No. 1593RESOLUTION NO. 1593
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF AZUSA, LOS ANGELES COUNTY,
CALIFORNIA, CONSENTING THAT THE CITY
TREASURER, DURING THE PERIOD OF CON-
FLICT BETWEEN FEDERAL AND STATE LAW,
MAY DETERMINE THE AMOUNT OF ACTIVE
AND INACTIVE DEPOSITS OF CITY FUNDS
AND THAT THE TREASURER CONTRACT WITH
DEPOSITARIES FOR DEPOSIT OF SAME.
The City Council of the City of Azusa does
resolve as follows:
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 belonging to
or in the custody of any county, city.and county, city,
town, municipality or other public or municipal corpor-
ation within the State, and to repeal all acts or parts
of acts in conflict with this act, approved April 28,
1933," as amended, provides that notwithstanding any of
the other provisions of the act the Treasurer may, and,
he is hereby expressly authorized, to deposit funds and
to enter into contracts relating thereto with any State
or National bank in compliance 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 of the Federal Government adopted pursuant there-
to
hereto and which said acts, rules or regulations impose law-
ful 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 Insurance
Corporation and which acts, rules or regulations govern-
ing the payment of.interest are in conflict with the
provisions of this act,
NOW THEREFORE said -City Council of the City
of Azusa does hereby consent that the Treasurer of said
City of Azusa, during the existance of such conflict-
ing provisions between such Federal law or regulations
and the provisions of said State act above referred to,
shall, determine what amount of money shall be deposited
as inactive deposits and the rate or rates of interest
thereon, and shall determine what amount of money shall
be deposited as active deposits and shall enter into
such contract or contracts with such depositary or
depositaries as in his judgment will be to the public
advantage so to cb , which contract or contracts shall fix
the duration of deposits and the rates of interest thereon,
if any, and provides conditions for the withdrawal and
repayment thereof, and,, within the requirements of Section
4 of said State Hct, prescribe the security therefor.
BE IT RESOLVED that the signing of the contract
with the First National Bank of Azusa by the City Treasurer,
on behalf of the City, as of September 22, 1938,
BE AND THE SAME IS HEREBY ratified and confirmed.
BE IT FURTHER RESOLVED that the Mayor shall sign
this resolution and the Clerk attest the same and certify
to the passage and adoption thereof.
Approved and adopted this 21st day of November,
1938.
Roy C. Arnold, Mayor
of the City of Azusa
Attest:
aees, y C e7 k
of the ty of Azusa
I HEREBY CERTIFY that the foregoing resolution
was regularly adopted by the City Council of the City of
Azusa at a regular meeting of said Council held in the
regular Council Chambers of the said City Council on
November 21, 1938, and that the same was passed by the
following vote of the Council:
AYES: Councilmen:
NOES: Councilmen:
ABSENT: Councilmen:
Jumper, Malone, Owens,
Strohmeier, Arnold.
None.
None.
ae�. Hyne "Clerk
of the City of Azusa.
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