HomeMy WebLinkAboutResolution No. 1538N ^�
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1 RESOLUTION N0. !S3 8
4 A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA, LOS ANGELES COUNTY,
3'I CALIFORNIA, CONSErTING THAT THE CITY
TREASURER, DURING THE PERIOD OF CONFLICT
4 BETWEEN FEDERAL AND STATE:LAW, MAY
DETERliINE THE MOUNT OF ACTIVE AND
5 1 INACTIVE DEPOSITS OF CITY FUNDS
6 ` AND THAT THE TREASURER CORJTRACT WITH
DEPOSITARIES..FOR DEPOSIT OF SAME.
The City Council of the City of Azusa does resolve
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+ as follows:
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I WHEREAS, that certain act of the Legislature of the
State of California entitled, "An.act to authorize and control
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the_deposit in banks of money belonging to or in the custody of
any county, city and county, city, town, municipality or other
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public or municipal corporation within the State, and to repeal
j all acts or parts of acts in conflict with this act, " approved
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April 28,1933," as amended, provides that notwithstanding any
of the other provisions of the act the treasurer may, and he
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is hereby expressly authorized, to deposit funds and to enter
into contracts relating thereto with any State or National
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bank in compliance with and 'subject to such provisions and
conditions relating to the.payment of interest on public funds
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as are now or may hereafter be prescribed by any act of the
Congress of the United States or rules or regulations of any
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department or agency of the Federal Government adopted pur-
suant thereto and which said acts, rules or regulations impose
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lawful and binding regulations governing the payment of
interest on deposits of public funds by member banks of the
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Federal Reserve System or banks the deposits of which are in-
sured by the Federal deposit insurance corporation and which
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acts, rules or regulations governing the payment of interest
are in conflict with the provisions of this act, and
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WHEREAS,'said City Council recognizes that a conflict
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between state and Federal laws now exists, or will exist as
of August 23,1937; the effec the date, of Federal regulations
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,•: imposing restrictions upon.said banks as aforesaid,
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NOW THEREFORE said City Council of the City of
j Azusa does hereby consent that the treasurer of said City of
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j Azusa, during the existende of such conflicting provisions
between such Federal law or regulations and the provisions
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IJ of said -state act abc've`.referred to, shall: determine what
amount of money shall be,depositeil as•1hactive deposits and
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the rate or rates of interest thereon, and shall determine .
what amount .of money shall.be deposited as active deposits
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and shall enter into such contract or contracts with such
depositary or depositaries as in his judgment will be to the
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public advantage so to.db, which contract or contracts shall
fix the duration of deposits and the rate or rates of interest
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thereon, if any, and -provide conditions forthe withdrawal and
repayment thereof, and , within the requirements of Section 4
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of said state act, prescribe the security therefor,
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BE,IT FURTHER RESOLVED that the Mayor shall sign this
resolution and the Clerk attest the same and certify to the
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1 l, passage and adoption thereof.
2 Approved and adopted this 7th day of September,1937.
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0 City of Azusa.
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f Attest:
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�il"a e
10 lHae A. Hynes, City C err -
of the City of Azusa.
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13 ( I HEREBY CERTIFY that the foregoing resolution was
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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 September 711937,
and that the same was passed by the following vote of the council:
AYES: Coun_ilmen''A�d +vim, >yi-
:NOES: Councilmen,7gr�.
A.BSKM Councilmen ho-t-�
Mae A. Hynes City Clerk of
the City of Azusa.