HomeMy WebLinkAboutCity Council - 782 RESOLUTION NO.
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3 RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH.
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The City Council of the City of Huntington Beach do resolve
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as follows:
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WHEREAS, that certain act of the Legislature of the State
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of California entitled, "An act to authorize and control the deposit
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in banks of money belonging to or in the custody of any county,
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city and county, city, town, municipality or other public or munic-
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ipal corporation within the State, and to repeal all acts or parts
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of acts in conflict with this act, " approved April 28, 1933, 11 as
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amended, provides that notwithstanding any of the other provisions
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of the act the treasurer may, and he is hereby expressly authorized,
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to deposit funds and to enter into contracts relating thereto with
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any State or National bank in compliance with and subject to such
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provisions and conditions relating to the payment of interest on
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public funds as are .now or may hereafter be prescribed by any
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department or agency of the Federal Government adopted pursuant
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thereto and' Which said acts, rules or regulations impose lawful
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and binding regulations governing the payment of interest on depos-
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its of public funds by member banks of the Federal Reserve System
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or banks the deposits of which are insured by the Federal deposit
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insurance corporation and which acts, rules or regulations govern-
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ing the payment of interest are in conflict with the provisions of
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this act, and
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WHEREAS, said City Council recognizes that a conflict be-
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tween state and federal laws now exists, or will exist as of Aug-
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ust 23, 1937, the effective date of Federal regulations imposing
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restrictions upon said banks as aforesaid,
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NOW therefore said City Council does hereby consent that
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the treasurer of said City, --during the existence of such conflicting
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1 provisions between such Federal law or regulations and the provis-
2 ions of said state act above referred to, shall determine what
3 amount of money shall be deposited as inactive deposits and the
4 rate or rates of interest thereon, and shall determine what amount
5 of money shall be deposited as active deposits and shall enter into
6 such contract or contracts with such depositary or depositaries as
7 in his Judgment will be to the public advantage so to do, which
8 contract or contracts shall fix the duration of deposits and the
9 rate or rates of interest thereon, if any, and provide conditions
10 for the withdrawal and repayment thereof, and, within the require-
11 ments of Section 4 of said state act, prescribe the security
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13 Passed and adopted by the City Council of the City of
14 Huntington Beach at a regular adjourned Meeting thereof held on
15 the 30th ,day of August, 1937.
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Mayor
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ATTEST; ,
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Ci-ty OlerE.
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