1937-10111 RESOLUTION �+!
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3 The City Council of the City of Anaheim does hereby resolve
4 as follows:
5 THAT WHEREAS, that certain act of the Legislature of the
6 State of California entitled, "An act to authorize and control
7 the deposit in banks of money belonging to or in the custody of
8 any county, city and county, city, town, municipality or other
9 public or municipal corporation within the State, and to repeal
10 all acts or parts of acts in conflict with this act ", approved
11 April 28, 1933, as amended, provides that notwithstanding any
1 2 of the other provisions of the act the treasurer may, and he is
13 hereby expressly authorized, to deposit funds and to enter into
14 contracts relating thereto with any State or National bank in
15 compliance with and subject to such provisions and conditions
16 relating to the payment of interest on public funds as are now
17 or may hereafter be prescribed by any act of the Congress of the
18 United States or rules or regulations of any department or agency
19 of the Federal Government adopted pursuant thereto and which
20 said acts, rules or regulations impose lawful and binding r egular-
21 tions governing the payment of interest on deposits of public
22 funds by member banks of the Federal Reserve System or banks the
23 deposits of which are insures} by the Federal deposit insurance
24 corporation and which acts, rules or regulations governing the
25 payment of interest are in conflict with the provisions of
26 this act, and
27 WHEREAS, said City Council recognizes that a conflict between
28 state and Federal laws now exists, or will exist as of August 23,
29 1937, the effective date of Federal regulations imposing restric-
30 tions upon said banks as aforesaid,
31 Now therefore said City Council does hereby consent that
32 the treasurer of said City of Anaheim, during the existence of
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such conflicting provisions between such Federal law or regulati
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 do, which contract or contracts shall
fix the duration of deposits and the rate of rates of interest
thereon, if any, and provide conditions for the withdrawal and
repayment thereof, and, within the requirements of Section 4 of
said state act, prescribe the security therefor.
The foregoing resolution is approved and signed, this 1 1
day of August, 1937.
Attest: Mayor of the City of Anaheim
Cit C irk of the ty of Anaheim.
STATE OF CALIFORNIA
COUNTY OF ORANGE SS.
CITY OF ANAHEIM
I, CHARLES E. GRIFFITH, City Clerk of the City of Anaheim, do
hereby certify that the foregoing resolution was duly passed and
adopted at a regular me eting of said City Council of the City of
Anaheim held on the 31 day of August, 1937, by the following
vote of the members thereof:
AYES: Councilmen PEARSON, MGBLUTH, MARTENET,JR, & S HFRIDAN
NOES: Councilmen NONE
ABSENT AND NOT VOTING: NONE
And I further certify that the Mayor of the City of Anaheim
signed this resolution on the 21 day of August, 1937.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of said City of Anaheim, this,„ day of August, 1937.
kofthe
y or Anaheim.