HomeMy WebLinkAbout1181 - Payment & Interest of Public Funds06
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LAW OFFICES OF
ROLAND THOMPSON
FIRST NATIONAL BANK
BUILDING
SANTA ANA. CALIFORNIA
Y
RESOLUTION NO. �i
SMEREAS, the City Treasurer of the City of Newport
Beach is authorized, notwithstanding the provisions of Chapter
605 of the Statutes of 1937 of the State of California, 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 pre-
scribed by any act of Congress of the United States, or rules
or regulations of any department or agency of the Federal
Government adopted pursuant thereto, and which said acts, rules
or regulations impose lawful 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 governing the payment of
interest are in conflict with the provisions of this act,
Chapter 605, Statutes of 1937 as aforesaid; and
WHEREAS, said Treasurer may during the existence of
such conflicting provisions between such Federal law or
regulations and the provisions of said act, Statutes 1937,
aforesaid, with the consent of the governing body of the
City, 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 enter into such contract or contracts
with such Depositary or Depositaries as in the j.udgment of said
City Treasurer will be to the public advantage so to do.
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1 N0W, THEREFORE, BE IT RESOLVED that the City Council
2 of the City of Newport Beach consents to the City Treasurer
3 of the City of Newport Beach determining, under the Statutes
4 of 1937, aforesaid, what amount of money shall be deposited
5 as inactive deposits and the rate or rates of interest thereon,
6 and further consents to the City Treasurer determining what
7 amount of money of said city of Newport Beach shall be deposited
8 as active deposits under said Statutes.
9 BE IT FURTHER RESOLVED: That the City Council of the
10 City of Newport Beach consents to the City Treasurer entering
11 into such contract or contracts with such bank or banks
12 concerning such active and inactive deposits as will be to the
13 public advantage so to do, which contract or contracts shall
14 fix the duration of the deposits, or rate or rates of interest
15 thereon, if any, and provide conditions for the withdrawal and
16 repayment thereof, within the requirements of Section 4,
17 Statutes of 1937 aforesaid, and may further prescribe the
18 amount of security for the active as well as the inactive
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deposits aforesaid mentioned.
I hereby certify that the above and foregoing Resolution
was duly and regularly passed by the City Council of the City
of Newport Beach at a regular meeting thereof held on the 6th
day of September, 1937, by the following.vote, to -wit:
TEST: +
L ,.City Clerk
ROLAND AND TH TN OFFICES
FIRST NATIONAL BANK
BUILDING
SANTA ANA. CALIFORNIA
I, COUNCILMEN:
y\ p ho Oh.
�
NOES, COUNCILMEN:
ABSENT COUNCILMEN:
1111A �n7►T
-ftaj"yo`jr!!GL6fty of Newport Beach