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HomeMy WebLinkAboutCC RES 74RESOLUTION NO. 74 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN AUTHORIZING CITY TREASURER TO DETERMINE WHAT ALLOWANCE OF MONEY SHALL BE DEPOSITED AS INACTIVE DEPOSITS, AND TO ENTER INTO CONTRACT WITH DEPOSITARY OR DEPOSITARIES FOR THE DEPOSIT OF THE FUNDS OF THE CITY OF TUSTIN. The City Council of the City of Tustin, California, does hereby resolve as follows: THAT 'THEREAS, 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 corporation within the State, and to repeal all acts or parts o£ acts in conflict with this act," approved April 28, 1933, as amended, provides that notwithstanding any of the other provision of the act the treasurer may, and he is hereby expressly authorized, to deposit funds and to enter into contracts relating there- to with any State of 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 thereto and which said acts, rules or regulations impose lawful and binding re- gulations 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, and WHEREAS, said City Council recognizes that a con- flict between state and Federal laws now exists, or will exist as of August 24, 1937, the effective date of Federal regulations imposing, restrictions uoon said banks as afore- said, NOW THEREFORE said City Council does hereby consent that the treasurer, of said City Council, during the existence of such conf1icting provisions between such Federal law or regulations and the provisions of said state act above re- ferred 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 deposi- taries 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 or 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. I, D. T. Hayden, County Clerk of the City of 'i'ustin, do hereby certify that the foregoing Resolution was intro- duced and passed, at an adjourned regular meeting of the City Council of the City of Tustin, held on the 30th day of August, 1937, by the following vote: AYES: COUNCIL~,~.F.,N:__LoEan, Wi_l_s_on, Huntley NOES: COUNCILNEN: NONE ABSENT: COUNCILMEN: Kiser and Pie'oer --.- ---- _ _ , ~ .... , ~_ , ._i , - - ~ .... , 11 , ,~1 , _ city Clerk 0 'the--'oit~ T~}~stin of The foregoing Resolution is hereby approved this 30th day of August, 1937. Mayor / 1 2 3 4 5 6 7 $ hereby 9 l0 11 12 13 14 15 16 17 i8 19 20 21 22 23 24 25 26 27 28 29 30 31 32 MORRIS CAIN ATTORNlY•AT•LAW SANTA ANA. CALIF. M RESOLUTION N0. __~~ A RESOLUTION OF THE OITY OOUNCIL OF THE OITY OF TITSTIN AUTHORIZING CITY TREABQRER TO DETER]tINE WHAT ALLOWANCE OF MONEY SHALL BE DEPOSITED A8 INAOTIVE DEP08IT8, AND TO ENTEa INTO CONTRAO T WITH DEP08I TARP OR DEPOSITARIES FOR THE DEPOSIT OF THE FUNDS OF THE CITY OF TUBTIN. The Oity Qouncil of the Oity of Tustin, California, does resolve as follows: TEAT WHEREAS, that certain act of the Legislature of the State of Oalifornia entitled, "An eat to authorize axed control the sit in beaks of money belonging to or in the custody of any county, city and county, city, town, municipality or other public or municipal corporation within the State, and to repeal all as is or parts of sat8 in conflict with this ant," approved April 28, 1933," as amended, provides that notwithstanding any of the other provisions of the eat the treasurer may, and he is hereby expressly authorized, to deposit funds and to enter into contras to 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 ass now or map hereafter be pre- scribed by any eat of the Oongress of the United States or rules or regulations of any department or agency of the Federal Govern.. ment adopted pursuant thereto and whioh said eats, rules or regular tions impose lawful and binding regulations governing the payment of interest on deposits of public funds by member beaks of the ral Reserve System or banks the deposits of which are insured the Federal deposit insurance corporation and which as ts, rules r regulations governing the payment of interest are in ooaflic t th the provisions of this eat, and WHEREAS, said Oity Oouncil reoognizes that a conflict tween state and Federal laws now exists, or will exist as of t 23, 1937, the effective date of Federal regulations imposing ~~ l~~l 2 3 4 5 e 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 MORRIS CAIN ATTORNlY•AT•LAW SANTA ANA, CALIF. restrictions upon said banks as aforesaid, ]f0~ ~iEREFORE said Oity Oouncil does hereby consent that the treasurer of said Oity Oounoil, during the existence of such conflicting 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 de- posits 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 or 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 securitq therefor. I, D. T. Hayden, Oounty Clerk of the Oity of Tustin, do hereby certify that the foregoing Resolution was introduced and passed, at an ed~ourned regular meeting of the City Oouncil of the Oity of Tustin, held on the 30th day of August, 1937, by the fol- lowing vote: Ayes: Oouncilmen: ~~ floes: Oouncilmen: None ,~ Absent: Oouncilmen: /'~-~~ . "~~~~ Oity Olerk o the Oity of Tustin. The foregoing Resolution is hereby approved this 30th day of August, 1937• Mayo . .. Z..