BOOK 23_1950-05-15 to 1952-04-21

Browse Search

252 P,i1NCTES OF REGULAR IXETING REDWOOD CITYCOUNCIL 00 PM It f I�j I L,'i 1`II•" jj� fi lI t , rT11 �� 11 Y i•.''i' 252 P,i1NCTES OF REGULAR IXETING REDWOOD CITYCOUNCIL 00 PM February 19s 9 ON ROLL CALL the were present: Councilmen Floyd D. Granger, Sidney D. Herkner, following 211ers, Mayer Carl A. Britschgi and City Clerk .Royer, Robt. V. Sp. Paul Jones, Wm H Cit Attorney C.B. Currie, resent r•�are City Manager E. A. Ralison, Y J R. S. Dodge- Also p Assistant Building Inspee- Building Inspector L.y. Duncan, City Engineer Glenn I',i. Jain, Auditor -Assessor J.J. Brophy, for Stephen Kreiss, Water Superintendent H.L. Winter, Policy Chief S. D. Wood, Fire Chief J.L. Lodi, and Park Superintendent Pasco Balzarini, Councilman Morgan noted absento rINUTES of regular meeting February nth and regular adjourned meeting of February" APPROVAL OF P+' seconded by Councilman Rayer and carried, of Councilman Spillers, 6th as mailed on motion APPEARED. PROTESTING JUNK ACROSS THE STREET FROM ills t1R. EARL MINOR, 274 VIRGINIA AVENUE, DWELLING. An old car had. been turned upside down and parts thrown on sidewalk. There were unsightly backyards also. His property was for sale and the prevailing situation was a drawback, in showing the place. The Police Department had been contacted and had w' done their best in an effort to get rid of .this. Kenneth Barbar was the offender, 285 Virginia Avenue, Councilman Royer moved this be referred to the City Attorney to take proper action, seconded by Councilman Herkner and carried. COJAMITTEE REPORT - INVESTMENT OF SURPLUS FUNDS, .COUITCILPrtiA:d JONES. Offers were read by City Clerk from the banks. The American Trust Co. did not wish to make an offer at this time, The First National Bank of San Mdateo County submitted the following rate of interest on inactive deposits: 1% subject to 30 days notice on withdrawals; 14 subject to 90 days notice on withdrawals; 121 subject to 90 days notice on withdrawals, provided an equal 21 amount of funds are maintained in an active commercial account. The Bank of America submitted the following: 30 day notice of withdrawal - 10 (This is maximum rate per- mitted by Regulation Q for funds which may be withdrawn on 30 -day notice); 90 -day notice of withdrawal -11Y6. The rate is effective the date funds are deposited. If the City wished to 'convert present inactive funds, which are on a 30 -day withdrawal notice basis PR8 at 1/, to a 90 -day withdrawal notice basis at 1A, the change in interest rate will be affected the data the City so advises them. They will accept, either for the Calif- ornia -Broadway Branch or. the Redwood City Branch, any amount of funds on the above basis, IT WAS THE RECO,Mi,EUDATION OF THE COMa'M"ITTEE THAT PART of the funds be placed on 30 -day With' drawal basis and part of them on the 90 -day and that the offer of the First National Bank be accepted. Mayor Britschgi thought the one should not be tied in with the other, the inquiry to the banks was on surplus funds only and the additional offer was made pertaining to the active account. It was brought out that monies in any bank wereproo tected by bonds deposited in accordance with State Laws. Discussion ensued in regard to rotating accounts every five years. At this time $95,000 was in the inactive account in the First National Bank and 050000 in inactive account in the Dank of America. City Treasurer Dodge stated checking account fluctuated from 0300,000 to 09000000. It was of suggested placing payroll account in one bank and commercial in another. Printing checks would be an expense item to be considered in changing over the accounts• Council- man Jones moved that the active account be given the First National Bank for the next five years to be rotated on future bids, seconded by Councilman Granger. City Treasurer FiRT, on question stated 0115,000 had been on inactive account for two years or more; a total of approximately v?200,000 to 02503000 including the 0145,000 could be placed on a 90.11, t , rT11 �� 11 Y i•.''i' I Iy j: jr' i l AI;r,�ri ,,j..i�! a � �.I i 1 I• February 19s 9 ON ROLL CALL the were present: Councilmen Floyd D. Granger, Sidney D. Herkner, following 211ers, Mayer Carl A. Britschgi and City Clerk .Royer, Robt. V. Sp. Paul Jones, Wm H Cit Attorney C.B. Currie, resent r•�are City Manager E. A. Ralison, Y J R. S. Dodge- Also p Assistant Building Inspee- Building Inspector L.y. Duncan, City Engineer Glenn I',i. Jain, Auditor -Assessor J.J. Brophy, for Stephen Kreiss, Water Superintendent H.L. Winter, Policy Chief S. D. Wood, Fire Chief J.L. Lodi, and Park Superintendent Pasco Balzarini, Councilman Morgan noted absento rINUTES of regular meeting February nth and regular adjourned meeting of February" APPROVAL OF P+' seconded by Councilman Rayer and carried, of Councilman Spillers, 6th as mailed on motion APPEARED. PROTESTING JUNK ACROSS THE STREET FROM ills t1R. EARL MINOR, 274 VIRGINIA AVENUE, DWELLING. An old car had. been turned upside down and parts thrown on sidewalk. There were unsightly backyards also. His property was for sale and the prevailing situation was a drawback, in showing the place. The Police Department had been contacted and had w' done their best in an effort to get rid of .this. Kenneth Barbar was the offender, 285 Virginia Avenue, Councilman Royer moved this be referred to the City Attorney to take proper action, seconded by Councilman Herkner and carried. COJAMITTEE REPORT - INVESTMENT OF SURPLUS FUNDS, .COUITCILPrtiA:d JONES. Offers were read by City Clerk from the banks. The American Trust Co. did not wish to make an offer at this time, The First National Bank of San Mdateo County submitted the following rate of interest on inactive deposits: 1% subject to 30 days notice on withdrawals; 14 subject to 90 days notice on withdrawals; 121 subject to 90 days notice on withdrawals, provided an equal 21 amount of funds are maintained in an active commercial account. The Bank of America submitted the following: 30 day notice of withdrawal - 10 (This is maximum rate per- mitted by Regulation Q for funds which may be withdrawn on 30 -day notice); 90 -day notice of withdrawal -11Y6. The rate is effective the date funds are deposited. If the City wished to 'convert present inactive funds, which are on a 30 -day withdrawal notice basis PR8 at 1/, to a 90 -day withdrawal notice basis at 1A, the change in interest rate will be affected the data the City so advises them. They will accept, either for the Calif- ornia -Broadway Branch or. the Redwood City Branch, any amount of funds on the above basis, IT WAS THE RECO,Mi,EUDATION OF THE COMa'M"ITTEE THAT PART of the funds be placed on 30 -day With' drawal basis and part of them on the 90 -day and that the offer of the First National Bank be accepted. Mayor Britschgi thought the one should not be tied in with the other, the inquiry to the banks was on surplus funds only and the additional offer was made pertaining to the active account. It was brought out that monies in any bank wereproo tected by bonds deposited in accordance with State Laws. Discussion ensued in regard to rotating accounts every five years. At this time $95,000 was in the inactive account in the First National Bank and 050000 in inactive account in the Dank of America. City Treasurer Dodge stated checking account fluctuated from 0300,000 to 09000000. It was of suggested placing payroll account in one bank and commercial in another. Printing checks would be an expense item to be considered in changing over the accounts• Council- man Jones moved that the active account be given the First National Bank for the next five years to be rotated on future bids, seconded by Councilman Granger. City Treasurer FiRT, on question stated 0115,000 had been on inactive account for two years or more; a total of approximately v?200,000 to 02503000 including the 0145,000 could be placed on a 90.11,