Res37 unnumbered 14 - Laserfiche WebLink

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.........,... ..j'-..... E~B.Q.~lI!lQli WHEREAS, that certain a.ct of the Legislature of the State of California entitled, "An act to authorize and control the deposit in banks of money be- longing to or in the custody of any county, city and county, city, town, municipality or other public or municipal corpora.tion within the State, and to repeal all acts or parts of acts in conflict with this act," a~proved April 28, 1933," as amended, provides that notwithstanding any of the other probivisions of the act the treasurer may, and he is hereby expressly authorized, to deposit funds and to enter into contracts relating thereto wi th any State or Nat-iona1 bank in compl iance wi th 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 rQles or regulations of any de~artment 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 barks of the Federal Reserve System or bar~s the deposits of which are insured by the Federal Deposit Insurance Corporation and which acts, rules or regulations governi~~ the payment of interest are in conflict with the provisions of this act, and WHEREAS, it is recognized that a conflict between state and Federal laws now exists, (since August 23, 1937, the effective date of Federal regulations imposing restrictions upon said banks as aforesaid), NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City that the City Treasurer during the existence of such conflicting provisions between such Federal law or regulations and the provisions of sa.id state act above referred to, shall determine what amount of money shall be deposited as inactive deposits and the ra.teor 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 deposi tary or deposi ta.ries as in his judgment will be to the public ad- vantage so to do, which contract or contracts shall fix the duration of -1-