HomeMy WebLinkAboutReso 1937-497 Resolution No. 497 � . , -
R;�OWTIOEI Fdo: , 497
R�PECTYNG CONTROL G*JD DSP�SIT .IV� BANK OF FUNDB OF
DITY OI�' QiULA VI5TAo CALIFOFNIA
THI3' CITY CWt7CIL OIP Tf3.� CITY �F Cft'iTLA VISiA� CALIFOFi�iIIA�
DOES HEItLBY RLSOLVE .'1S ROLL0�9S:
WHEREdS, that oertain aat of the LeQlslaturo of the Sta�e cP
�aliYernia en�itled, "ga �ct to auth�ize and oontx�ol td�e depc�:t
in Danko oY money belenging, to or in tt� custody of any cc�unty,
aity and county; city, toFm, mutticipal3ty or othsr public or
municipal eesporation crit�in the State, • ancl to repeal sli acta or
� parte oP acta ia conp2lct �ith this act;". approved dpriZ 28; 1933,"
as amen.Qed, provLdes that notrrithst2ndinr� any of the other govis--
ioas �f C�e act the treeaurer naq, and Ir,3 ia herehy esFmesaly
authorized� to d�posit Pundo• and to enter into aontrn;�ts relati��
thereto with any �tate or Hmticaial baak in comp�iance rrith �tnd
sub�ect to Eueh pr. ovisionr� an8 conditions reiaYlug to Lhe payms3nt
of intorest o:� public ftin�s ae are ncn o� �ay hereeftar be pre-
scribod by any act of tlic �ongre�� of the United Stat�a or rules
or regulatioas aP any depa:trient or ��an�y of tho Fedartxl G�vern-
mEnt ado�tecl pursaant tt:orotv end �hioii saic�. acts, rul�a or regu-
lations impoee lae�ful ond bisidia� reg.tlations �overnia� the pay-
ment of interest on deposits oP �ablia 1lznds by u�mbo: banl:s of
the �edoral Reaerve Syste.� or b�nks Lhe de{�oaits of �nich are
• insured by the Fefleral Dapo�lt Insurance Corporation rmd �rhich
acts, reiles or re�a],ations governi�g tho �Z*menL of iutoroet are
in confl:ict cith the �mo�isions o: this eot; snd .
C�EiLR�:AS, suid City C�uncil reco�izea that a conflict bottvc�n
State and Federal lawa nov �xistc; aad
�RgAS, the CiBy Trensurer aad the �ity Attorney of aaid
Cit� have cpproeod a certain Yorm of AgTeeriemt for gctive Daposit
of unds rritL th3 Bauk of arcoriva National Tiust sn3 Savin�a
Bssoeiation, flated �ugust 24 �937� iv►d nhich R�e�nent ie aub�ect
to termiriation by eitY�er par8y thereto at any •time after tho
espiration of ono nonth f'xbm t� date ther�P; and v�hiokc .Agroement
form is on Pilo in the U*Pice of Uhe Clerk of said City;
, NOF�, 2SERTF6RS� saict CITY Cu�iQ� 8oes ltereby' �tharize an=3
,direct that seid ACdiEE1lIIdi for ACTIVr DTPOSIT OF I�fIDS be exacuted
by 0he said Troa�re3� by and on be�lf oY the �ttq of �hu1a Yista,
CaliYornla;
�2mL the Treasurer of eaid City is hereb� riutharizod 3urin�
the ezistence of suoh cc�flicting provisiona betaeen such Federal
lart or re�lations anfl the provlsione of said state act above.
referred to, to determino tvha t ariount of money shal l ba deposi ted
as inactive deposits end t�e rate or rate� oY interest thereon;
end to detexmine nhat amount oY money shAll be deposited as
active depoaits and elitar into s�ach contract or ccntracts �i�h
such depositary or dApositaries ea in hi3 ,udg.nent c�ill bo to �he
public adventage so to flo ; �ich ecntraot or contracts shall Pix
the duration of depoaita and the rate or rates oP interest thermn,
iP any, en3 provide� conditiono f� tYie �rithdraerc►1 �d pay�nt
thereof� and �lthi� the requ4rc�tc� of Section 4 of said �te
�ct, prescribe the secur.iGy therefbr; pr�videcl, noaever, �at
any and all agre�ments nacie in socordiin�e c�ith the mithority hereb�
vested in sr�id reaeurer �hall be npproved bq the said Council
bePore the ax.eaation and deli�ery Lh^re,af.
PdSSF.D, ADOPP�D AND 9P2'i2�1ED Lho 4th day oP Oatobor 1937
by the follaeing vote, to-:rit :
A7CI5 . CQIJIICII�:N Tinmons, Bryant, Boltz, Brovm and Horre.
FtOL+S ' COUNCII.�iEIJ I�TOne.
� 9BS1PiT COUNCIId'.r�'N Irone. ' . ,
&TTE�T: �
�lerk��31d �ity Mayor of the �ity oY �hula vista,Calii::
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