Resolution No. 883
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RESOLUTION NO. 883.
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON AUTHORIZING
THE CITY TREASURER TO ENTER INTO CONTRACTS WITH SUCH DEPOSITORY OR
3 DEPOSITORIES AS IN HIS JUDGMENT WILL BE TO THE PUBLIC ADVANTAGE SO
TO DO.
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5 THE CITY COUNCIL OF THE CITY OF VERNON DOES RESOLVE AS FOLLOWS:
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Section 1: That the City Council does hereby consent that
7 the treasurer shall, during the existence of conflicting provisions
8 between the federal laws for regulations and the provisions of the
9 state act of the State of California covering Municipal deposits;
10 Said Treasurer shall determine what amount of money shall be de-
II posited as inactive deposits, and the rate of interest thereon;
12 and shall determine what amount of money shall be deposited as act-
13 ive deposits; and shall enter into such contract or contracts
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ith such depository or depositories as, in his judgment, will be
o the public advantage so to do, which contract or contracts shall
ix the duration of the deposits and the rate of interest thereon,
and provide conditions for the withdrawal and repayment
and shall prescribe the security theret6r.
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Section 2: The City Clerk shall certify to the passage
f this resolution, and thereupon and thereafter the same shall be
n full force and effect.
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Adopted and approved
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1937.
County
I, T. J. FURLONG, City Clerk of the City of Vernon do
hereby certify that the foregoing Resolution No. 883, was duly
adopted by the City Council of the City of Vernon, and approved
by the Mayor of said City at an adjourned regular meeting thereof
held on the 24th. day of August, 1937.
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