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4 8 1

FEDERAL RESERVE BOARD

WASHINGTON  December  29 , 1934

s o f f i c i a l c o r r e s p o n d e n c e  * f o

t h e  f e d e r a l r e s e r v e b o a r d

SUBJECT: Assessment

  f o r

  General Expenses

  of the

Federal Reserve Board, January  1 -

June

  3 0 , 1 9 3 5 , a n d f o r

  Other Purposes•

Dear Sirs

I n

  conf i rmat ion

  of my

  telegram,

  of

  December

  2 9 , 1 9 3 4 ,

  there

i s

  a t t ached

  a

  copy

  of a

  resolu t ion adopted

  b y t h e

  Federal Reserve

Board levying

  a n

  assessment upon

  t h e

  various Federal reserve banks

i n a n  amount equal  t o  f ive hundred seventy-s ix thousandths  of one

p e r

  cent (•00576)

  o f t h e

  t o t a l pa i d - i n cap i t a l s t ock

  an d

  surplus

(Sect ion  7 and  Sect ion  13b) o f the  Federal reserve baiks  as of

t h e  close  of  business December  31 , 1934 , to  d e f r a y  t h e  es t imated

expenses

  an d

  s a l a r i e s

  o f t h e

  members

  and

  employes

  o f t h e

  Board from

January

  1 t o

  June

  3 0 , 1 9 3 5 ,

  together wi th $1,000,000

  t o b e

  appl i ed

upon  t h e  cos t  o f t h e  purchase  of a  s i t e  a n d t h e  e r e c t i o n  of a

b u i l d i n g

  f o r t h e

  Federal Reserve Board*

The

  re so lu t io n a l so confi rms

  t h e

  i ns t r uc t i ons con t a i ned

  i n

t h e  telegram with regard  t o t h e  manner  i n  which  t h e  payments  on th e

assessment shal l  be  deposi ted wi th  t h e  Federal Reserve Bank  of

Richmond•

Very truly yours,

0 . E .  Foulk,

Fiscal Agent

To

  Chairmen

  of a l l

  Federal Reserve Banks

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RESOLUTION LEVYING ASSESSMENT.

1/HEREAS, Section  10 of the  Federal Reserve  A c t , a s  amended,

conta ins  t h e  f ol lowi ng prov i s ion s :

The  Federal Reserve Board shall have power  t o  levy

semiannually upon

  t h e

  Federal reserve banks ,

  i n

  propor t ion

t o  t he i r cap i t a l s t ock  and  s ur p l us ,  a n  ass es sment s u f f i c i e n t

t o p a y i t s  estimated expenses  a nd t h e  s a l a r i e s  o f i t s mem-

bers

  and

  employees

  f o r t h e

  half year succeeding

  t h e

  l evy-

ing o f  such assessment, together with  a n y  d e f i c i t c a r r i e d

forward from

  t h e

  prec eding hal f ye ar ,

  and

  such assessments

may

  include amounts su f f i c i e nt

  t o

  provide

  f o r t h e

  a c q u i s i t i o n

b y t h e  Board  i n i t s o wn  name  of  such s i te  o r  bu i l d i ng  i n

t h e

  D i s t r i c t

  of

  Columbia

  as i n i t s

  judgment alon e s h a ll

be  neces s a r y  f o r t h e  purpose  of  provid ing su i t ab le  and

adequate quar ters

  f o r t h e

  performance

  of i t s

  f u n c t i o n s .

Afte r approving such plan s , es t ima tes ,  and  s p e c i f i c a t i o n s

a s i t  shall have caused  t o b e  prepared ,  t h e  Board  may,

notwi ths tanding

  a n y

  other provi s ion

  o f l aw ,

  cause

  to be

cons t r uc t ed  o n t h e  s i t e  so  acqui red  b y i t a  bui ld ing

s u i t a b l e

  and

  adequate

  i n i t s

  judgment

  f o r i t s

  purposes

and  proceed  t o  take all..-such steps  as i t may  deem neces-

sary  o r  appr opr i a t e  i n  connect ion wi th  t h e  cons t r uc t i on ,

equipment,

  a nd

  f u r n i s h i n g

  of

  such buil ding

The

  Board

may  mainta in , en la rge ,  o r  remodel  an y  bu i l d i ng  so  acquired

or

  cons t r uc t ed

  and

  shal l have sole control

  of

  such building

and  space therein

11

 The  Board shall determine  a nd  p r e s c r i b e  t h e  manner

i n

  which

  i t s

  ob l i ga t i ons s ha l l

  be

  i ncur r ed

  an d i t s d i s -

bursements  and  expenses allowed  and  paid ,  and may  leave

on

  depos i t

  i n t h e

  Federal reserve banks

  t h e

  proceeds

  of

assessments levied upon them  t o  d e f r a y  i t s  es t imated

expenses  a n d t h e  s a l a r i e s  o f i t s  members  and  employes,*  * *

and

  funds derived from such assessments shall

  no t be

cons t rued  t o b e  Government funds  o r  appropriated moneys •

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- 2 -

WHEREAS, f i f t y - e i g h t

  and

  one-hal f

  p e r

  cent

  o f t h e

  a s s e s s -

ment levied upon

  t h e

  Federal reserve banks

  on

  June

  2 7 , 1 9 3 4 , ( t h e

por t i on

  o f t h e

  assessment r epr esen t ing

  t h e

  amount -which,

  i n t h e

  judg-

ment

  o f t h e

  Board, might have been needed during

  t h e s i x

  months poriod

beginning July

  1 , 193 4 , to

  provide

  f o r th e

  cos t s ,

  o r

  p a r t t h e r e o f ,

  of

t h e

  a c q u i s i t i o n

  of a

  s i t e

  and

  e r e c t i o n

  of a

  bui ld i ng thereon su i t ab le

and

  adequate

  f o r t h e

  Board

1

s qua r t e r s )

  was no t

  c a l l e d

  f o r

  payment

  b y

t h e

  Board during

  t h e s i x

  months period beginning July

  1 , 1934 ; and ,

WHEREAS,

  i t

  appears from

  a

  cons i de r a t i on

  o f t h e

  es t imated

expenses

  o f t h e

  Federal Reserve Board

  f o r t h e s i x

  months period beginning

January

  1 , 1935 and o f the

  amounts which

  i n t h e

  judgment

  o f t h e

  Board

may be

  needed during such period

  t o

  provide

  f o r t h e

  c o s t s ,

  o r

  par t

t h e r e o f ,

  o f t h e

  a c q u i s i t i o n

  of a

  s i t e

  and

  e r e c t i o n

  of a

  bu i l d i ng t he r e -

on  s u i t a b l e  and  adequate  f o r t h e  Board ' s quar t er s , tha t  i t i s  neces -

sary tha t  a  fund equal  t o  f ive hundred seventy-s ix thousandths  of one

p e r  cent ( .00576)  of the  tota l pa id- in capi t a l s tock  an d  surplus

(Sect ion  7 and  Sect ion  1 3 b ) o f t h e  Federal reserve banks  b e  crea ted

f o r  such purpo ses, ex clu siv e  of the  cos t  of  engraving  and  pr i n t i ng

of

  Federal reserve notes ;

NOW,

  THEREFORE,

  BE IT

  RESOLVED

  BY 1LE

  FEDERAL RESERVE

BOARD, T hat :

( 1 )

  There

  i s

  hereby levied upon

  t h e

  several Federal reserve

banks

  an

  assessment

  i n a n

  amount equal

  t o

  f ive hundred seventy-s ix

thousandths

  of one pe r

  c en t ( 00576)

  o f t h e

  t o t a l pa i d - i n cap i t a l

and  surplus (Sect ion  7 and  Sect ion  13b) o f  each such bank  a t t h e  close

of  business December  3 1 ,  1934

( 2 )  Twenty-one  p e r  cent  of  such assessment shall  b e  paid  i n

on

  January

  2 , 1 9 3 5 ,

  twenty-one

  p e r

  cent there of sh al l

  b e

  paid

  in on

March

  1 , 1935 , and the

  re ma in de r ( f i f t y - e i g h t

  p e r

  cen t ) s ha l l

  b e

  paid

a t

  such times

  a n d i n

  such amounts

  a s t h e

  Board

  m ay

  c a l l

  f o r t h e p a y -

ment thereof during such

  s i x

  months period beginning January

  1 ,

  1935

( 3 )

  Every Fed era l re ser ve bank exc ept

  t h e

  Federal Reserve

Bank  of  Richmond shall  p ay  such assessment  b y  t r a n s f e r r i n g  t h e  amount

thereof  o n t h e  dates  a s  above provided through  t h e  Gold Settlement Fund

t o t h e

  Federal Reserve Bank

  of

  Richmond

  f o r

  c r e d i t

  t o t h e

  account

  of

t h e

  Federal Reserve Board

  o n t h e

  books

  of

  that bank, wi th telegraphic

advice

  t o

  Richmond

  o f t h e

  purpose

  and

  amount

  o f t h e

  c r e d i t ,

  a n d t h e

Federal Reserve Bank

  of

  Richmond shall

  p a y i t s

  assessment

  b y

  c r e d i t -

i n g t h e  amount thereof  on i t s  books  t o t h e  Federal Reserve Board  on

t h e

  dates

  a s

  above provided*