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··, BOARD OF GOVERNORS OF" THE FEDERAL RESERVE SYSTEM R-e5l WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD June 26, 1941 Dear Sir: ·" • There: is attached a copy of a resolution adopted l:y the Board of Governors of the Federal Reserve System levying an assessment upon the various Federal Reserve Banks in an amount equal to three hundred and eighty-seven thousandths of one per C8nt (.00337) of the total paid-in capital stock and surplus (Section 7 and Section l3b) of the Federal Reserve Banks as of the close of business June 30, 1941, to defray the estimated expenses and salaries of the members and employees of the Board from July l to December 31, 1941. The rESsolution also contains instructions with regard to the manner in which the payments on the assessment shall be deposited with the Federal Reserve Bank of Ric.hmond. ... .) It will be noted from paragrr.~ph (2) of the resolution that of the assessment 3/+-1/2% is to be paid on July 1, 34-l/21~ on Septemb8r 2, and the romainder, 31%, at such til:1es o.nd in such amounts as the Board may call for tho payment thereof during the second hulf of 1941. Provision for payments is made :Ln this ma_rmer for the reason tho.t the total assessment includes an estimate of JS387 ,067 (in addition to obl:l.gutions already incurred for architect 1 s fees and incidental expenses) to eover e:xpenditures which rnay be required during the sGcond half of this yesr for construction of tho proposed addition on the Board 1 s existing prop(~rty, whieh vras discus sod at the last confercmce of the President;:;. Payments on th:i.s portion of the asr:>essment will not be required, however, unless ancl u..YJ.til the Board decides that a contract should be let for the construction of the building. .., • Very truJ.y yours, 0. E. Foulk, Fiscal Agent. Enclosure TO THE PRESIDENTS OF ALL FEDEHAL RESERVE BA.~KS • R-851-a ~ESOLUTION LEVYING ASSESS~ffiNT VffiEREAS, Section 10 of the.Federal Reserve Act, as amended, provides, among other things, that the Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal Reserve Banks, in proportion to thoir capital stock and surplus, an aSSE.iSsment sufficient to pey its estimated expenses and the salaries of its members and emplqyees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year, and WHEH.EAS, i t appears from a co:asideration of ·the estimated ex-penses of the Board of Governors of the Federal Reserve System that for the six months' period beginning July 1, 1941, it is necessary that a fu.TJ.d equal to three hundred and eighty-seven thousandths of one per cent ( .00387) of the to·tal paid-in capital stock and surplus (Section 7 and section 13b) of the Federal Reserve Banks be created for such purposes, exclusivo of the cost of printing, issuing and redeeming :federal Reserve notes: NOW, THEREFORE, BE I'r RESOLVED BY THE BOARD OF GOVERNO:R.S OF THE FEDErl.AL RESERVE SYS'fEM, THAT: (1) There is hereb,r levied upon the several Federal Reserve Banks an assessment in an amount equal to three hundred and eight,y-seven thousandths of one per cent (.00387) of the total paid-in capital and surplus (Section 7 and Section 13b) of each such Bank at the close of business June 30, 1941. .. • (2) Thirty--four and a. half per cent (34-1/2%) of such assessment shall b& paid on July 1, 1941; thirty-four and a half per cent 04-1/2%) thereof shall be paid on September 2, 1941; and the remainder, thirty-one per cent (31%), shall be paid at such times and in such amounts as the Board I!lay call for the payment thereof during the six months' yeriod ending December .31, 1941. (3) Evely Federal Reserve Bank except the Federal Reserve Bank of Richmond shall pay such assessment by trailsferring the amou.'lt thereof on the dates as above provided through the Interdistrict Settlement I•'un.d to the Federal Reoerve Bank of Richmond for credit to the account of the Board of Governors of the Federal Reserve S"tstem on the books of that Bank, with telegraphic advice to Richmond of the purpose and amount of the credit, and the Federal Reserve Bank of Riohmand shall pey its assessment by crediting the amount thereof an its books to the Board of Governors of the Fede1,al Reserve System on the dates as above provided.
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