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FEDERAL RESERVE BOARD WASHINGTON x-eora December 29, 1934 a d d r e s s o f f i c i a l c o r r e s p o n d e n c e *fo the federal reserve board SUBJECT: Assessment f o r General Expenses of the F e d e r a l Reserve Board, J a n u a r y 1 June 30, 1935, and f o r Other P u r p o s e s • Dear S i r s I n c o n f i r m a t i o n of my telegram, of December 29, 1934, t h e r e i s a t t a c h e d a copy of a r e s o l u t i o n adopted by t h e F e d e r a l Reserve Board l e v y i n g an assessment upon t h e v a r i o u s F e d e r a l r e s e r v e banks i n an amount e q u a l t o f i v e hundred s e v e n t y - s i x t h o u s a n d t h s of one per c e n t (•00576) of t h e t o t a l p a i d - i n c a p i t a l s t o c k and s u r p l u s ( S e c t i o n 7 and S e c t i o n 13b) of the Federal r e s e r v e b a i k s as of t h e c l o s e of b u s i n e s s December 31, 1934, t o d e f r a y t h e e s t i m a t e d expenses and s a l a r i e s of t h e members and employes of t h e Board from J a n u a r y 1 t o June 30, 1935, t o g e t h e r w i t h $1,000,000 t o be a p p l i e d upon t h e c o s t of t h e purchase of a s i t e and 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 F e d e r a l Reserve Board* The r e s o l u t i o n a l s o confirms t h e i n s t r u c t i o n s c o n t a i n e d i n t h e t e l e g r a m w i t h r e g a r d t o t h e manner i n which t h e payments on t h e assessment s h a l l be d e p o s i t e d with t h e F e d e r a l Reserve Bank of Richmond• http://fraser.stlouisfed.org/ To Chairmen Federal Reserve Bank of St. Louis Very t r u l y y o u r s , 0 . E. Foulk, F i s c a l Agent of a l l F e d e r a l Reserve Banks 4 8 1 X-9072-a RESOLUTION LEVYING ASSESSMENT. 1/HEREAS, S e c t i o n 10 of t h e F e d e r a l Reserve Act, as amended, contains the following provisions: "The F e d e r a l Reserve Board s h a l l have power t o l e v y s e m i a n n u a l l y upon t h e F e d e r a l r e s e r v e banks, i n p r o p o r t i o n t o t h e i r c a p i t a l stock and s u r p l u s , an assessment s u f f i c i e n t t o pay i t s e s t i m a t e d expenses and t h e s a l a r i e s of i t s memb e r s and employees f o r t h e h a l f year succeeding t h e l e v y ing of such a s s e s s m e n t , t o g e t h e r w i t h any d e f i c i t c a r r i e d forward from t h e p r e c e d i n g h a l f y e a r , and such a s s e s s m e n t s may i n c l u d e amounts s u f f i c i e n t t o p r o v i d e f o r t h e a c q u i s i t i o n by t h e Board i n i t s own name of such s i t e or b u i l d i n g i n t h e D i s t r i c t of Columbia as i n i t s judgment alone s h a l l be n e c e s s a r y f o r t h e purpose of p r o v i d i n g s u i t a b l e and adequate q u a r t e r s f o r t h e performance of i t s f u n c t i o n s . A f t e r approving such p l a n s , e s t i m a t e s , and s p e c i f i c a t i o n s as i t s h a l l have caused t o be p r e p a r e d , t h e Board may, n o t w i t h s t a n d i n g any o t h e r p r o v i s i o n of law, cause t o be c o n s t r u c t e d on the s i t e so a c q u i r e d by i t a b u i l d i n g 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 t a k e all..-such s t e p s as i t may deem n e c e s sary or a p p r o p r i a t e i n c o n n e c t i o n w i t h t h e c o n s t r u c t i o n , equipment, and f u r n i s h i n g of such b u i l d i n g # The Board may m a i n t a i n , e n l a r g e , or remodel any b u i l d i n g so a c q u i r e d or c o n s t r u c t e d and s h a l l have s o l e c o n t r o l of such b u i l d i n g and space t h e r e i n # ** 11 * * * * * * * * * * * * * * * * * * * * * The Board s h a l l determine and p r e s c r i b e t h e manner i n which i t s o b l i g a t i o n s s h a l l be i n c u r r e d and i t s d i s bursements and expenses allowed and p a i d , and may l e a v e on d e p o s i t i n t h e F e d e r a l r e s e r v e banks the proceeds of assessments l e v i e d upon them t o d e f r a y i t s e s t i m a t e d expenses and t h e s a l a r i e s of i t s members and employes,* * * and f u n d s d e r i v e d from such assessments s h a l l n o t be c o n s t r u e d t o be Government f u n d s or a p p r o p r i a t e d moneys •" 4 8 3 -2- WHEREAS, f i f t y - e i g h t and one-half per c e n t of t h e a s s e s s ment l e v i e d upon t h e F e d e r a l r e s e r v e banks on June 27, 1934, ( t h e p o r t i o n of t h e a s s e s s m e n t r e p r e s e n t i n g t h e amount -which, i n t h e j u d g ment of t h e Board, might have been needed d u r i n g t h e s i x months p o r i o d beginning J u l y 1, 1934, t o provide f o r t h e c o s t s , or 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 b u i l d i n g t h e r e o n s u i t a b l e and adequate f o r t h e Board 1 s q u a r t e r s ) was not c a l l e d f o r payment by t h e Board d u r i n g t h e s i x months p e r i o d beginning J u l y 1, 1934; and, WHEREAS, i t appears from a c o n s i d e r a t i o n of t h e e s t i m a t e d expenses of t h e F e d e r a l Reserve Board f o r t h e s i x months p e r i o d b e g i n n i n g January 1, 1935 and of t h e amounts which i n t h e judgment of t h e Board may be needed d u r i n g such p e r i o d t o p r o v i d e f o r t h e c o s t s , or 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 b u i l d i n g t h e r e on s u i t a b l e and adequate f o r t h e B o a r d ' s q u a r t e r s , t h a t i t i s n e c e s s a r y t h a t a f u n d e q u a l t o f i v e hundred s e v e n t y - s i x t h o u s a n d t h s of one per cent ( . 0 0 5 7 6 ) of the t o t a l p a i d - i n c a p i t a l s t o c k and s u r p l u s ( S e c t i o n 7 and S e c t i o n 13b) of t h e F e d e r a l r e s e r v e banks be c r e a t e d f o r such p u r p o s e s , e x c l u s i v e of the c o s t of e n g r a v i n g and p r i n t i n g of F e d e r a l r e s e r v e n o t e s ; NOW, THEREFORE, BE IT RESOLVED BY 1LE FEDERAL RESERVE BOARD, T h a t : (1) There i s h e r e b y l e v i e d upon the s e v e r a l F e d e r a l r e s e r v e banks an assessment i n an amount equal t o f i v e hundred s e v e n t y - s i x t h o u s a n d t h s of one per c e n t (#00576) of t h e t o t a l p a i d - i n c a p i t a l and s u r p l u s ( S e c t i o n 7 and S e c t i o n 13b) of each such bank a t t h e c l o s e of b u s i n e s s December 31, 1934# (2) Twenty-one per c e n t of such assessment s h a l l be p a i d i n on January 2, 1935, twenty-one per c e n t t h e r e o f s h a l l be p a i d i n on March 1, 1935, and t h e remainder ( f i f t y - e i g h t per c e n t ) s h a l l be p a i d a t such t i m e s and i n such amounts as t h e Board may c a l l f o r t h e payment t h e r e o f d u r i n g such s i x months p e r i o d b e g i n n i n g J a n u a r y 1, 1935# (3) Every F e d e r a l r e s e r v e bank e x c e p t t h e Federal Reserve Bank of Richmond s h a l l pay such assessment by t r a n s f e r r i n g t h e amount t h e r e o f on t h e d a t e s as above provided through t h e Gold S e t t l e m e n t Fund t o t h e F e d e r a l 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 on t h e books of t h a t bank, w i t h t e l e g r a p h i c advice t o Richmond of t h e purpose and amount of t h e c r e d i t , and t h e F e d e r a l Reserve Bank of Richmond s h a l l pay i t s assessment by c r e d i t ing t h e amount t h e r e o f on i t s books t o t h e F e d e r a l Reserve Board on t h e d a t e s as above provided*
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