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388 FEDERAL RESERVE BOARD WASHINGTON 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 to t h e federal reserve b o a r d SUBJECT: X-7941 June 27, 1934. Assessment for General Expenses of the Federal Reserve Board, July 1 - December 31, 1934, and for Other Purposes. Dear Sir: There is inclosed herewith a copy of a resolution adopted "by the Federal Reserve Board levying an assessment upon the various Federal reserve banks in an amount equal to six-tenths of one per cent (.006) of the total paid-in capital stock and surplus of the Federal reserve banks as of the close of business"June 30, 1934, to defray the estimated expenses and salaries of the members and employees of the Board from July 1 to December 31, 1934, together with $1,000,000 to be applied upon the coste of the purchase of a site and the erection of a building to provide suitable and adequate quarters for the Federal Reserve Board. The resolution specifies the manner in which the assess- ment shall be deposited with the Federal Reserve Bank of Richmond. Very truly yours, 0. E. Foulk, Fiscal Agent. Inclosure. TO CHAIRMEN OF AIL F. R. B A M S . 389 X-7941-a RESOLUTION L3VYING ASSESSMENT. WHEREAS, Section 10 of the Federal Reserve Act, as amended, contains the following provisions: "The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve "banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succecding the levying of such assessment, together with any deficit carried forward from the preceding half year, and such assessments may include amounts sufficient to provide for the acquisition "by the Board in its own name of such site or "building in the District of Columbia as in its judgment alone shall "be necessary for the purpose of providing suitable and adequate quarters for the performance of its functions. After approving such plans, estimates, and specifications as it shall have caused to "be prepared, the Board may, notwithstanding any other provision of law, cause to "be constructed on the site so acquired "by it a "building suitable and adequate in its judgment for its purposes and proceed to take all such steps as it may deem necessary or appropriate in connection with the construction, equipment, and furnishing of such "building. The Board may maintain, enlarge, or remodel any building so acquired or constructed and shall have solo control of such building and space therein. * ! * * * * * * * * * * * * * * "The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, * * * and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys.« X-7941-^90 - 2 - WHEREAS, it appears from a consideration of the estimated expenses of the Federal Reserve Board for the six months • period "beginning July 1, 1934 and of the amounts which in the judgnent of the Board nay he needed during such period to provide for the costs, or part thereof, of the acquisition of a site and erection of a "building thereon suitable and adequate for the Board's quarters, that it is necessary that a fund equal to si:&.tenths of one per cent (.006) of the total paid-in capital stock and surplus of the Federal reserve "banks "be created for such purposes, exclusive of the cost of engraving and printing of Federal reserve notes; NOW, THERE FOBS, BE IT RESOLVED BY THE FEDERAL RESERVE BOARD, That: (1) There is hereby levied upon the several Federal reserve "banks an assessment in an amount equal to six-tenths of one per cent (.006) of the total paid-in capital and surplus of each such "bank at the close of "business on Juno 30, 1934. (2) Twenty and three-fourths per cent of such assessment shall "bo paid in on July 2, 1934, twenty and three-fourths per cent thereof shall "be paid in on September 1, 1934, and the remainder shall "be paid at such times and in such amounts as the Board may call for the payment thereof during such six months period "beginning July 1, 1934. (3) Every Federal reserve "bank except the Federal Reserve Bank of Richmond shall pay such assessment by transferring the amount thereof on the dates as above provided through the Gold Settlement Fund to the Federal Reserve Bank of Richmond for credit to the account of the Federal Reserve Board 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 Richmond shall pay its assessment by crediting the amount thereof on its books to the Federal Reserve Board on the dates as above provided.
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