Full text of Mimeograph Letters and Statements of the Board : Letter From Fiscal Agent Foulk re Assessment for General Expenses of the Federal Reserve Board, July 1 - December 31, 1935, Number X-9241, Volume 42, Page 553

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O
FEDERAL RESERVE B O AR D
WASHINGTON
ADDRESS OFFICIAL CORRESPONDENCE TO
THE FEDERAL RESERVE BOARD .

X-9241
June 21, 1955.
SUBJECT:

Assessment for General Expenses
of the Federal Reserve Board,
July 1 - December 31, 1935.

Dear Sir:
There is attached 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 two
hundred eighteen thousandths of one per cent (.00218) of
the total paid-in capital stock and surplus (Section 7 and
Section 13b) of the Federal reserve banks as of the close
of business June 30, 1935, to defray the estimated expenses
and salaries of the members and employees of the Board from
July 1 to December 31, 1935.
The resolution specifies the manner in which the
payments on the assessment shall be deposited with the Fed­
eral Reserve Bank of Richmond.
Very truly yours,

0. E . Foulk,
Fiscal Agent.
TO CHAIRMEN OF ALL FEDERAL RESERVE BANKS



RESOLUTION LEVYING ASSESSMENT.
WHEREAS, Section 10 of the Federal Reserve Act, as amended, con­
tains the following provisions:
"The Federal Reserve Board shall have power to levy•semi-annually
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 suc­
ceeding the levying of such assessment, together with any deficit car­
ried forward from the preceding half year. * * * * * * * * * * * * * *
"The Board shall determine and prescribe the manner in which its
obligations shall be incurred and its disbursements and expenses al­
lowed 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 Gov­
ernment funds or appropriated moneys."
WHEREAS, it appears from a consideration of the estimated ex­
penses of the Federal Reserve Board for the six months' period beginning
July 1, 1935, that it is necessary that a fund equal to two hundred
eighteen thousandths of one per cent (.00218) of the total paid-in capital
stock and surplus (Section 7 and Section 13b) of the Federal reserve banks
be created for such purposes, exclusive of the cost of engraving and
printing of Federal reserve notesj
NOW, THEREFORE, 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 two hundred eighteen thousandths of
one per cent (.00218) of the total paid-in capital and surplus (Section 7
and Section 13b) of each such bank at the close of business June 30, 1935.
(2). Such assessment shall be paid by each Federal reserve bank in
two equal installments on July 1, 1935 and September 3, 1935.
(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 Fed­
eral Reserve Bank of Richmond for credit to the special fund account of
the Federal Reserve Board on the books of that bank, with telegraphic ad­
vice 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 special fund account on
the dates as above provided.