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; ' .. R-147 Q ., 4 1 BOARD OF" GOVERNORS OF' THE FEDERAL RESERVE SYSTEM WASHINGTON ADORES& OFFICIAL CORREBPONDIENCE TO THE BOARD December 25, 1957. Dear Sir: There is attached a cop,y of a ~eSolution adopted b,1 the Board of Governors of the Federal Reserve S,ystem levying an assessment upon the various Federal resorve banks in an amount equal to two hundred and eighty-five thousandths of one per cent (.00285) of the total paid-in capital stock and surplus (Section 7 and Section 15b) of the Federal reserve banks as of the close of business December 51, 1957, to defray the estimated expenses and salaries of the members and employees of the Board from January 1 to June 50, 1958. The resolution also contains instructions with regard to the manner in which the payments on the assessment shall be deposited with tho Federal Reserve Bank of Richmond. Vary truly yours, O. E. Foulk, Fiscal Agent. Inclosure. TO PRESIDENTS OF ALL FEDERAL RESERVE BANKS 402 R-147-a • RESOLUTION LEVYING ASSESSMENT WHEREAS, 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 their capital stock and surplus, an assessment sufficient to p~ its estimated expenses and tho salaries of its members and employees for the half year succeeding tho le~ing of such assessment, together with any deficit carried forward from the preceding half year, and WHEREAS, it appears from a consideration of the estimated expenses of the Board of Governors of the Federal Reserve System that for the six months' period beginning January 1, 1958, it is necessary that a fund equal to two hundred and eighty-five thousandths of one per cent ( .00285) of the total paid-in capi.tal stock and surplus (Section 7 and Section 15b) of the Federal reserve banks be created for such purposes, exclusive of the cost of printing, issuing and redeeming Federal reserve notes; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, That: (1) There is hereby levied upon the several Federal reserve banks an assessment in an amount equal to two hundred and eightyfive thousandths of one per cent (.00285) of the total paid-in capital and surplus (Section 7 and Section 15b) of each such bank ' at the close of business December 51, 1957. (2) Such assessment shall be paid by each Federal reserve bank in two equal installments on January 5, 1958, and March 1, 1958, respective~. (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 Interdistrict Settlement Fund to the Federal Reserve Bank of Richmond for credit to the account o.f the Board of Governors of the Federal Reservo System on the books of that bank, with telegraphic advice to Richmond of the purpose and amount of tho credit, and the Federal Reserve Bank of Richmond shall pay its assessment by crediting the amount thereof op its books to the Board of Governors of tho Federal Reserve System on tho dates as above provided.
@FedFRASER