Full text of Mimeograph Letters and Statements of the Board : Letter From Fiscal Agent Foulk re Resolution Levying Assessment, Number R-258, Volume 48, Page 299

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BOARD OF GOVERNORS

299

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FEDERAL RESERVE SYSTEM
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June 15, 1938.

A D D R E S S OFFICIAL C O R R E S P O N D E N C E
TO T H E BOARD

Dear Sir:
There is attached a copy of a resolution
adopted by the Board of Governors of the Federal
Reserve System levying an assessment upon the
various Federal reserve banks in an amount equal
to two hundred and seventy-four thousandths of
one per cent (.00274) 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, 1938, to defray the estimated
expenses and salaries of the members and employees
of the Board from July 1 to December 31, 1958.
The resolution also contains instructions
with regard to the manner in which the payments
on the assessment shall bo deposited with the
Federal Reserve Bank of Richmond.
Very truly yours,

0. E. Foulk,
Fiscal Agent.

Inclosure.
TO PRESIDENTS OF ALL FEDERAL RESERVE BANKS

. 300
P-258-a

RESOLUTION LEVYING ASSESSMENT
YJIIEREAS, 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 pay its estimated expenses and the salaries
of its members and employees for the half year succeeding the levying
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 July 1, 1958, it is nccessary that a fund
equal to two hundred and seventy-four thousandths of one per cent
(.00274) of the total paid-in capital 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 seventy-four
thousandths of one per cent (.00274) of the total paid-in capital and
surplus (Section 7 and Section 13b) of each such bank at the close of
business June 50, 1958.
(2) Such assessment shall be paid by each Federal reserve bank
in two equal installments on July 1, 1938, and September 1, 1958, respectively .
(5) 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 Inter-district
Settlement Fund to the Federal Reserve Bank of Richmond for credit
to the account of the Board of Governors of the Federal Reserve
System on the bocks 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 Board of Governors of the Federal Reserve System
on the dates as above provided.