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FEDERAL RESERVE BOARD 355 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO T H E FEDERAL RESERVE BOARD SUBJECT; X-4625 ASSESSMENT FOB GENERAL EXPENSES 01? THE EHD5RM. K3SHRV33 BOARD, J U L ! 1 TO DECEMBER 3 1 , 1 9 2 6 . June 24, 1926. Dear S i r : C o n f i r m i n g t e l e g r a p h i c a d v i c e of t h i s d a t e t h e r e i s e n c l o s e d h e r e w i t h c o p y of a r e s o l u t i o n a d o p t e d by t h e F e d e r a l R e s e r v e Board a t a m e e t i n g h o l d on J u n e 2 4 , 1926, l e v y i n g a n a s s e s s m e n t u p o n t h e s e v e r a l F e d e r a l r e s e r v e "banks of a n amount e q u a l t o e l e v e n h u n d r e d t h s of one p e r c e n t ( . 0 0 1 1 ) of t h e t o t a l paid, i n c a p i t a l s t o c k a n d s u r p l u s of s u c h "banks a s a t c l o s e of b u s i n e s s J u n e 3 0 , 1S26, t o d e f r a y t h e e s t i m a t e d g e n e r a l e x p e n s e s of t h e F e d e r a l R e s e r v e Board f r o m J u l y 1 t o December 3 1 , 1 9 2 6 . n i n & l y d e p o s i t o n e - h a l f of t h e amount o f y o u r a s s e s s m e n t i n t n c G e n e r a l A c c o u n t , T r e a s u r e r , U. S . , on y o u r h o o k s J u l y 1, / ' ,"11<2' -Ko-~hcvlf September 1, 1926, i n e a c h i n s t a n c e i s s u i n g a C/D f o r p r o & i t of / ' S a l a r i e s a n d E x p e n s e s , F e d e r a l R e s e r v e B o a r d , p e c i -1 vLiicy'„ a s s e s s m e n t f o r g e n e r a l e x p e n s e s , a n d s e n d i n g a d u p l i c a t e G/D t o t h e F e d e r a l R e s e r v e B o a r d . Also p l e a s e f u r n i s h a s t a t e m e n t of y o u r c a p i t a l and s u r p l u s u s e d a s a b a s i s f o r t h e assessment. Very t r u l y y o u r s , Enc l o s u r e . F i s c a l Agent. 367 1!-4625a RESOLUTION LEVYING ASSESSMENT Whereas, u n d e r S e c t i o n 10 of t h e a c t a p p r o v e d December 2 5 , 1913, and known a s t h e F e d e r a l R e s e r v e A c t , t h e F e d e r a l R e s e r v e Board i s empowered t o l e v y s e m i a n n u a l l y Tijon 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 s t o c k and s u r p l u s a n a s s e s s m e n t 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 e x p e n s e s , i n c l u d i n g t h e s a l a r i e s of i t s members, a s s i s t a n t s , a t t o r n e y s , e x p e r t s and employees f o r t h e h a l f - y e a r s u c c e e d i n g t h e l e v y i n g of s u c h 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 f o r w a r d f r o m t h e p r e c e d i n g h a l f - y e a r ; and Whereas, i t a p p e a r s f r o m e s t i m a t e s s u b m i t t e d and considered t h a t i t i s necessary t h a t a fund equal t o eleven h u n d r e d t h s of one p e r c e n t 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 of t h e F e d e r a l r e s e r v e b a n k s be c r e a t e d f o r t h e p u r p o s e h e r e i n b e f o r e d e s c r i b e d , e x c l u s i v e of t h e 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 g ; Now, t h e r e f o r e , Be i t r e s o l v e d , That p u r s u a n t t o t h e a u t h o r i t y v e s t e d i n i t by l a w , t h e F e d e r a l R e s e r v e Board h e r e b y l e v i e s a n a s s e s s m e n t upon t h e s e v e r a l F e d e r a l r e s e r v e b a n k s of a n amount e q u a l t o e l e v e n h u n d r e d t h s of one p e r c e n t of t h e t o t a l p a i d - i n c a p i t a l a n d s u r p l u s of s u c h banks a s of J u n e 3 0 , 19<?6, a n d t h e F i s c a l Agent of t h e F e d e r a l R e s e r v e Board i s h e r e b y a u t h o r i z e d t o c o l l e c t f r o m s a i d banks s u c h a s s e s s m e n t and e x e c u t e , i n t h e name. of t h e B o a r d , r e c e i p t s f o r payments made* Such a s s e s s m e n t s w i l l be c o l l e c t e d i n two i n s t a l l m e n t s of o n e h a l f e a c h ; t h e f i r s t i n s t a l l m e n t t o bo p a i d J u l y 1, 1926, and t h e s e c o n d h a l f on September 1 , 1926.
@FedFRASER