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HomeMy WebLinkAbout1210 . .. RESOLUTION no. 1210. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA PROVIDE:G FOR SiUu.RY PAYROLL DEDUCTIONS FOR THE PURPOSE OF PURCHASING UHITED STA~BS BONDS. THE: CITY COUNCIL OP THE CITY OF j-lflC,.DIA DOE::' &~OLv:3 h8 FOLLO;.itl: SECTION 1. Any officer or employee of the City of Arcadia may authorize the purchase by the City Treasurer, from trust funds derived throueh vdUntary pay roll deductions, of United States SavinGs Bonds (Defense Bonds) or sLnilar United States obligations, on behalf of and to the credit and for the issuance to such officer or employee. The authoriz~tion for such PSW roll deductions shall be in such form as the City Treasurer may determine, shall be signed by the officer or employee ~ad delivered to the City Treasurer and thereafter, and until revoked or ~ance1ed by such officer or employee, shall be effective as to each and every pay roll. Each pay roll upon which any deductions are made as authorized herein shall be accompanied by a check or demand upon "~he Salary Account aGainst \'rhich such pay roll is issued in favor of the "Employees Defense Bonds Trust Fund" hereinafter established by this Resolution. SeCTION 2. ~he City Treasurer is hereby authorized and directed to make or cause to be made deductions from the salary of any officer or employee for the pswment into said trust fund of the amounts authorized by said officer or employee to be deducted for the purchase of the bonds referred to in Section 1 hereof. SECTIon 3. The City Treasurer shall perform such duties aD may be necess~ry in the handling of such deductione and shall perform any allied clerical work pertainin::; thereto.' ~CTIOll 4. The payment to any officer or employee of a pay roll check or demand equal to the difference between the salary earned and the deductions made pursusnt to tbis Resolution, shall constitute a full and complete discharJe and acqu1tt~nce of all claims and de~ands whatever for the services rendered by such employee durin3 the period covered by such pay roll check or deL1llnd. SECTION 5. That a trust fund to be desi[;Ilated as "Employees Defense Bonds Trust Fund" is hereby created and established and the City -1- .. Treasurer shall administer the same in accordance' with the provisions bereof. It shall be ht!lr duty to receive all umounts deducted 1'rom pay rolls as herein provided and place the same in the trust fund hereby established and to keep separate accounts showing the amounts ~hich accumulate in the name and to the credit of each officer or employee QuthorizinB such pay roll deductions. lfuenever there shall accumulate to the credit of any Euqh officer or employee an amount of money in their respective accounts sufficient for the purchase of a United states savings bond or bonds, or similar United States obligations, as authorized by such officer or employee, the City Treasurer shall forth~ith purchase a bond or bonds re~istered in the name or names as requested in the ray roll allotoent authorization. Before delivering any of the bonds so purchased the City Treasurer shall require each such officer of employee or their duly authorized rep.t'esentatives to execute proper instruments evidencing the i S8uance and delivery of such bonds or similar United States obli-;ations. SECTION 6. tfuen an employee or officer leaves the service of the City the authorizatlon for such pay roll deductions will be automatically cancelled, and any E~Ount to the credit of the employeebar officer's account will be refunded. SECTION 7. No partial withdrawal may be made from accumulated deductions nor will loans be made against them. The assignment of funds aCCumulated to the account of an officer or employee vnll not be permitted. SECTION 8. The City Clerk shall certify to the adoption of this Resolution. I hereby certify that the fore 30ing ResoJ,ution I'laS adopted at a re(5ular meetin~ of the City Council of the Cit:r of Arcadia, held on the 15th day of September, 1942, by the affirmativo vote of at least three Councilmen, to-wit: AY1~S: Counc~lmen, NO;';S: None ABSE1!T: None Adcock, Jones, Leeper, Nugent and Ormsby '. ~~ ~ - City C1 .J.~ Signed and approved this lSt~ay of Seotemb~r , 1942. . ~..4'"~ A'rT~~~ 1\ ~iayor . . ~J G (';'l y C e I'll:. .. -2-