HomeMy WebLinkAbout1988-05-26 - Board of Directors Meeting MinutesPage 2207
May 26, 1968
MINUTES OF THE
YORBA LINDA WATER DISTRICT
BOARD OF DIRECTORS REGULAR MEETING
MAY 26, 1988
The regular meeting of the Board of Directors of the Yorba Linda Water District was called
to order by President Armstrong at 8:30 a.m., May 26 1988, in the District offices at 4622
Plumosa, Yorba Linda. Directors present: Whit Cromwell, Roy Knauft, Arthur C. Korn,
Sterling Fox and Paul R. Armstrong. Also present were: William P. Workman, General
Manager, William J. Robertson, Assistant General Manager, Cheryl Gunderson, Business
Manager, Michael A. Payne, Engineering Manager, Michael Robinson, Assistant
Administrator II, Ray Harsma, Operations Superintendent.
CONSENT CALENDAR
On a motion by Director Knauft and seconded by Director Cromwell, the Board voted 4-0 to
approve the Consent Calendar as follows:
ftm I. Authorization for the Directors to leave the State of California prior to next meeting.
Rom 2. Approval of Application to and Agreement with W&Z Development Corporation for
Water Service, Job. No. 8802, in the amount of $4,860.00.
them 3. Acceptance of the Financial Statements for the ten months ended April 30, 1988.
DISCUSSION CALENDAR
Item 4. Presentation of the District's Investment Policy. Cheryl Gunderson, Business
Manager, reported on the Finance Committee's work in rewriting the Investment Policy to
provide for investment in Certificates of Deposit, Local Agency Investment Fund, Treasury
Bills, Notes and Bonds, Agencies and Medium-Term Corporate Notes. Each type of
investment had a proposed limit and criteria associated with it. The Finance Committee
members discussed their views on the Investment Policy and the need for approval of the
Resolution implementing it. The Board extensively reviewed the provisions of the new
Investment Policy to assure the best safety and liquidity for the District's funds. On a
motion by Director Korn and seconded by Director Cromwell, the Board , on a roll call vote
of 4-0, adopt Resolution 88-17 setting forth the District's Public Investment Policy. Director
Korn arrived at the meeting after final consideration of the item.
GENERAL MANAGER'S REPORT
Rem 5. No report by the General Manager was scheduled for the meeting, however, he
briefly described a visit by a group of Samoans representing American Somoa's Public
Works Department.
STANDING COMMITTEE REPORTS
Item 6. Schedule an Executive Committee meeting. The Committee scheduled a meeting
for May 31 at 1:00 p.m.
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May 26, 1988
ftem 7. Report on the Finance Committee meeting of May 19. The Committee explained
that the topic of their meeting was the District's Investment Policy.
Item 8. Schedule a Finance Committee meeting. The Committee scheduled a meeting for
June 3 at 3:30 p.m.
them 9. Finance Committee authorization for payment of the bills. On a motion by Director
Knauft and seconded by Vice President Fox, the Board voted 5-0 to approve payment of
Bills and Rate Deposits in the amount of $106,872.32 on Checks No. 14700 through
14766 and Payroll Checks No. 1505 through 1560, and one wire to ACWA dated May 27,
1988.
ftem 10. Personnel Committee. No Personnel Committee Report was scheduled for this
meeting.
them 11. Schedule a Planning-Operations-Engineering Committee meeting. A P.O.E.
Committee meeting was scheduled for after the Board meeting, May 26..
ftem 12 Public Information Committee. No Public Information Committee report was
scheduled for this meeting.
INTERGOVERNMENTAL MEETINGS
Item 13. Report on MWDOC meeting of May 18. Director Knauft described MWDOC
recent activities.
ftem 14. Report on OCWD of May 18. Director Korn explained that their was nothing of
significance to report.
Rem 15. Report on WACO meeting of May 6. Director Knauft said he was unable to attend
the meeting.
Item 16. Report on Planning Commission meeting of May 25. Director Korn reported on
the Nixon Library plans, Reclamation Center requirements and joint facility uses. The
board asked the Staff to contact the City regarding a joint use of the Fairmont Reservoir
site.
Item 17. ISDOC Quarterly meeting. Director Cromwell said that CSDA Assistant Executive
Director, Augustine Zuniga, was the speaker. Also, MWDOC had expressed interest in
joining ISDOC.
CLOSED SESSION
On a motion by Director Knauft and seconded by Vice President Fox, the Board voted 5-0
to hold a closed session to discuss labor relations and one Personnel matter. Upon
returning to regular session, William P. Workman, General Manager, stated that the Board
review the current labor relations and a Personnel item.
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May 26, 1988
ifiem 18. District Investment Policy. On a motion by Director Knauft and seconded by Vice
President Fox, the °oard voted 5-0 to reconsider the District's Investment Policy that was
acted on earlier in the Agenda in Resolution 88-17. The Board reviewed and discussed in
depth again the language in Section 4 of the Investment Policy. On a motion by Director
Korn and seconded by Director Fox, the Board voted 5-0 on a roil call vote to adopt
Resolution 88-17, but modifying Section 4 to read: All investments of sums of more than
$100,000 and less than $1,000,000 in a single institution shall be made in institutions
approved by the Board of Directors (see Exhibit A) and shall be collateralized in
accordance with state law. Investment amounts over $1,000,000 or more in one institution,
with the exception of l_.AIF, requires approval of the Board of Directors.
ADJOURNMENT
On a motion by Director Knauft and seconded by Director Cromwell, the Board voted 5-0 to
adjourn at 9:42 a.m.
William P. Workman
General Manager/Secretary