HomeMy WebLinkAbout2009-08-13 - Resolution No. 09-13
RESOLUTION NO. 09-13
' RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
AUTHORIZING INDIVIDUALS TO TRANSFER FUNDS VIA THE
FEDERAL WIRE SYSTEM AND RESCINDING RESOLUTION NO. 08-15
WHEREAS, the Yorba Linda Water District (District) desires to transfer funds through
the Federal Wire System; and
WHEREAS, the transfer of funds through the Federal Wire System is authorized by
signature and is completed electronically or by telephone if necessary, for
the purpose of paying certain debts and making investments; and
WHEREAS, financial institutions require that those persons authorized to transfer
funds via the Federal Wire System be designated by a Resolution of the
Board of Directors.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District as follows:
Section 1. That the Secretary, Assistant Secretary, and Auditor are each hereby
' authorized, as representatives of the District, to transfer funds via the
Federal Wire System for the following purposes:
a. Investments. Any funds transferred for the purpose of making
investments on behalf of the District must be for the credit of the
District, and can only be to financial institutions authorized by the latest
adopted Investment Policy Resolution.
b. Payables. Transfer of funds for payment of payables to the following:
1. Vendors requesting a wire transfer instead of a check.
2. To assure payment in a timely manner to avoid a financial
penalty.
c. Payment of payroll taxes.
d. Payment of third party checks for insurance, deferred income,
garnishment, CaIPERS, etc.
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Section 2. That any funds transferred via the Federal Wire System for any purpose
other than those specified in Section 1(a) and/or (b) herein requires
approval by two persons. Any one of the five members of the Board of
Directors is authorized to be the first signer and the General Manager,
Assistant General Manager and Auditor are each hereby authorized to be
cosigners. These are the only signatures authorized to appear on the
Wire Instruction Form for funds transferred under this section.
Section 3. That the Senior Accountant or Accounting Assistant II will verify all wire
transfers with Wells Fargo Bank that have been sent via the Federal Wire
System.
Section 4. That Resolution No. 08-15 is hereby rescinded effective immediately upon
passage of this Resolution.
PASSED AND ADOPTED this 13th day of August 2009, by the following called vote:
AYES: Directors Armstrong, Beverage, Collett, Mills and Summerfield
NOES: None
ABSTAIN: None
ABSENT: None
John W. Summerfield, President
Yorba Linda Water District
ATTEST:
Ken Vecchiarelli, Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
rthur b. Kidman, s .
McCormick, Kidman and Behrens, LLP
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