HomeMy WebLinkAbout1977-03-10 - Resolution No. 77-07RESOLUTION NO. 77- 7
RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA
LINDA COUNTY WATER DISTRICT AUTHORIZING PARTICIPATION
IN LOCAL AGENCY INVESTMENT FUND
WHEREAS the Local Agency Investment Fund is a special fund in the
State Treasury created by law, and
WHEREAS the law permits a local government official, with consent
of the governing body of that agency, to remit money in its
treasury not required for immediate need, to the State
Treasurer for deposit in this special fund for the purpose
of investment.
WHEREAS the local government unit has the exclusive determination of
the length of time its money will be on deposit with the
State Treasurer.
WHEREAS the State Treasurer will have the monies in the Local Agency
Investment Fund (LAIF) invested with State monies through
the Fooled Money Investment Account.
WHEREAS money in the LAIF shall be invested to achieve the objective
of the Fund which is to realize the maximum return consistent
with safe and prudent treasury management.
WHEREAS the State Treasurer is responsible for the control and safe-
keeping of all instruments of title of all investments of
the Fund.
WHEREAS at the end of each calendar quarter, all interest earned
and other increment derived from investments shall be dis-
tributed, by the State Controller, to the participating
govern-agencies directly proportionate to the respective
amounts deposited in the Fund and the length of time such
amounts remained therein.
NOW, THEREFORE BE IT RESOLVED that the Board of Directors of the
YORBA LINDA COUNTY WATER DISTRICT:
l.Authorize the Yorba Linda County Water District to
invest its excess funds in the Local Agency Investment
Fund.
2. Agrees to deposit or withdraw money in the Local Agency
Fund in the State Treasury in accordance with the pro-
visions of Section 16429.1 of the Government Code.
3. Designates the District Auditor, Gordon Peterson or the
Assistant Auditor, Jean E. Mathews to order deposit or
withdrawal of money from the fund.
Adopted and passed this 10th
the following roll call vote:
Ayes: Directors Clodt, Wagner,
Noes: None
Absent:None
Abstain: None
ATTEST:
S etary
day of March 1977, by
Knauft, Lindow and Korn
President