HomeMy WebLinkAbout1978-05-25 - Resolution No. 78-366 0"
RESOLUTION NO. 78-36
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, and
WHEREAS the local government unit has the exclusive determination of
the length of time its money will be on deposit with the
State Treasurer, and
WHEREAS the State Treasurer will have the monies in the Local Agency
Investment Fund (LAIF) invested with State monies through the
Pooled Money Investment Account, and
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, and
WHEREAS the State Treasurer is responsible for the control and safe-
keeping of all instruments of title of all investments of
the fund, and
WHEREAS, at the end of each calendar quarter, all interest earned and
other increment derived from investments shall be distributed,
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,
and
WHEREAS, on March 10, 1977 the District adopted Resolution No. 77-7
authorizing participation in the Local Agency Investment Fund,
and designated specific employees to order deposit or with-
draw of funds, and
WHEREAS, employees change from time to time,
NOW THEREFORE BE IT RESOLVED that the Board of Directors of the YORBA
LINDA COUNTY WATER DISTRICT:
1. 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 provisions
of Section 16429.1 of the Government Code.
3.Designates the District Auditor or the Assistant Auditor or
their successors to order deposit or withdrawal of money from
the fund.
Adopted and passed this 25th day of May 1978, by the following
called vote:
Ayes: Directors Knauft, Lindow, Clodt, Cromwell, Korn
Noes: None
Absent: None
Abstain: None Q
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ATTEST:..-
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,'Assis ant Secretary