HomeMy WebLinkAbout1985-03-14 - Resolution No. 85-08RESOLUTION NO. 85-08
RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA
CUUNl Y WA1Lk DISIRICI INVLSHILNl POLICY AND GUIDELINES
BE IT RESOLVED by the Board of Directors of the Yorba Linda County Water
District that the following is the policy and guideline of the District
for investment.
INTRODUCTION
District monies not required for immediate expenditure will be invested in
compliance with governing provisions of law (Government Code Sections 53600
et. seq.) and this policy. The District will maintain adequate cash avail-
ability and maximum yield on invested funds while insuring that principal
invested is protected from loss.
DEFINITION AND PROVISION OF THE GOVERNMENT CODE
The Yorba Linda County Water District Board of Directors hereby delegates the
investment authority of the District to the Auditor under supervision of the
General Manager. In accordance with Government code sections, collateral
established as security for District funds will be those securities specified
by law as eligible for collateral for deposits of local public agencies.
Investments of District monies not required for immediate expenditure will be
made as provided by law for the investment of public funds.
CASH FLOW AND AVAILABILITY
The District shall maintain in the State Treasurer's Local Agency Investment
Fund monies available for immediate use.
Al`iOUNT TO BE INVESTED
The District will maintain a cash flow analysis for projection of needed
funds. All funds not required for immediate use will be invested.
ACCEPTABLE INVEST,"IENT INSTRUI-TENTS AND GUIDELINES FOR INVESTMENT
All money belonging to Yorba Linda County Water District including money paid
to the Auditor to pay the principal, interest, or penalties of bonds, shall be
aeposited for safekeeping in an institution approved by the Board, or may be
invested in the following:
A. CERTIFICATES OF DEPOSIT: Cash will be invested only in FDIC or FSLIC
insured or tuTly colTa7eralized certificates of deposit. Collateral
for a given investment over $100,000 must be 110 percent of principal.
B. UNITED STATES TREASURY NOTES, bonds, bills, or certificates of
indebtedness, or those for which the faith and credit of the United
States are pledged for the payment of principal and interest.
C. Bills of exchange or time drafts drawn on and accepted by a
commercial bank, otherwise known as BANKERS ACCEPTANCES, which
are eligible for purchase by the Federal Reserve System.
Purchases of bankers acceptances may not exceed 270 days
maturity or 30 percent of the agency's surplus funds which may
be invested pursuant to this section.
D. GOVERNMENT AGENCY SECURITIES: The District will require physical
delivery of these securities to an acceptable safekeeping account
in the District's name. Examples of these securities include
Government National Mortgage Association, Federal National Mortgage
Association, Federal Land Bank, and Federal Farm Credit Banks.
E. REPURCHASE AGREEMENTS (Repos): Repos will be used solely as a short-
term investment noL to exceed 30 days. for, purposes of this section,
the term "repurchase agreement" means a purchase of securities by
the local agency pursuant to an agreement by which the seller will
repurchase such securities on or before a specified date and for a
specified amount.
F. STATE LOCAL AGENCY INVESTMENT FUND: The investment with LAIF may not,
exceea the limit set by state law except in the case of new bond
proceeds.
BE IT FURTHER RESOLVED that each month the Auditor shall furnish the Board of
Directors a detailed listing of the previous month's investments, date of
purchase, date of maturity, institution where investments were placed and
interest rate on investments.
PASSED AND ADOPTED by the Board of Directors of the Yorba Linda County Water
District this 14th day of March , 1985 by the following vote:
AYES: Directors Armstrong, Cromwell, Lindow, Mills, Knauft
NAYS: None
ABSTAIN: None
ABSENT: None
NresIdent ATTEST:
S~cretary X
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