HomeMy WebLinkAbout1988-04-14 - Resolution No. 88-15i 0
RESOLUT ION NO. 88-15
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
AUTHORIZING INVESTMENT ACCOUNTS OPENED WITH
VALLEY FEDERAL SAVINGS,
CALIFORNIA FEDERAL SAVINGS AND LOAN, AND
GREAT AMERICAN FIRST SAVINGS BANK AND
LIMITING INVESTMENTS IN ANY INSTITUTION
TO A MAX I MUM OF :1,004,000
WHEREAS, as an enterprise type of local government agency, it is an
objective of the Yorba Linda Water District to earn revenue on
monies received and retained until needed; and,
WHEREAS, Resolution 87-22 approved by the Board of Directors of the
Yorbe Linda Water District on July 9, 1987 sets forth
investment policy and guidelines; and,
WHEREAS, authority to invest available District monies has been
delegated by the Board to the General Manager who in turn
delegates this authority to his designated representative; and,
WHEREAS, the Board has previously approved, the following institutions
for investments over $100,000, where collateral is provided in
accordance with the government code:
Glendale Federal Savings
Great Western Savings
Gibra] ter Savings
WHEREAS, from time to time placement of funds is made difficult where
collateral is not available in the above named institutions; and,
WHEREAS, a maximum should be imposed upon the total investments in a
single institution in order to diversify the holdings and further
protect the District from unforeseen bank failures; and
WHEREAS, the following three institutions, Malley Federal Savings,
California Federal Savings and Loan and Great American First
Savings Bank, will collateralize funds in accordance with state
law,
6 0
NOW, THEREFORE, be it resolved by the Board of Directors of the Yorba Linda
Water District that:
Section 1: In accordance with the aforementioned investment policy,
the following institutions are hereby approved and are to be added to
the above list for investments over $ 100,000:
Valley Federal Savings
California Federal Savings and Loan
Great American First Savings Bank
Section 2: A ceiling of $1,000,000 is to be imposed on the total
amount invested in any of the above named institutions.
PASSED AND ADOPTED this 14th day of April, 1988 by the following called
vote:
Ayes: 5 P. Armstrong, W. Cromwell, S. Fox, A. Korn, R. Knauft
Noes: 0
Absent: 0
Abstain: 0
President
Yorba Linda Water District
Attest:
Secretary
Yorba Linda dater Distri t