HomeMy WebLinkAbout1994-08-25 - Resolution No. 94-160 0
RESOLUTION NO. 94-16
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING POLICY REGARDING THE TRANSFER OF FUNDS
VIA THE FEDERAL WIRE SYSTEM
AND RESCINDING RESOLUTION 92-17
WHEREAS, the Yorba Linda Water District desires to transfer funds through the Federal
Wire System; and,
WHEREAS, the transfer of funds through the Federal Wire System is not authorized by
signature but are made by telephone 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; and,
WHEREAS, on July 9, 1992, the Board of Directors adopted Resolution 92-17 which
authorized the Auditor as the designated representative of the District to transfer
funds via the Federal Wire System for some specific activities some of which
have now changed; and,
WHEREAS, the Directors specified in Section 2 of Resolution No. 92-17 need to be revised
to reflect the election held on November 1992.
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District as follows:
Section 1. That Beverly Meza, Auditor, is hereby authorized, as the representative of the
District, to transfer District funds via the Federal Wire System for the following
purposes:
a. Investments. Any funds transferred for the purpose of making investments on
the behalf of the Yorba Linda Water District must be for the credit of the Yorba
Linda Water 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:
Municipal Water District of Orange County for payment of imported water.
2. Bank of America for payment of General Obligation bond debt service.
3. ACWA-HPIT for payment of health insurance premiums.
4. First Interstate Bank for direct deposit of payroll.
5. Orange County Water District for payment of replenishment assessments.
r 0
Section 2. That any funds transferred via the Federal Wire System for any purpose other
than specified in Section La. and/or b. herein shall be approved by two persons.
Any of the following five are authorized to the be the first signers on the Wire
Instruction form: Paul R. Armstrong, Michael Beverage, Sterling L. Fox, Arthur
C. Korn or Carl T. Scanlin. And that Beverly Meza, Auditor, is authorized to be
the co-signer. These are the only signature authorized to appear on the Wire
Instructions form for funds transferred under this section.
Section 3. The Bank of Yorba Linda is hereby instructed to verify transfers authorized
pursuant to Section 2 herein with the Secretary or, in the absence of the Secretary,
the Assistant Secretary of the District.
Section 4. That Resolution No. 92-17 is hereby rescinded effective immediately upon
passage of this Resolution.
PASSED AND ADOPTED this 25th day of August, 1994, by the following called vote:
AYES:4 - Carl Scanlin, Arthur Korn, Michael Beverage, Sterling Fox
NOES: 0
ABSENT. 1 - Paul Armstrong
ABSTAIN: 0
President, Carl T. Scanlin
Yorba Linda Water District
Yorba Linda Water District