HomeMy WebLinkAbout1995-02-09 - Resolution No. 95-010
RESOLUTION NO. 95-01
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 94-16
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WHEREAS, the Yorba Linda Water District desires to transfer funds through the Federal
Wire System; and,
WHEREAS, the transfers of funds through the Federal Wire System is not authorized by
signatures 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 August 25, 1994, the Board of Directors adopted Resolution 94-16 which
authorized the Auditor as the designated representative of the District to
transfer funds via the Federal Wire System; and,
WHEREAS, more than one person should be specified to transfer funds, Section 1 and act
as a co-signer in Section 2.
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District as follows:
Section 1. That William Robertson, Secretary/General Manager, and Beverly Meza,
Auditor, are hereby authorized, as representatives 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:
1. 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.
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Section 2. That any funds transferred via the Federal Wire System for any purpose other
than specific in Section l.a. and /or b. herein shall be approved by two
persons. Any of the following five Board of Directors is authorized to be the
first signers on the Wire Instruction Form: Paul R.Armstrong, Michael
Beverage, Sterling L. Fox, Arthur C. Korn, or Carl T. Scanlin. William
Robertson, Secretary/General Manager or Beverly Meza, Auditor, are
authorized to be the co-signers. 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 either, Sandi Van Etten or Chau Le,
Accounting Clerk H.
Section 4. That Resolution No. 9416 is hereby rescinded effective immediately upon
passage of this Resolution.
PASSED AND ADOPTED THIS 9th day of February 1995, by the following vote:
AYES: 5
NOES: 0
ABSENT:
ABSTAIN:
- Arthur C. Korn, Michael Beverage, Sterling Fox,
Paul Armstrong and Carl Scanlin
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0
Arthur C. Korn, Pres' ent
Yorba Linda Water istrict
Yorba Linda Water District