HomeMy WebLinkAbout1998-06-25 - Resolution No. 98-04•
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RESOLUTION NO. 98-04
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT
AUTHORIZING INDIVIDUALS TO TRANSFER FUNDS
VIA THE FEDERAL WIRE SYSTEM,
AND RESCIND RESOLUTION NO. 95-01
WHEREAS, The Yorba Linda Water District (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 sign District
checks and transfer funds via the Federal Wire System be designated by a
Resolution of the Board of Directors; and,
WHEREAS, on February 9. 1995, the Board of Directors adopted Resolution No. 95-01
which authorized the Secretary/General Manager and Auditor as the designated
representatives of the District to transfer funds via the Federal Wire System;
and,
WHEREAS, the District desires to add the Assistant General Manager/Assistant Secretary as
a designated representative of the District to transfer funds.
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; Beverly Meza, Auditor; or
Michael Payne, Assistant General Manager/Assistant Secretary are hereby
authorized, as representatives of the District, to transfer funds via the Federal Wire
System for the following purposes:
a. Investments. Any funds transferred for the purpose of making investments on
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 only the following:
1. Municipal Water District of Orange County for payment of imported water.
2. Bank of America for payment of General Obligation bonds debt.
3. ACWA-HPIT for payment of health insurance premiums.
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4. Wells Fargo Bank for direct deposit of payroll.
5. Orange County Water District for payment of assessments.
Section 2. Any funds transferred via the Federal Wire System for any purpose other than
specified in Section 1(a) and/or (b) herein requires approval by two persons. Any
one of the following five members of the Board of Directors is authorized to be the
first signer: Paul R. Armstrong, Michael J. Beverage, Sterling L. Fox, Arthur C.
Korn or Carl T. Scanlin. William Robertson, Secretary/General Manager; Beverly
Meza, Auditor; or Michael Payne, Assistant General Manager/Assistant Secretary
are hereby authorized to be the cosigner. These are the only signatures authorized
to appear on the Wire Instruction Form for funds transferred under this section.
Section 3. The Bank of Yorba Linda is hereby instructed to verify all transfers authorized
pursuant to Resolution with either, Sandi Van Etten, Chau Le or Helen Whitman,
Accounting Clerk II.
Section 4. That Resolution No. 95-01 is hereby rescinded effective immediately upon passage
of this Resolution.
PASSED AND ADOPTED this 25th day of June, 1998 by the following called vote:
AYES: Beverage, Fox, Korn and Scanlin
NOES:
ABSENT: Armstrong
ABSTAIN:
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Sterling L. Fox, President
Yorba Linda Water District
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Yorba Linda Water District