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HomeMy WebLinkAbout2003-07-10 - Resolution No. 03-05RESOLUTION NO. 03-05 RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA WATER DISTRICT AUTHORIZING THE DEPOSIT AND INVESTMENT OF EXCESS FUNDS WITH THE TREASURER OF ORANGE COUNTY WHEREAS, Section 53684 of the California Government Code allows Yorba Linda Water District to deposit excess funds into the Orange County Treasury for purposes of investment by the Orange County Treasurer-Tax Collector (the "County Treasurer"); and WHEREAS, the Board of Directors of the Yorba Linda Water District has determined or may determine from time to time, that excess funds of the Yorba Linda Water District exist which are not required for immediate use; and WHEREAS, with the approval of the County Board of Supervisors and the consent of the County Treasurer, the County Treasurer may accept for investment deposits of a local agency, provided that the local agency is located within Orange County. NOW, THEREFORE, BE IT RESOLVED by the Yorba Linda Water District as follows: Section 1. The Yorba Linda Water District hereby finds that it may, from time to time, be advantageous to make deposits for purposes of investment with the Orange County Treasurer. Section 2. The Yorba Linda Water District has received and carefully reviewed the Orange County Treasurer's (the "Treasurer") Investment Policy Statement (the "IPS"), and, is familiar with its contents. Having considered and weighed the risks of investing (including, but not limited to, the risks of loss of interest and principal) the Board of Directors finds and determines that it is appropriate and legal to invest its moneys in the Orange County Treasury as permitted by the IPS. The Yorba Linda Water District has been advised by the Treasurer and understands that the IPS may be amended by the Treasurer without the review or consent of Local Agency. Section 3. To the extent Yorba Linda Water District moneys are invested with the County, in whole or in part, in the Extended Fund (as defined in the IPS). Board of Directors acknowledges that it has reviewed and understands Net Asset Value ("NAV") risk that is discussed in Section XV of the IPS and hereby finds and determines that investment of any of its moneys in the Extended Fund is an appropriate investment of its moneys. Section 4. The Board of Directors authorizes the deposit of moneys of the Yorba Linda Water District into the County Treasury for purposes of investment by the County Treasurer in accordance with the provisions of Section 53684 of the California Government Code and the "Agreement for the Deposit and Investment of Excess Funds into the County Treasury" (the "Agreement"), which has been presented to this Board of Directors and which is approved in the form presented. The District Secretary is hereby authorized and directed, for and in the name of the Yorba Linda Water District to execute the Agreement on behalf of the District. PASSED AND ADOPTED this 10th day of July, 2003, by the following called vote: Ayes: Paul R. Armstrong, Michael J. Beverage. Arthur C. Korn Noes: None Absent: John W. Summerfield, William R. Mills Abstain: None - Presiding officer, Paul rA mstron~ Yorba Linda Water District Secretary William J.'Roberts Yorba Linda Water District AGREEMENT FOR THE DEPOSIT AND INVESTMENT OF EXCESS FUNDS INTO THE COUNTY TREASURY THIS AGREEMENT is made and entered into as of the date fully executed by and between Yorba Linda Water District, hereinafter referred to as "Local Agency," and the County of Orange, California a political subdivision of the State of California, hereinafter referred to as "County." RECITALS WHEREAS, Section 53684 of the California Government Code allows local agencies to deposit excess funds into the County Treasury for purposes of investment by the County Treasurer-Tax Collector (the "Treasurer"); and WHEREAS, Local Agency has found that it may, from time to time, be advantageous to make such deposits for purposes of investment with the Treasurer; and WHEREAS, the treasurer or other official responsible for the funds of the Local Agency has determined, and may determine from time to time, that excess funds of the Local Agency exist which are not required for immediate use; and WHEREAS, the governing body of Local Agency has authorized the deposit of moneys of Local Agency for purposes of investment with the County Treasury in accordance with the provisions of Section 53684 of the California Government Code; and WHEREAS, with the approval of the County Board of Supervisors and the consent of the Treasurer, the Treasurer may accept for investment deposits of Local Agency, provided that Local Agency is located within Orange County; NOW, THEREFORE, in consideration of the mutual promise herein, the parties agree as follows: ARTICLES 1. ACKNOWLEDGMENT The parties acknowledge that the Recitals are true and correct. SCOPE OF AGREEMENT This Agreement specifies the contractual terms and conditions by which County will manage and invest Local Agency's excess funds which have been deposited for investment with the Treasurer. Pursuant to various provisions of the • • Government Code and Revenue and Taxation Code, the Treasurer shall provide central depository and investment services for Local Agency. 3. COMMINGLED INVESTMENT POOL/INVESTMENT POLICY STATEMENT Local Agency understands that the funds it deposits for investment will be held in the Orange County Commingled Investment Pool and shall be invested by the Treasurer in accordance with the policies contained in the Orange County Treasurer Investment Policy Statement (the "IPS"), as now in effect and as may be revised from time to time. 4. LOCAL AGENCY ACKNOWLEDGMENTS Local Agency acknowledges that it has received and carefully reviewed the IPS, and, is familiar with its contents. Having considered and weighed the risks of investing (including, but not limited to, the risks of loss of interest and principal) the Local Agency has determined that it is appropriate and legal to invest its moneys in the Orange County Treasury as permitted by the IPS. The Local Agency has been advised by the Treasurer and understands that the IPS may be amended by the Treasurer without the review or consent of Local Agency. To the extent its moneys are invested with the County, in whole or in part, in the Extended Fund (as defined in the IPS). Local Agency further acknowledges that it has reviewed and understands Net Asset Value ("NAV") risk that is discussed in Section XV of the IPS. The Local Agency finds and determines that investment of any of its moneys in the Extended Fund is an appropriate investment of its moneys. 5. TERM OF AGREEMENT This Agreement shall become effective on the date fully executed and shall continue indefinitely, unless this Agreement is terminated earlier by either party in accordance with Article 6. 6. DEDUCTION OF ADMINISTRATIVE FEES Local Agency agrees that the Treasurer shall deduct administrative charges from its gross interest income pursuant to California Government Code Sections 53684(b) and 27013. 7. AMENDMENT Neither party shall make any change to this Agreement without the other's written consent. Such changes shall be incorporated into an Agreement Amendment, which shall not become effective until signed by the parties. Amendments may • • be made by the Treasurer if the changes are ministerial and are subject to approval by the County Board of Supervisors if a change in policy is involved. 8. TERMINATION The provision of services under this Agreement may be terminated, in whole or in part, by either party in accordance with this Article whenever either party shall determine that such termination is its best interest. Any such termination shall be effected by delivery to the other party of a Notice of Termination specifying the extent to which services under the Agreement are terminated, and the date upon which such termination will become effective. After receipt of a Notice of Termination, and except as otherwise agreed: (a) The County shall stop performing under this Agreement on the date specified and to the extent specified in the Notice of Termination. (b) Local Agency shall request no further services requiring work to be performed after the termination date as specified in the Notice of Termination. Upon termination, Local Agency agrees to pay the County for all services performed prior to termination. 9. DEPOSITS AND WITHDRAWALS The officers or employees listed on Attachment A, or their successors in office, shall be authorized to deposit and request withdrawals of moneys of Local Agency in the County Treasury. When Local Agency requests withdraw of funds from the County Treasury, Local Agency and County shall comply with all applicable withdrawal provisions pursuant to California law, as now in effect and as may be subsequently added, including but not limited to Government Code Section 27136. 10. NOTICES Where required to be given under this Agreement, notice shall be in writing and shall be deemed given when delivered personally or deposited in the United States mail, postage prepaid, certified, addressed as follows: Local Agency: Yorba Linda Water District Attention: District Auditor P.O. Box 309 Yorba Linda, CA 92886 • 0 County: Orange County Treasurer-Tax Collector Attention: 12 Civic Center Plaza, Room G76 Santa Ana, CA 92701 11. MERGER/NO CONTINUING WAIVER This Agreement contains the entire and complete understanding of the parties and supersedes any and all other prior agreements, oral or written, and discussions of the parties with respect to the provision of services under this Agreement. No waiver of any term or condition of this Agreement shall be deemed a continuing waiver thereof. 0 r IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date(s) written below. DATED July 10, 2003 J. 1 DATED July 10, 2003 YORBA LINDA WATER DISTRICT By Presiding f Paul R.rrJ~tron~ . By ; COUNTY OF ORANGE, CALIFORNIA, a political subdivision of the State of California. By John NyW. Moor acl Orange County Treasurer-Tax Col ector APPROVED AS TO FORM: By Counsel for Yorba Linda Water District DATED: B rj in . fe 4yo, . EL Bar, ohn H. Abbott Senior Deputy County Counsel DATED: /U. 0 0 -2