HomeMy WebLinkAbout2003-12-23 - Resolution No. 03-21RESOLUTION NO. 03-21
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. 03-19
WHEREAS, the Yorba Linda Water District (District) desires to transfer funds through the
Federal Wire System; and
WHEREAS, the transfer of fiends 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 December 11, 2003, the Board of Directors adopted Resolution No. 03-19
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 Kenneth R. Vecchiarelli /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 Michael A. Payne, Secretary/General Manager; Beverly Meza, Auditor; or
Kenneth R. Vecchiarelli/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 fiords for payment of payables to the following:
1. Vendors requesting a wire transfer instead of a check.
2. To assure payment in a timely manner to avoid a financial penalty.
c. 1. Payment of payroll taxes.
2. Payment of 3,d party checks for insurance, deferred income, garnishment,
CalPERS etc.
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, Arthur C. Korn. William R.
Mills or John W. Summerfield. Michael A. Payne Secretary/General Manager;
Beverly Meza, Auditor; or Kenneth R. Vecchiarelli, 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. Sandi Van Etten or Chau Le, Accounting Assistant II will verify all wire transfers
with Wells Fargo Bank that have been sent via the Federal Wire System.
Section 4. That Resolution No. 03-19 is hereby rescinded effective immediately upon passage
of this Resolution.
PASSED AND ADOPTED this 23th day of December, 2003 by the following called vote:
AYES: Armstrong, Beverage, Korn, Mills, Summerfield
NOES: None
ABSENT: None
ABSTAIN: None
William R. Mills, Prdsident
Yorba Linda Water District
ATTEST:
Michael A. Payne, Secret
Yorba Linda Water Distri