HomeMy WebLinkAbout2006-01-12 - Resolution No. 06-01RESOLUTION NO. 06-01
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. 03-21
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 December 23, 2003, the Board of Directors adopted Resolution No.
03-21 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 remove Beverly Meza 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; or Kenneth R.
Vecchiarelli/Assistant Secretary is 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 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. Payment of payroll taxes.
1
d. Payment of 3Id 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 I(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, Ric Collett, William R. Mills or John W. Summerfield. Michael
A. Payne Secretary/General Manager 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. 03-21 is hereby rescinded effective immediately upon
passage of this Resolution.
PASSED AND ADOPTED this 12th day of January, 2006 by the following called vote:
AYES: Armstrong, Beverage, Collett, Mills, Summerfield
NOES:
ABSENT:
ABSTAIN:
Michael A. Payne, Secretary
,
Paul R. Armstrong, President