HomeMy WebLinkAbout2006-04-13 - Resolution No. 06-02RESOLUTION NO. 06-02
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. 06-01
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 is 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 add Diane Cyganik, Finance Director/Auditor 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; Kenneth R.
Vecchiarelli/Assistant Secretary, or Diane Cyganik, Auditor, 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 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.
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c. Payment of payroll taxes.
d. Payment of 3`d party checks for insurance, deferred income,
garnishment, CaIPERS, etc.
Section 2. Any funds transferred via the Federal Wire System for any purpose other
than those specified in Section l(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; Kenneth R.
Vecchiarelli/Assistant Secretary or Diane Cyganik, Auditor are hereby
authorized to be the cosigners. 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. 06-01 is hereby rescinded effective immediately
upon passage of this Resolution.
PASSED AND ADOPTED this 13th day of April, 2006 by the following called vote:
AYES: Armstrong, Beverage, Collett, Mills, Summerfield
NOES: None
ABSENT: None
ABSTAIN: None
Paul R. Armstrong,`President I
Michael A. Payne, Secretary