HomeMy WebLinkAbout1986-03-05; Municipal Water District; Resolution 497RESOLUTION NO. 497
RESOLUTION OF THE BOARD OF DIRECTORS OF
INCREASING MAXIMUM INVESTMENT IN LOCAL AGENCY INVESTMENT FUND (LAIF) UNDER INVESTMENT POLICY
' COSTA REAL MUNICIPAL WATER DISTRICT
WHEREAS, the Board of Directors of Costa Real Municipal
Water District has determined that it would be prudent investment
policy to increase the limit from 10% to 50% in the Local Agency
Investment Fund (LAIF).
BE IT RESOLVED that the investment policy has been
changed to read as in Exhibit A attached.
ADOPTED, SIGNED AND APPROVED this 5th day of March,
1986.
Board@ Direckks
COSTA EAL MUNICIPAL WATER DISTRICT
Fred' W. Maerklei Secretary of the -
WATER DISTRICT
c
COSTA REAL
MUNICIPAL WAER DISTRICT ..
I 6
TITLE: I DISTRICT FUND POLICIES
ADM I N I STRAT I VE CODE Latest Revi s ion March 5, 1986 I
ARTICLE 6. DISTRICT FUND POLICIES (continued)
Sec. 6 . 2 . Statement of Investment Policy (continued)
only, and as such the portfolio shall be designedsto provide for short term conversion from the investment
vehicle to available cash.
The District shall hold certificates of deposit in state or national banks, or state or national savings
and loan associations located in California. The first
$100,000 shall be insured and any amount in excess of
$100,000 shall be collateralized as required by law.
Pursuant to Government Code Section 53643, the District may waive collateralization of deposits insured by an agency of the federal government. Certificate
maturities shall be selected to anticipate cash needs,
thereby obviatingthe need for forced liquidation and
the accompanying loss of interest. No more than 30% of
the funds of the District shall be placed with any single institution.
The District shall use the Local Agency Investment Fund (LAIF) offered by the Treasurer of the State of California when it is beneficial to do so. This fund
consists of a diversified pool of safe investments providing one day liquidity at competitive rates. The District shall utilize this fund depending on the
liquidity needs of the District and on the competitiveness of rates not to exceed the LAIF limit of
$5,000,000 or 50% of District funds available for
investment, whichever is less, unless otherwise specif i-
cally authorized by the Board.
PROCEDURES.
New Funds :
1. The Controller shall review daily the balance in the general interest bearing account and coupled with the anticipated cash needs of the District determine if there is sufficient available cash .to be
considered idle cash available for investment.
2. If there is cash available for investment, the
EXHIBIT A
STATE OF CALIFORNIA 1
COUNTY OF SAN DIEGO 1 1 ss
I, FRED W. MAERKLE, Secretary of COSTA REAL MUNICIPAL
WATER DISTRICT and of the Board of Directors thereof, do hereby
certify that the foregoing Resolution was duly adopted by the
Board of Directors of said District at a regular meeting of
the Board held on the 5th day of March 1986, and that it was
adopted by the following vote:
AYES : Directors: Almack, Haasl, Kelly and Bonas
NOES : Directors: Maerkle
ABSENT : Directors: None
/' /&& ' /& Y & F'hd W. Maerkle/'$ecretary of
COSTA REAL MU ~C~PAL WATER DISTRICT and the Boar d of Directors thereof