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Home My Public Portal AboutResolution - 01-01- 20010110 - Annual Investment Authori RESOLUTIONS: January - December, 2001 No. Mtg, Date Description 01-01 01-10-01 Resolution of the Board of Directors of the Midpeninsula Regional Open Space District Adopting a Statement of Investment Policy and Authorizing the Controller to Invest Surplus Funds Allowed by Government Code. 01-02 01-31-01 ... Appointing Peace Officer(Christopher Barresi) 01-03 01-31-01 ... Amending Rules of Procedure—Safe DMsit Boxes 01-04 02-14-01 ... Authorizing Officer to Execute the Access Easement and Maintenance Agreement, and Authorizing General Manager to Execute any and all Other Documents Necessary or Appropriate to Closing of the Transaction(Russian Ridge Open Space Preserve-Lands of Connor) 01-05 2/28/01 ... Accepting a Donation of$12,000 from Peninsula Open Space Trust(POST), Allocating Those Funds Exclusively for Materials and Equipment for the David C. Daniels Nature Center, and Expressing the Board's Gratitude and Appreciation of POST and its Donors 01-06 3/14/01 ... Authorizing Acceptance of the Purchase Agreement-Bargain Sale, Authorizing Officer to Execute Certificates of Acceptance of Grants to District and Execute Grant of Right of First Offer, and Authorizing General Manager to Execute any and all other Documents Necessary or Appropriate to Closing of the Transaction (Monte Bello Open Space Preserve—Lands of Lobner) 01-07 3/14/01 ... Terminating the Joint Exercise of Powers Agreement Creating the California Pooled Investment Authority 01-08 3/28/01 ... Adopting Budget for Fiscal Year 2001-2002 01-09 4/25/01 ... Approving and Authorizing Execution of Agreement to Purchase Tax-Defaulted Property, Authorizing Officer to Execute Certificate of Acceptance of Grant to District (Purisima Creek Redwoods Open Space Preserve—Tax-Defaulted Property, San Mateo County) 01-10 4/25/01 ...Accepting Gift of Real Property and Authorizing Execution of Certificate of Acceptance with Respect thereto(Purisima Creek Redwoods Open Space Preserve Lands of Peninsula Open Space Trust) 01-11 4/25/01 ... Accepting Gift of Real Property and Authorizing Execution of Certificate of Acceptance with Respect Thereto(Purisima Creek Redwoods Open Space Preserve Lands of Gorham, Et Al.) 01-12 4/25/01 ... Accepting Gift of Real Property((Purisima Creek Redwoods Open Space Preserve—Lands of Tabel and DaMotta) 01-13 4/25/01 ... Approving the Application for Land and Water Conservation Funds for the Pulgas Ridge Open Space Preserve Public Access Improvement Project 01-14 5/9/01 ... Commending and Honoring Roger Myers for his Exemplary Volunteerism as a District Docent 01-15 5/9/01 ... Approving and Authorizing Execution of Agreement to Purchase Tax-Defaulted Property, Authorizing Officer to Execute Certificate of Acceptance of Grant to District (Monte Bello, Sierra Azul, and El Sereno Open Space Preserves—Tax- Defaulted Properties, Santa Clara County) MAesolutions/Resolutions 2001 bog.doc RESOLUTIONS: January - December, 2001 01-16 5/30/01 ... Commending Mr. Tony Look and Renaming a Portion of the Stevens Creek Trail Within Fremont Older Open Space Preserve in His Honor 01-17 6/27/01 ... Authorizing Execution of the Property Acquisition Agreement, Authorizing Officer to Execute Certificate of Acceptance of Grant to District and Execute Memorandum of Unrecorded Grant Agreement, and Authorizing General Manager to Execute any and all Other Documents Necessary or Appropriate to Closing of the Transaction(Bear Creek Redwoods Open Space Preserve—Lands of Peninsula Open Space Trust) 01-18 6/27/01 ... Approving a Salary Adjustment and Meritorious Pay Award for District General Counsel and Approving an Amendment to District General Counsel's Employment Aareement 01-19 7/25/01 ... Commending Michael L. Foster 01-20 7/25/01 ... Approving 2001-2002 Salary Adjustment and Meritorious Pay Award for the General Manager and Approving Amendment to General Manager Employment Ajareement 01-21 8/22/01 ... Approving the Applicant to Apply for Grant Funds from the Per Capita Grant Program Under the Safe Neighborhood Parks, Clean Water, Clean Air, and Coastal Protection Bond Act of 2000 (Proposition 12) 01-22 8/22/01 ... Approving the Applicant to Apply for Grant Funds from the Roberti-Z'Berg- Harris Urban Open Space and Recreation Program Under the Safe Neighborhood Parks, Clean Water, Clean Air, and Coastal Protection Bind Act of 2000 01-23 9/12/01 ... Establishing Financial Instrument Signatories of the District for County of Santa Clara Accounts 01-24 9/26/01 ... Approving the Application for Grant Funds for the Local Agency Grant Program—Fiscal Year 2001-2002 Under the Habitat Conservation Fund Program of the California Wildlife Protection Act of 1990 for the Following Project: POST Tunitas Creek Property Acquisition 01-25 9/26/01 ... Authorizing Approval of an Agreement with AIG Claims Services, Inc. Releasing and Settling District Claims for Damages in Exchange for the Payment of$130,000 and Authorizing the Execution of Any and All Documents Necessary or,Appropriate to Closing of the Transaction 01-26 10/24/01 ... Authorizing Acceptance of Purchase Agreement-Bargain Sale. Authorizing Officer to Execute Certificate of Acceptance of Grant tc District, and Authorizing General Manager to Execute Any and All Other Documents Necessary or Appropriate to Closing of the Transaction(Sierra Azul Open Space Preserve— Lands of McKannay) 01-27 10/24/01 ... Authorizing Execution of Certificates of Acceptance for Quitclaims to District; to Execute Grant and Easement Deeds to Reconfigure the Water Tank and Easement Site, and Authorizing the President or Other Appropriate Board Officer and General Manager to Execute any and all Other Documents Necessary or Appropriate to Closing of the Transaction(El Sereno Open Space Preserve— San Jose Water Company) 2 W/Resolutions/Resolutions 2001 Log.doc RESOLUTIONS: January - December, 2001 01-28 10/24/01 ... Urging Stanford University to Offer, and Santa Clara County to Require, Dedication of Two Trail Alignments in Accordance with the Countywide Trails Master Plan as Stanford AEeed to During the General Use Plan Process 01-29 11/28/01 ... Adopting Guidelines Pursuant to the California Environmental Quality Act 01-30 12/12/01 ... Dedicating Interests in Certain District Lands for Public 91?2n Space Purposes 01-31 12/12/01 ... Authorizing Acceptance of Financing Amendment to Purchase Agreement— Bargain Sale, and Authorizing General Manager to Execute any and all Other Documents Necessary or Appropriate to Closing of the Transaction(Sierra Azul Open Space Preserve—Lands of McKannay) 01-32 12/12/01 ... Adopting Amendments to the Budget for Fiscal Year 2001-2002 01-33 12/12/01 ... Appointing Peace Officer(Anthopy Correia) 01-34 12/12/01 ... Appointing Peace Officer(Elisa Wickham) W/Resolutions/Resolutions 2001 La&doc 3 RESOLUTION NO. 01-01 RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT ADOPTING A STATEMENT OF INVESTMENT POLICY AND AUTHORIZING THE CONTROLLER TO INVEST SURPLUS FUNDS ALLOWED BY GOVERNMENT CODE WHEREAS, the District needs to maximize the yield on surplus temporarily idle funds in order to help meet land acquisition objectives; and WHEREAS, the Chapter 4, Division 2 of Title 5 of the Government Code authorizes the District to deposit and invest surplus funds in investments which, at times, yield interest rates higher than achievable through the Santa Clara County Pooled Fund, or the California Pooled Investment Authority; and WHEREAS, the District can often improve its yield on surplus funds without sacrificing financial safety flexibility; NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: Section One. The Board of Directors of the Midpeninsula Regional Open Space District does hereby authorize the Controller to invest surplus or temporarily idle funds according to the Investment Goals and Guidelines attached hereto as Exhibit "A" and by reference made a part hereof. Section Two. Before any particular investments the Controller shall consult with the General Manager, or a District employee authorized to act in his/her behalf, to determine anticipated cash flow needs of the District. Section Three. This Resolution supersedes Resolution No. 00-03 adopted January 12, 2000. This Resolution shall no longer be in effect as of January 15, 2002, unless extended in time, and inactive funds shall then be deposited in the Santa Clara County Pooled Investment Fund, or the California Pooled Investment Authority. RESOLUTION NO. 01-01 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on January 10, 2001, at a regular meeting thereof, by the following vote: AYES: K. Nitz, P. Siemens, L. Hassett, J. Cyr, M. Davey, D. Little NOES: none ABSTAIN: none ABSENT: N. Hanko ATTEST: APPROVED: 4i�� ecretary President Board of Directors /Board of Directors I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly held and called on the above day. District Clerk EXIBIT"A" INVESTMENT GOALS AND GUIDELINES GOALS Goal 1. Capital Preservation The primary goal shall be to safeguard the principal of invested funds. Temporarily idle funds shall be invested in a conservative manner, such that funds can always be withdrawn at,or just above or below, full invested value. Investments that offer opportunities for significant capital gains and losses are excluded. Goal 2. Liquidity Temporarily idle funds will be managed so that normal operating cash needs and scheduled extraordinary cash needs can be met on a same day basis. Investments will be sufficiently liquid to provide a steady and reliable flow of cash to the District to insure that all land purchases can be made promptly(within two weeks). Goal 3. Income Temporarily idle funds shall earn the highest rate of return that is consistent with capital preservation and liquidity goals and the Government Code. GUIDELINES 1. Determination of Idle Funds The Controller will prepare a complete cash flow projection prior to all investment decisions. This cash flow projection will be reviewed and evaluated by the General Manager. The General Manager is responsible for approving the Controller's designation of the amount of funds not required for the immediate necessity of the District and available for investment. 2. Contingency&serve A contingency reserve of between$500,000 and$2,000,000 shall be maintained with the Santa Clara County Pooled investment fund. The General Manager is responsible for approving the Controller's designation of the size of this contingency reserve. At all times this contingency reserve will be sufficient to satisfy the requirements for all Note Funds. 3. Non-Invested Funds Idle District funds not otherwise invested or maintained with paying agents will be deposited with the California Pooled Investment Authority or in the Santa Clara County Pooled investment fund. 4. Selection of Investments The controller is responsible for selecting investments that fit within the amounts and maturities recommended by the Controller and by the General Manager. The Controller is also responsible for directing security transactions. 5. Investments InstMMents Investments shall be limited to those allowed by Government Code Section 53601 et seq. and 53635 et seq. Investments shall not be leveraged. Investments, and"derivatives", that offer opportunities for significant capital gains and losses are excluded. All investments,other than funds held in trust for note holders and trust funds released after posting surety bonds,shall mature within 180 days. 6. Diversification Investments other than insured or collateralized deposits at banks and savings and loan associations shall be delivered. 7. Marketability For investments other than deposits, the breadth of ownership and number of securities outstanding will be sufficient to establish a secondary market in which investments can be readily converted to cash without causing a material change in their market value. 8. Acceptable Banks Bankers'Acceptances and Negotiable Certificates of Deposit may be purchased only from banks and savings and loan associations with over$1,000,000,000 of deposits and reporting profitable operations. 9. Acceptable Collateral Securities collateralizing bank or savings and loan deposits must be rated"A"or higher. 10. Investments in Name of District All investments purchased shall stand in the name of the District. 11. Reporting The Controller shall report all security transactions to the Administration and Budget Committee no later than the next Regular Meeting of the Board of Directors after any transaction has been made. The Controller shall submit a report of the District's investments and security transactions to the Administration and Budget Committee by the fourth Wednesday of each month in accordance with Government Code Section 53607. The Controller will render a quarterly investment report to the Board of Directors as required by Government Code Section 53646. Such reports shall also be submitted to the General Manager and to the District's' auditor. The Administration and Budget Committee shall act on behalf of the Board of Directors in receiving reports from the Controller required by Government Code Section 53607. 12. Purchase of Securities Through Bank The Controller is authorized to purchase securities through the investment department of the District's bank. The Bank shall be instructed in writing only to purchase securities in the name of the District and that all matured funds shall be returned to the District's bank account. The Bank shall also be instructed to send receipts for transactions to the General Manager. II