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Home My Public Portal AboutResolution - 03-01- 20030108 - Annual Investment Authori I s � RESOLUTIONS: January - December, 2003 No. Mtg. Date Description 03-01 1-8-03 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 03-02 1-8-03 Approving the Communications Site Lease and Agreement with Sprint Spectrum, L.P. (Pul as Ridge Open Space Preserve 03-03 1-29-03 ... Certain Eligible Employees who Desire Coverage Under the Health Insurance System Established by the Federal Social Security Act 03-04 2-12-03 ... Authorizing Acceptance of the Purchase Agreement, Authorizing Officer to Execute Certificate of Acceptance of Grant to District and Authorizing General Manager to Execute any and all Other Documents Necessary or Appropriate to Closing of the Transaction(Saratoga Gap Open Space Preserve—Lands of Thompson et al. 03-05 2-12-03 ... Authorizing the Issuance of District Credit Cards and Related Borrowing of Funds from First National Bank of Omaha 03-06 2-26-03 ... Approving and Authorizing Execution of Agreement to Purchase Tax-Defaulted Property, Authorizing Officer to Execute Certificate of Acceptance of Grant to District (Monte Bello Open Space Preserve—Maridon 6.25% Interest Tax- Defaulted Property, Santa Clara Count 03-07 2-26-03 ... Approving and Authorizing Execution of Agreement to Purchase Tax-Defaulted Property, Authorizing Officer to Execute Certificate of Acceptance of Grant to District (El Sereno Open Space Preserve—Kadluboski Tax-Defaulted Property, Santa Clara Count 03-08 3-12-03 ... Authorizing Execution of the Property Acquisition Agreement, Authorizing Officer to Execute Certificate of Acceptance of Grant to District, 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 Hunt) j 03-09 3-12-03 ... Providing for the Issuance and Delivery of The Midpeninsula Regional Open Space District 2003 Promissory Note see Resolution n 03-08, above 03-10 3-26-03 ... Adopting Budget for Fiscal Year 2003-2004 03-11 4-9-03 ... Appointing Peace Officer(Richard Carlson) 03-12 4-9-03 ... Appointing Peace Officer(John Lloyd) 03-13 4-23-03 ... District Authorizing Acceptance of Purchase Agreement-Bargain Sale, Authorizing Officer to Execute Certificate of Acceptance of Grant to District, 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 Mitchell) 03-14 4-23-03 ... Authorizing the District to Enter into an Operational area Interim Agreement with the County of Santa Clara 03-15 5-14-03 ... Approving the Memorandum of Agreement Between the Midpeninsula Regional Open Space District and Service Employees International Union, AFL-CIO 715 i 1 M:/Resolutions/Resolutions 2003 Log i i j RESOLUTIONS: January - December, 2003 03-16 5-28-03 ... Approving Execution of a Construction Funding Agreement with Bay Area Ridge Trail Council for The Jacques Ridge Staging Area Project at Sierra Azul Open Space Preserve i 03-17 5-28-03 ... Honoring and Congratulating Don Weden Upon His Retirement from Santa Clara Count 03-18 6-5-03 ... Certifying The Environmental Impact Report For The San Mateo Coastal Annexation 03-19 6-5-03 Adopting The Findings In Connection With the Proposed San Mateo Coastal Annexation Project 03-20 6-5-03 ... Requesting the San Mateo County Local Agency Formation Commission to Undertake Proceedings for the Annexation of Territory to the Midpeninsula Regional Open Space District and Requesting the Amendment of the Sphere of Infuence of the Mid peninsula Regional Open Space District 03-21 6-5-03 ... Making a Determination of No Property Tax Exchange Pursuant to the Provisions of Division 1, Part 0.5, Section 95 et seq. of the California Revenue and Taxation Code 03-22 6-25-03 ... Approving the Application and Assurances for Grant Funds from the California State Coastal Conservancy—Presentation Center Property Acquisition 03-23 03-24 03-25 03-26 03-27 03-28 03-29 03-30 03-31 03-32 03-33 03-34 03-35 03-36 03-37 03-38 03-39 03-40 03-41 03-42 03-43 03-44 03-45 03-46 03-47 2 WResolutions/Resolutions 2003 Log I i I RESOLUTION NO. 03-01 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, 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 and 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, 2003, unless extended in time, and inactive funds shall then be deposited in the Santa Clara County Pooled Investment Fund, with the California Pooled Investment Authority, or invested through the District's bank. RESOLUTION NO. 03-01 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on January 8, 2003, at a Regular Meeting thereof, by the following vote: AYES: N. Hanko, P. Siemens, L. Has�sett, M. Davey, J. Cyn, K. Nitz, D. Littee NOES: None ABSTAIN: None ABSENT: None ATTEST: APPROVED: Secretary President bard of Director 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. Dis Clerk EXHIBIT"A" INVESTMENT GOALS AND Gumanas 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 mat 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. C2ELt�en Reserve A contingency reserve of at least$1,000,000 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 trustee paying agents will be deposited with 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. Page 2 5. Investments Instruments 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 thati,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 diversified. 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 and which meet all applicable criteria of the Government Code. 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. &Wrtin 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 Districes' 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.