HomeMy Public PortalAboutResolution - 05-02- 20050112 - Annual Investment Policy RESOLUTION NO. 05-02
RESOLUTION OF THE BOARD OF DIRECTORS OF
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.
II
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
In Policy 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. 04-01 adopted January 14,
2004. This Resolution shall no longer be in effect as of January 11, 2006, 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
commercial bank.
RESOLUTION No. 05-02
I I
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on January 12, 2005, at a Regular Meeting thereof, by the following vote:
AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, K. Nitz, P. Siemens
NOES: None
ABSTAIN: None
ABSENT: D...Little
ATTEST: APPROVED:
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cretary Preside
Board of Directors Bo 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.
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