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Home My Public Portal AboutResolution - 05-14- 20050511 - Revise Investment Policy RESOLUTION NO. 05-14 RESOLUTION OF THE BOARD OF DIRECTORS OF MIDPENINSULA REGIONAL OPEN SPACE DISTRICT REVISING ITS 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 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 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. 05-02 adopted January 12, 2005. 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, the San Mateo County Treasurer's Pooled Investment Fund or the State of California's Local Agency Investment Fund, or invested through the District's commercial bank. � � � Exh0bit =A" STATEMENT 0F INVESTMENT POLICY | GOALS Goal 1. Capital Preservation The primary goal shall huto safeguard the principal of invested funds. The secondary objective shall bc | to meet the liquidity needs o[the District. The third objective yhu|| bc$oachieve umtuou on funds � consistent with this Policy. Temporarily idle funds shall be invested in a conservative manner, such that funds can always be withdrawn at, orjust above or below, full invested value. Investments that offer opportunities for significant capital gains and losses are excluded. Temporarily idle funds will he managed ao that normal operating cash needs and scheduled extraordinary � cash needs can ho met onm same day basis. Investments will be sufficiently liquid to provide usteady and reliable flow of cash to the District to insure that all land purchases can be made promptly(within � tv/oweeka). Goal 3. Income � Temporarily idle funds shall earn the highest rate of return that in consistent with capital preservation and liquidity goals and the California Government Code. GUIDELINES |. Determination of Idle Funds Tile Controller will prepare acash flow projection prior to all investment decisions. This cash flow � projection will he reviewed and evaluated hv the General Manager. The General Manager iaresponsible � for approving the Controller's designation of the amount offunds not required for the immediate � necessity ofthe District and available for investment. � � 2. Contingency,,Reserve � /\ contingency reserve ofat least $5`U0O,OOV shall ho 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, together with funds field in trust 6v bond trustees and pledged to the payment of bonds issued by the District, will be sufficient to satisfy the � reserve requirements for all District debt. 3. Non-Invested Funds Idle District funds not otherwise invested as permitted 6v this Policy, or maintained with trustee paying agents and pledged to the payment of District indebtedness, will be deposited with the Santa Clara County Pooled Investment Fund, the San Mateo County Treasurer's Pooled Investment Fund orthe State of California's Local Agency Investment Fund. � 4. Selection of Investments The Controller is ocoponaih|c for selecting investments that fit within tile unnoun<m and nnu1urhiea nccnmmendedhy the Controller and by the General Manager. The Controller i* also responsible for � directing security transactions. 5. Investments Instruments and Deposit of Funds Investments and deposits of funds shall be limited to those allowed by and subject to the procedures of Government Code Section 53h0Oc/seq. and 5]635eYseq. ln tile event o[any conflict between the tonna | of this Policy, and the Government Code,the provisions of the Government Code shall prevail. Investments shall not beleveraged. Investments, and "derivatives,"that offer opportunities for significant capital gains and losses are excluded. All investments,other than investment of bond proceeds and funds held by trustees and pledged tothe repayment of bonds ur other District indebtedness, shall mature within 180daym. Funds held by such trustees and other bond proceeds may be invested in accordance with the indenture or agreement providing for the issuance of such debt. 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 and investment of funds held by trustees as set out in Section 5, the breadth o[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 the District's � commercial bank or banks and savings and loan associations with over$1,000,000,000 of deposits and reporting profitable operations and which meet all applicable criteria of the Government Code. � 9. Acceptable Collateral Securities collateralizing bank or savings and loan deposits must be rated "A" or higher. |0. Investments in Name of District � � All investments purchased shall stand in the name of tile District. � � l \. Reportin Thc(�ontn�Uu�shaUccpodaUmeuurbvtoy�soctioomtothc �u]mnioio�u1ionandBu6u'�tCom/mnhtnenok$er � �~ _� � 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 tile Administration and Budget Committee by the fourth Wednesday of each month in accordance with | � Government Code Section 538O7. The Controller will render u quarterly investment report lo the Board | � o[Directors um required hy Government Code Section 53646. Such reports shall also be submitted tuthe � General Manager and tm the District's auditor. Tile Administration and Budget Committee shall act on behalf ofthe Board of Directors in receiving reports from the Controller required by Government Code Section 53607. \2. Purchase of Securities The Controller is authorized to purchase securities through the investment department of the District's commercial bank and um otherwise permitted by the Government Code. The bank or other investment � institution from which authorized securities are purchased shall be instructed in writing only topurchase � securities in the narne of the District and that all matured funds shall be returned to the District's corumercim| bank account. The bank shall also be instructed{o send receipts for transactions tothe General Manager. RESOLUTION No. 05-14 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on May 11, 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: Seetary Presid t Board of Directors B d 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. Distr' erk i Cover Sheet for Scanning by ECS Originating department General Manager Laserfiche Template Board of Directors Template Fields Document Date: 6/1/2005 Document Type: Resolution Preserve Name: Keywords(no more than 4): SCC Vector Control Assessment Project Name: Project Number: Vendor or Other Party: Name (First): Name (Last): Address: APN Number: Document No. 05-15 Additional Field: Additional Field: Additional Field: Additional Field: I RESOLUTION No. 05-15 RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT SUPPORTING THE PROPOSED SANTA CLARA COUNTY VECTOR CONTROL DISTRICT BALLOT MEASURE AND DIRECTING THE RETURN OF THE MAIL BALLOTS WITH A "YES" VOTE WHEREAS, the Santa Clara County Vector Control District currently protects the public health and welfare by controlling mosquitoes and other disease carrying insects and rodents, and regularly testing for and responding to diseases carried by insects and rodents such as Encephalitis, Hantavirus, Dog Heartworm, West Nile Virus, Plague and Lyme disease; and WHEREAS, the Santa Clara County Vector Control District currently will not have enough revenue to continue to provide its mosquito and disease control services in Santa Clara County in fiscal year 2005-2006; and WHEREAS, the Santa Clara County Vector Control is proposing to increase its assessment amounts for mosquito and disease control services; and WHEREAS, as codified in the health and Safety Code Section 2001 et seq.: (a) The Legislature finds and declares all of the following: (1) California's climate and topography support a wide diversity of biological organisms. (2) Most of these organisms are beneficial, but some are vectors of human disease pathogens or directly cause other human diseases such as hypersensitivity, envenomization, and secondary infections. (3) Some of these diseases, such as mosquitoborne viral encephalitis, can be fatal, especially in children and older individuals. (4) California's connections to the wider national and international economies increase the transport of vectors and pathogens. (5) Invasions of the United States by vectors such as the Asian tiger mosquito and by pathogens such as the West Nile virus underscore the vulnerability of humans to uncontrolled vectors and pathogens. i (b) The Legislature further finds and declares: (1) Individual protection against the vectorborne diseases is only partially effective. (2) Adequate protection of human health against vectorborne diseases is best achieved by organized public programs. (3) The protection of Californians and their communities against the discomforts and economic effects of vectorborne diseases is an essential public service that is vital to public health, safety, and welfare. (4) Since 1915, mosquito abatement and vector control districts have protected Californians and their communities against the threats of vectorborne diseases. (c) In enacting this chapter, it is the intent of the Legislature to create and continue a broad statutory authority for a class of special districts with the power to conduct effective programs for the surveillance, prevention, abatement, and control of mosquitoes and other vectors. (d) It is also the intent of the Legislature that mosquito abatement and vector control districts cooperate with other public agencies to protect the public health, safety, and welfare. Further, the II Legislature encourages local communities and local officials to adapt the powers and procedures provided by this chapter to meet the diversity of their own local circumstances and responsibilities. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Midpeninsula Regional Open Space District that the Board supports the increased property tax assessment amounts for Santa Clara County Vector Control District, and that the Board hereby directs the General Manager the return of the Santa Clara County Vector Control District mailed ballots with a"Yes" vote. RESOLUTION NO. 05-15 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on June 1, 2005, at a Regular Meeting thereof, by the following vote: AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, D. Little, K. Nitz, P. Siemens NOES: None ABSTAIN: None ABSENT: None ATTEST: APPROVED: ecretary Presid Board of Directors B d 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 Jerk