The URL can be used to link to this page

Home My Public Portal About20070110 - Resolution - Board of Directors (BOD) (2) Cover Sheet for Scanning by ECS Originating Department General Manager Laserfiche Template Board of Directors Template Fields Document Date: 1/10/2007 Document Type: Resolution Preserve Name: Keywords (no more than 4): Annual Investment Policy Statement Project Name: Project Number: Vendor or Other Party: Name (First): Name (Last): Address: APN Number: Document No. 07-02 Additional Field: Additional Field: Additional Field: Additional Field: i RESOLUTION No. 07-_o2 _ PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on January 10, 2007 at a Special and Regular Meeting thereof, by the following vote: AYES: J. Cyr, M. Davey, L. Hassett, K. Nitz, C. Riffle, P. Siemens NOES: None ABSTAIN: None ABSENT: N. Hanko ATTEST: A ROVED: Secretary U ident Board of Directors Boar Direct rs 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. Distric RESOLUTION NO. 07- 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. 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. 06-01 adopted January 11, 2006. 'This Resolution shall no longer be in effect as of January 17, 2008, 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. Exbillit =A` Statement o[Investment Policy GOALS Goal 1. Capital Preservation The primary goal shall be to safeguard the principal of invested funds. Tile secondary objective shall be to meet the liquidity needs o[tile [)im\riuL The third objective ehu|| bc\o achieve a return on fxnda � � consistent with this Policy. Temporarily idle funds shall be invested in oconmcrvu1ive manner, such that funds can always be withdrawn at, or 'ueiubovcurhc)ox, full invested value. Investments that offer � opportunities for significant capital gains and losses are excluded. � Temporarily idle funds will be managed so that normal operating cash needs and scheduled extraordinary cash needs can be met un u same day basis, Investments will he sufficiently liquid to provide asteady and reliable flow ofcash to the District to insure that all land purchases call bernude promptly(within \xovecks).Goal � � � Income Temporarily idle funds shall earn the highest rate nf return that im consistent with capital preservation and liquidity goals and tile California Government Code. � GUIDELINES � /. Determination of Idle Funds The Controller will prepare u ouah flow projection priorto all investment decisions. This cash flow � projection will be reviewed and cvu|ouV:d by the General Manager. The General Manager is responsible � for approving tile Controller's designation of the amount of funds not required for the immediate � necessity o[tile District and available for investment. � 2. C � � /\ contingency reserve *fai least $5])0Ul00 shall bemoin�incd with tile Santa Clara County Pooled � � |ovesUncn\ Fund. Tile General Muno�cr ia r�aponsib!u �v approving the Controller's designation of the size o[this contingency reserve. At all times this contingency reserve, together with funds held in trust by � bond trustees and pledged to the payment of bonds iSSUed by the District, will be sufficient to satisfy tile | reserve requirements for all District debt. 3. Non-Invested Funds Idle District funds not otherwise invested oa permitted 6r this Policy, mr maintained with trustee paying � � agents and pledged to the payment of District indebtedness, will be deposited with the Santa Clara County � � Pooled Investment Fund, tile San Mateo County Treasurer's Pooled Investment Fund or the State o[ � | [u|iK/rnia`mLocu| Agency Investment Fund. � � � 4. Selection of Investments TheLon\noUeriorcuponmiNoKxaelc*inginv*aUnentytha16\ widhindhoumoontsnndmx1uri(ics | � recommended 6v tile Controller and by tile General Manager. The Controller iy also responsible for � directing security transactions. � � ^ 5. Investments Instrui ts 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 530OOr/seq. and 5J635o/seq. |o the event of any conflict between tile terms ofthis Policy, and the Government Code, the provisions of the Government Code shall prevail. Investments shall not bcleveraged. Investments, and ^`dorivadvea`" that offer opportunities for ai&nifiount capital gains and losses are Minded. All investments,other than invea(noenLo[bond proceeds and funds hddbyi,u*tecmundp|edged \othcncpeym*ntnfbundaorothur0stric{ indcLtodncas, shm|| mukurcxithin 180duya. Funds held by Such trustees and other bond proceeds may be invested in accordance with tile � indenture or agreement providing for tile issuance of Such debt. � 6. Diversification Investments other than insured or collateralized deposits at banks and savings and loan associations shall be diversified. 7. Mia[LeLalilitv � Forinvestinents other than deposits and investment of funds held by trustees as set out in Section 5, the breadth ofownership and [lumber ofseCUrities Outstanding will be Sufficient to establish a secondary | market in which investments call be readily converted to cash without causing u moiuriu| change in their market value. � 8. Acceptable Banks � Bmkcn/ Acceptances and Negotiable Certificates offlepo hmaybc purchased only from the District's � commercial bank or bmiks and savings and loan associations with over$1,000,000,000 of deposits and � pcportin� proUNb|eoperations and which meet all applicable criteria ofthc (3ovcnnmentCode. � '' Acceptable Collateral | Securities collateral izing bank o,savings and loan deposits must be rated ^^A, mrhigher. � � \0. Investments in Name of District All 'investments purchased shall stand in the name ofthe District. � ' | \. | 0c Controller--� shall report all Security transactions N the Administration and Budget Committee nolater � than the next Regular Meeting of the Board of Directors after any transaction has been made. Tile Controller shall submit a reporto[theDiokic1`oinvenUncntoundamuuhtyomneao{iuny0oU/e � 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 1otile Board u[Uinutorsns required by Government Code Section 53646. Such reports shall also be Submitted tvtile Oeucru\ Manager and to {hc District's auditor. The Administration and Budget Committee shall act on � bcha|[o[the Board o[Dincotoein receiving repo�shnmthe Controller required by Government Code � Section 536U7. � \2. Purchase of Securities 'file Controller is authorized to purchase Securities through the investment department of the District's � commercial bank and ua otherwise permitted hv the Government Code. The bank or other investment � institution from which authorized securities are purchased shall be instructed in writing only\o purchase yecurkieninthcnumcofthcDiyi,ictand {hata|} mu\urrdDundyyhul| herc\urncdtotheDistdci`a commercial batik account. The bank shall also bc instructed <o send receipts for transactions iothe General Manager. � �