HomeMy Public PortalAboutResolution - 14-01- 20140122 - Invest Surplus FundsRESOLUTION NO. 14-01
RESOLUTION OF THE BOARD OF DIRECTORS OF THE MID PENINSULA
REGIONAL OPEN SPACE DISTRICT ADOPTING A STATEMENT OF INVESTMENT
POLICY AND AUTHORIZING THE CONTROLLER TO INVEST
SURPLUS FUNDS ALLOWED BY THE CALIFORNIA GOVERNMENT CODE
WHEREAS, the District needs to maximize the yield on surplus temporarily idle funds in
order to help meet Capital Program objectives, including land acquisition; 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. This authorization is retroactive to January 8, 2014.
SECTION THREE. Before any particular investments, the Controller shall consult with
the General Manager, or a District employee authorized to act in his behalf, to determine
anticipated cash flow needs of the District.
SECTION FOUR. This Resolution supersedes the prior Resolution No. 13-09 adopted
April 24, 2013. This Resolution shall no longer be in effect as ofJanuary 7, 2015, unless
extended, 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 cOlmnercial banle
* * * * * * * * * *
RESOLUTION NO. 14-01
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District
on January 22, 2014, at a Regular Meeting thereof, by the following vote:
AYES: CYR, HANKO, HARRIS, HASSETT, KlSHIMOTO, RIFFLE, SIEMENS
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
ATTEST: APPROVED:
Secretary
Board,9' irectors
APPROVED AS TO FORM:
President'
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.