HomeMy Public PortalAboutResolution - 15-45- 20150812 - Revise Investment AuthorRESOLUTION NO. 15-45
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 AS 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 Measure AA projects; 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 investments with maturities exceeding one year, 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 THREE. This resolution supersedes the prior Resolution No. 15-07 adopted
January 28,2015. This resolution shall no longer be in effect as of August 12,2016, 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 commercial ban1e
* * * * * * * * * *
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on August 12,2015, at a regular meeting thereof, by the following vote:
AYES:
NOES:
CYR, HANKO, HARRIS, HASSETT, KISHIMOTO, RIFFLE, SIEMENS
NONE
ABSTAIN: NONE
ABSENT: NONE
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ATTEST: APPROVED:
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resident
Board of Directors
APPROVED AS TO FORM:
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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