HomeMy Public PortalAboutResolution - 15-07- 20150114 - Controllers Investment ARESOLUTION NO. 15-07
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
MIDPENINSULA 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 8,2015.
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. 14-01 adopted
January 22,2014. This resolution shall no longer be in effect as of January 7,2016, 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 banle
* * * * * * * * * *
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on January 28,2015, at a regular meeting thereof, by the following vote:
AYES:
NOES:
CYR, HARRIS, HASSETT, KISHIMOTO, RIFFLE, SIEMENS
NONE
ABSTAIN: NONE
ABSENT: HANKO
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ATTEST:
secr� � resident
Board of Directors Board of Diree ors
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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