HomeMy Public PortalAboutResolution - 18-01- 20180110 - Transfer Funds to InfrasRESOLUTION NO. 18-01
RESOLUTION OF THE BOARD OF
MID PENINSULA REGIONAL OPEN
TRANSFERRING FUNDS INTO THE
INFRASTRUCTURE RESERVE FUND
DIRECTORS OF THE
SPACE DISTRICT
COMMITTED FOR
WHEREAS, the Unassigned Fund Balance of the Midpeninsula Regional Open Space
District is $23,872,450 as of June 30, 2017; and
WHEREAS, per the Fund Balance Policy as adopted by the Board of Directors on
October 26, 2016, the minimum required Unassigned Fund Balance of the Midpeninsula
Regional Open Space District is $13,509,000 of as July 1, 2017; and
WHEREAS, the payment of $3, 150,000 for the acquisition of the new South Area Office
in Campbell was funded from the Committed for Infrastructure Reserve Fund; and
WHEREAS, the District issued the 2017 Parity Bonds to finance the acquisition and
renovation of the South Area Office and the renovation of the new Administrative Office; and
WHEREAS, the General Manager recommends increasing the Committed for
Infrastructure Reserve Fund for acquisition of a new administrative office, renovation of staff
facilities, and maintenance reserve for District assets;
NOW, THEREFORE, the Board of Pirectors ofJhe Mi_d�eninsula Regional Open Space
District does resolve as follows:
SECTION ONE. Approve the transfer of$5,000,000 from the General Fund's
Unassigned Fund Balance to the Committed for Infrastructure Reserve Fund
SECTION TWO. Approve the reimbursement of the Committed for Infrastructure
Reserve Fund for the acquisition of the new South Area Office in the amount of $3,150,000 from
the bond proceeds of the 2017 Parity Bonds
* * * * * * * * * * * * * * * * * * * *
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on January 10, 2018, at a regular meeting thereof, by the following vote:
AYES:
NOES:
CYR, HASSETT, KISHIMOTO, RIFFLE, SIEMENS
NONE
ABSTAIN: NONE
ABSENT: HANKO, HARRIS
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ATTEST: APPROVED:
i APPROVED AS TO FORM:
General Counsel
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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