HomeMy WebLinkAboutRES 7911 RESOLUTION NO. 7911
OF
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
ESTABLISHING DISTRICT POLICY REGARDING
INVESTMENT OF SURPLUS FUNDS
WHEREAS, the District currently has surplus restricted and general funds
in the aggregate sum of $1,124,000.00; and
WHEREAS, said funds are currently deposited in the Local Agency
Investment Fund and presently bear interest at the rate of 9.042% per annum;
and
WHEREAS, the Manager has reported to the Board of Directors that Bank
of America N.T.&S.A. is currently offering certificates of deposit for a face
value of $100,000.00, or more, which bear interest at the rate of 10.5% per
annum over a six-month period.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Truckee-Donner Public Utility District, as follows:
I. All restricted funds which will not be needed within six
(6) months shall be immediately withdrawn from the
Local Agency Investment Fund and placed in a certificate
of deposit with Bank of America N.T.&S.A.
2. The approximate sum of $400,000.00 of the surplus
general funds shall remain on deposit with the Local
Agency Investment Fund, and the balance shall be placed
in a certificate of deposit with Bank of America
N.T.&S.A.
3. Following the foregoing action, the Manager and District
Treasurer shall invest surplus funds, both restricted and
general, in either the Local Agency Investment Fund,
certificates of deposit, or other major banking
investments which are allowable by law and yield the
maximum return to the District. A regular accounting
of all fund activities shall be presented to the Board of
Directors at the first meeting of each month.
PASSED AND ADOPTED by the Board of Directors of the Truckee-Donner
Public Utility District, at a meeting held within said District on the 2nd day
of April, 1979, by the following roll call vote:
AYES: D. HATCH , R. HUBER , K. KUTTEL ,
P. SUTTON , J. MAASS
NOES:
ABSENT: ,
TRUCKEE-DONNER PUBLIC UTILITY
DISTRICT
By AMES A. MAASS, President
A
MILTON SEYM ,
Clerk Thereof