HomeMy WebLinkAboutRES 1977-28 - Board RESOLUTION N0, 7728
OF
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, pursuant to Chapter 730 of the Statutes of 1976
Section 16429. 1 was added to the California Government Code to
create a Loacl Agency Investment Fund in the State Treasury for
the deposit of money of a local agency for purposes of investment
by the State Treasurer; and
WHEREAS, the TRUCKEE-DONNER PUBLIC UTILITY DISTRICT does
hereby find that the deposit and withdrawal of money in the Local
Agency Investment Fund in accordance with the provisions of
Section 19629. 1 of the Government Code for the purposes of
investment as stated therein are in the best interests of the
District,
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the TRUCKEE-DONNER PUBLIC UTILITY DISTRICT as follows:
The Board of Directors do hereby authorize
the deposit and withdrawal of monies in the
Local Agency Investment Fund in the State
Treasury in accordance with the provisions
of Section 16429. 1 of the Government Code
for the purpose of investment as stated
therein.
BE IT FURTHER RESOLVED that any one of the
following officers, or their successors in
office, shall be authorized to order the
deposit or withdrawal of monies in the
Local Agency Investment Fund: .
PAT BUTTON President
ROBERTA HUBER Treasurer
A. MILTON SEYMOUR Manager
Passed and adopted by the TRUCKEE-DONNER PUBLIC UTILITY
DISTRICT, by its Board of Directors, at a meeting held within
the District on the 12th day of September, 1977, by the following
roll call vote:
AYES: R. HUBER, J. MAASS, K. KUTTEL, P. BUTTON.
NOES: NONE
ABSENT: NONE
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
ATTEST:
Clerk Thereof T SUTTO President
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Assembly Bill No. 3107
Notwithstanding any other provisions of law,a 16429.2. There is created the Local Investment local government official, with consent of the Advisory Board consisting of five members. The
governing body of that agency, having money in chairman shall be the State Treasurer or his or her
CHAPTER 730 its treasury not required for immediate needs,may designated representative. Two member
remit such money to the State Treasurer for s w o-are
qualified by training and experience in the field of
deposit in the Local Agency Investment Fund for investment or finance, shall be appointed by the
act the purpose of investment.'t to add Article I I (commencing with Sec- State Treasurer.Two members who are treasurers,
6429.1)to Chapter 2 of Part 2 of Division 4 finance or fiscal officers or business managers, LOCAL The local governmental unit has th x usive
ale 2 of the Government Code,relating to the determination of the len th of t' employed by any county, city or local district or
ime its money will
Agency Investment Fund, and making an municipal corporation of this state shall be
)pnation therefor. be on deposit with the State Treasurer.
appointed by the Treasurer,
The State Treasurer may invest the money of the
proved by Governor September 3, 1976. Filed with The term of office of each appointed member of Secretary of State '-epternber 7, 1976.1 fund in securities prescribed in Section 16430.The the board 's two years, but each appointed mem..
State Treasurer may elect to have the money of the ber serves at the pleasure of the appointing
LEGISLATIVE COUNSELS DIGEST fund invested through the Surplus Money Invest- authority.
J.
A vacancy in the appointed membership
ION
ment Fund as provided in Article 4(commencing occurring other than by expiration of term,shall 3107,Knox. Local Agency Investment Fund. with Section 16470) of Chapter 3 of Part 2 of be filled in the same manner' as the original IMVLVMV
-i Division 4 of Title.2.
,,ting law does not provide for a Loc, Nl
appointment, but for the unexpired term only.
.,y Investment Fund as a special fund in the
Treasury, nor for a local Investment Money in the fund shall be invested to achieve
ory Board. Members of the board who are not state officers
the objective of the fund which,is to realize the or employees shall not receive a salary,but shall be
FUMD
maximum return consistent with safe and prudent entitled to a per them allowance of fifty
treasury management. dollars
bill would establish such a fund;prescribe ($S0)for each day's attendance at a meeting of the
duties for state officials regarding the fund;
board, not to exceed three hundred dollars
-.-rmit local agencies to remit money to the All instruments of title of all investments of the ($300)in any month.All members shall be entitled
treasurer for deposit In the fund for the pur- fund shall remain in the State Treasurers vault or to reimbursement for expenses incurred in the
f investment.
be.held in safekeeping under control of the State performance of their duties-under this part, i
bill would also establish the local Inve n..
stment Treasurer in any Federal Reserve bank, or any cluding travel and other necessary expenses.
)ry Board and prescribe various duties for branch thereof, or the Federal Home.Loan Bank
•
a rd.
The board's primary
ropriation: yes. of San Francisco, with any trust company,or the purpose shall be to advise
trust department of any state or national bank. and assist the State Treasurer in formulating the
investment and reinvestment of moneys in the
1k
'op le of the State of California do enact as Immediately at the conclusion of each calendar Local Agency Investment Fund, and the acquisi-
quarter, all interest earned and other increment lion, retention, management, and disposition of
investments of the fund. The board, from time to
derived from investments shall be distributed by
the State Controller to the contributing govern shall review those policies time
ION 1. Article I I (commencinies and advise
g with Sec-
ecessary or desirable. The
429.1) is added to Chapter 2 of Part 2 of mental units directly Proportionate to the respec- therein as it considers n f.
4boardW
tive amounts deposited in the Lo �gency shall advise the State Treasurer in the
4 of Title 2 of the Government Code, to
Investment Fund and the length of time such management of the fund and consult the State
&A.
amounts remained therein. An amount equal to Treasurer on any matter relat • t..+,� .i` �.�, � ���
ing to the invest.
the reasonable costs incurred in carrying out the ment and reinvestment of moneys in the fund. tirf� �,k ``
ale 11. Local Agency Investment Fund provisions of this section, not to exceed a maxi-
mum 16429.3. Money placed with the State Treasurer
-of one-quarter of I percent of the earnings
for deposit in the Local Agency Investment Fund
of this fund, shall be deducted from the earnings
.0.There is in the State Treasury the Local by cities counties, or spec'al districts shall not be
r I
Investment Fund, which fund is hereby sub to imp
prior to distribution and shall be deposited in the s
General Fund. oundment or seizure by any state
All money in the fund is hereby appro- official or state agency. A
without regard to fiscal years to carry out JESSE M. UNRUN
pose of this section. The State Controller
The State Treasurer shall prepare for distribu-
ntain a separate account for each govern- tion a monthly report of investments made during State Tr�.asurer
unit having deposits in this fund,
the preceding month.
oil
• LOCALappointing authority fora period of tw
AGENCY .Y P o years. 5.Lower Investment CostdepositThe boards prrmar ur ose shall to the credit of Jesse M. L�;
INVESTMENTY p p be to ay pooling cash balances and •advise buying California
e and assist the State Treasurer in instrumentsState Treasurer, Demand
in large amounts the charges Account •
formulating the investment and reinvestment g ,Sacramento Main Office of o
. The Loyal Agent Investment Fun generally placed on small lot purchases are .
Y d 'is a of monies in the Local Agency Investment the following nine banks which will t
g Y ent eliminated.
_. specia! fund in the State Treasury .u y created by Fund, and the acquisition, retention manage- our depository:
law. The law permits a local government m the 6.No Minimum Investment Period Bank
g ent, and disposition of investments of the a k of America Security Bank
official,i with consent of the governing n bad of Fund There will I I be no minimum i nvestmen Bank of California union
g g y t Bank
period. Monies deposited for investment on Central Bank United California Bar,
.. that agency,to remit money in its treasury not ADVANTAGES e
OF NEW LEGISLATION FOR day may Cracker Bank Wells Faro B
required for immediate need to the Y y be withdrawn the next. Also g Bank
State LOCAL GOVERNMENT AGENCIES o, monies Lloyds Bank
S could be de y
1 Treasurer for deposit in this �' deposited
p s special fund for the p on Friday and withdrawn
1.A Voluntary Program on Monda B. Th
{ purpose.of investment, to earn' three e authorized. Y ee days interest, zed government offiela
The local government unit has theThe legislation offers local government units also notify,, b telephone.,exclusive Y� y ep .one, the invest,
the opportunity to voluntarily invest tempo- HOW TO .PARTICIPATE IN THE L Division of the St •
r-. determination of the length of time its move Y p LOCAL ate"reasurer s f �
will b Y raril idle monies more AGENCY i
Office
i ce
e on deposit with the State Treasurer, y advantageously. Loco! C NVESTMENT FUND Code 916/445-5911) statingthe date
goverment officials have complete •
` The State Treasurer will e discretion amount f have the monies in P• ton The operational features for depositing, o the deposit, and the name o
'as to whether or n
the Local Agency Investment of the wish to deposit correspondent g Y e t Fund. (LAIF) y p t withdrawing or distributin monies in the Local P t bank that will be used b
their surplus monies with the State Tr g local
invested with State monies through the Pooled easuer. Agency Investment bank. The same correspondent
g TheI g Y ent Fund (LAIF) are easy and p dent
local government agency determines the will be used for withdrawals.a Money Investment Account. uncomplicated in awals unless
term f p order to encourage partrci- s the
O the investment. Treasurer is instructed '
Money in the LAIF shall be invested to ation b local v c ed otherwise,
i p y government agencies. The
` achieve the objective of the Fund w 2.Higher Interest Rates '�
which is to following procurdures have been established C. Telephone calls referred to i c
• • n 36 m u
realize the maximum return consistent The new legislation erm' •with g permits the pooling of by the State Treasurer in connection with the received by the Investment Division
safe and prudent treasury management. surplus cash balances of the State operation •
s on by
g• e with the p on of the LAIF, a.m, if deposits received on that day ar
surplus c (depositedY
The State Treasurer is responsible for the p ash for the .P purpose of 1. Before an be invested on the same day,control and safekee in Investm � y deposits wllf be accepted, the . .
safekeeping of all instruments of investment) of the local government agencies D. Verification f rdepositcg local government agency will fi{e with the State o eceipt of the ..
title of all investments of the Fund. creating a multi-billion •
, g b on dollar money pool and the State will be made by Treasurer a resolution which will contain the . • the State Contr�.
At the end of each calendar quarter, all enabling the investment in diversified in' who •
j q • �tru- following: o will provide you with a co of
interest earned and other increment derived ments. Some of these instruments
g PY
have A. Name and address f Controllers Remittance Advice.
from investments shall be distributed b the minimum denominations of one
o agency.
y hundred B. A statement that 4. Procedure 'at the agency agrees s ure far withdrawals
, State Controller, thousand a to Ovals from
ousand dollarsg Y g om the I....�
to the participating govern- and because of •
deposit or withdraw money in the Local A. The authorized government official
agencies directly proportionate to the res ec- their size usually provide higher yields than
t P g y n Agency Investment Fund in the notify the Investment Division �
t►ve amounts deposited in the Fund and the instruments with smaller denominations. Local State Y of the
Treasury in accordance with the provisions Treasurers Office(Area Code 916/445-5'
length of time such amounts remained therein, government units do not have the authority uthority to of Section 1642 * stating Prior to the distribution, an amount equal take advantage of the higher 9.1 of the Government Code g the date and amount of the A
q to grates of return for the r dr
the reasonable casts of making the investment purpose of investment as stated awal, the name and address of the
g s, offered by these large denomination
therein. bank that will be
not to exceed one-quarter of 1 percent of the - receiving the transfe
p instruments. •
C. The names and titles of the officials withdrawal and the agencies account rz..
earnings of the Fund, shall be deducted from3.More Liquidity
g
q ty authorized b this � ber
• y resolution, to order the at the local bank.The same corres c
the earnings. Local government agencies P
g ge ties will be able to deposit or withdrawal of money ent bank will 'The State Treasurer shall prepare a month) convert their deposits o ey in the Local be used for withdrawals as
P y p is in the Local Agency Agency investment F used for '
report of investments made Burin theg Y und, o deposit unless the State Treasury
Investment Fund to cash i n twenty-four .
y our hours in
preceding month. D. Resolution number and date passed strutted otherwise.
P g or less depending on time of notice.No interest p by
the governingbody. B. Telephone calls must be received'by
LOCAL INVESTMENT ADVISORY BOARD earnings are lost because an investment is Y y
withdrawn E. Signature of the person auth ; Investment Division by 9:30 a.m,if thew;
sooner than the term original)
p or zed to
The legislation creates the Local Investment Y sin resolutions,, drawal of de deposits is to be
contemplated. g P received by
' Advisory Board consisting of five members.The F. agent an the same da
Seal of the agency if one is usual) affixed y y•
4.Investment Expertise g Y y
Board includes the State Treasurer as ChairmanTreasurer's to resolutions.The State office is in con o s. 5. After the end of each calendar uarter,
sta nt q or is designee, two members who are 2. D t r •
touch with investment markets and current) Deposits or withdrawals must be in multiples e est income derived from investments s'
treasurers, finance or fiscal officers or business y be ;
has average daily investment transactions or one thousand dollars ($1,000) and the mini- d stributed by the State Controller to
managers em to ed b artici ct ons of p atin
Y Y participating g local approximately three hundred mum transaction size is five participating governmental units '
y dred million dollars e thousand dollars g g is drrec-tly P.
. government agencies, and two members whoortionate t '($300,000,000) a day. The local government ($5J000). p o the respective amounts de osi
are qualified by training and ex erience in the gP.
p agencies will be able to take advantagein the Local Agency investment Fund and
field of investment or finance. The four board of the 3. Procedure for deposits in the LAIF;
investment experts already available in theA. length of time such amounts remained there-
members shall be appointed by the State Try--)ci t r-3,rl. nf�:,.,,. %4- -J__I-*- The authorized government official will ,
Thy St,t� c-�,►,rr�,li