HomeMy WebLinkAboutRES 1979-20 - Board RESOLUTION NO. 79 20
OF
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
ESTABLISHING DISTRICT POLICY REGARDING RESTRICTED FUNDS
COLLECTED FOR FACILITIES FEES, INTEREST EARNED
.AND RESERVE FOR FUTURE METERS-
WHEREAS, as part of the recent audit, the Board of Directors
was informed b its auditors that the District policy of impounding
Y p Y p g
facilities fees as a restricted fund was not established by resolution;
and
WHEREAS, by adoption of this resolution the Board of Directors
does hereby wish to clarify its policy regarding the nature of interest
earned as well as meter retentions,
NOW, THEREFORE BE IT RESOLVED by the Board of Directors
of the Truckee-Donner Public Utility District, as follows:
1. All facilities fees collected shall be identified as
"restricted funds" and shall be invested at the
best rate of return pursuant to Resolution No.
7911. All interest earned upon said funds shall
adopt a character of, and become part of the
specific restricted account.
2. The $150.00 Domestic Water, Connection Fee cur-
rently includes a $40,00 meter allocation. The
meter portion shall be set aside as restricted
funds and invested pursuant to Resolution No.
7911. Absent earlier Board action.,, the monies
shall retain that character for a five (5) year
period, at which time the Board shall evaluate
if it intends to install meters for domestic water.
Thereafter, the review and analysis shall occur
at least every five (5) years until some final
determination is made. It is expressly understood
that the Board of Directors may, by resolution,
modify this policy regarding meters at any time.
PASSED AND ADOPTED by the,Board of Directors of the Truckee-
Donner Public Utility District, at a meeting held within said District on
the 4 t h day of June 1979, by the following roll call vote.
AYES : Hatch Kuttel , Sutton
Maass .
NOES : None
ABSENT : Huber .
TRUCKEE-DONNER PUBLIC UTILITY
DISTRICT
By
JAMES A. MAAS S, President
ATTEST :
A. MILTON SEYMOUR
Clerk Thereof