HomeMy WebLinkAboutRES 1979-11 - Board RESOLUTION NO* 7911
OF
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
P."BTABLISHING D&PTRICT POLICY REGARDING
INV&STMENT OF SURPLUS FUNDS
11VIIEREAS, the District, currently has surplus restricted and general funds
in the aggre0ga-te sum of $1,124,000.00; and
kv INHEREAS, sa.;.d funds are currently deposited in the Local Agency
Investment Fund and presently bear interest at the rate of 9,,042% per annuin;
and
I/V11EIZEAS, the Manager has reported to the Board of Directors that Bank
of America N.,T.o-.1k-S,,A. is currently offering certificates of deposit for a face
value of $100s,000.00, or more, which bear interest at the rate of 10.5% per
annurn over a six-month period.,
NOW,, THEREFORE,, BE rr RESOLVED by the Board of Directors of the
Truckl,.ee-Donner Public lJtility DiStrict, as follows:
.1 A.11 restricted funds which will. not be needed within six
(0) months shall be inn rnediately withdrawn from the
Local. Afr
..,ency 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
gener,al funds shall re',"Main on deposit with the Local
i�Lgency Investment Fund, and the balance shall be placed
0
in a certificate of (Jeposit with Bank of America
3,0 Following the foregoing action, the Manager and District
Treasurer shall invest, stTplus funds, both restricted and
gerieral, in either the .1-Jocal Agency Investment Fund,
C e r t-I"'f I Icates of d c p ot-3 1 t, or other major banking
investments which are allowable by law and yield the
maximum return to tbE, District. A regular accounting
of 9.,11 ftmd activities, srall 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 lJ tflity J-A.sitriet, at 8 m ceting field within said Distri(..Vt on the 2nd day of April, 1979, by the following, roll, call vote.
4
A"YES. Da 11KYCH R,, HIJBER K2._.rrrr..i++...wr_TZJJ
Po S'U'11"ON J. MAASS
NOES-&
ABS."ENI
TRUCKEE-DONNER PUBLIC UTILITY
DISTRICT
By
YT�E--S; A. MAA. reH-dent
A,i"r EST:
A 11 ILTON -';ff:T110UR,
Clerk Thereof