HomeMy WebLinkAboutRES 1992-15 - Board ...........**........ ........ RESOL UTION- NO. 9215 ......
OF.THE
:: TRUCKEE_DONNER PUBLIC:: UTILITY DISTRICT
ESTABLISHING POLICY REGARDING:—`.
...... . . ... .
. INTEREST kID.,.O CONSUMER DEPOSITS
AND RESCINDING:.PREVIOUS. RESOLUTIONS,......
WHEREAS, the Truckee Donner Public Utility District has been paying interest on
consumer deposits at the rate of 5 114% for several years; and
WHEREAS, the interest rate on regular passbook savings accounts has decreased
substantially, and
WHEREAS, the Board of Directors wishes to establish a procedure that would allow staff
to review and adjust the interest rate paid on deposits on a more regular basis and that
such rate would reflect the interest rates paid by the local banking institutions on regular
passbook savings accounts;
NOW, THEREFORE, BE 1 T RESOL VED by the Board of Directors of the Truckee Donner
Public Utility District as follows:
1. Staff is hereby directed to adjust the interest rate paid on deposits on a
quarterly basis beginning July 1, 1992 to reflect the average rate paid at
that time by the local banking institutions on regular passbook savings
accounts.
2. From this time forward, unless otherwise required by law, it will not be necessary
to notify the customers affected each time the interest rate changes.
3. The Manager's Report, on a quarterly basis, will provide the Board with any
changes made in the consumer deposit interest rates.
4. Provisions of previous resolutions conflicting with this new procedure are hereby
rescinded.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the 15th day of June 1992 by the following roll call vote:
AYES: Aguera, Curran and Sutton.
NOES: None.
ABSENT: Corbett and Maass.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT AT T T:
usan M. Craig ,
BY T Deputy District Clerk
Jo R. Aguera, Pr ident