HomeMy WebLinkAboutRES 2004-02 - Board TRUCKEE DONNER
Resolution No. 2004 - 02
AUTHORIZING THE FISCAL AGENT FOR THE DISTRICT'S
SAFE DRINKING WATER CONTRACT E53311 (PROP 55 LOAN)
WITH THE STATE OF CALIFORNIA, DEPARTMENT OF WATER
RESOURCES TO MOVE THE TDPUD PROP 55 PRINCIPAL AND
INTEREST CHECKING ACCOUNT TO US BANK
WHEREAS, in September of 2001, the District moved its general fund and payroll checking
accounts to US Bank, and
WHEREAS, the District left its TDPUD Prop 55 Principal and Interest Account at Bank of
the West because of the limited amount of activity on the account, and
WHEREAS, the TDPUD Prop 55 Principal and Interest Account is a checking account and
is used solely for the purpose of receiving principal and interest payments from the
District's general fund and for sending principal and interest payments to the Department of
Water Resources two times a year for the repayment of the District's Safe Drinking Water
Loan Contract E53311, and
WHEREAS, the District's administrative services manager was appointed as the fiscal
agent for performing Prop 55 loan administration including processing the semi-annual
principal and interest loan payments, and
WHEREAS, the District is now being charged a monthly service charge on the TDPUD
Prop 55 Principal and Interest Account held at Bank of the West; and
WHEREAS, US Bank will waive the monthly service charge to maintain the Prop 55
Principal and Interest Account so long as the District maintains its general fund checking
account with US Bank.
NOW, THEREFORE, BE IT RESOLVED that the administrative services manager as fiscal
agent is authorized to open a new TDPUD Prop 55 Principal and Interest Account checking
account at US Bank for the purpose of receiving funds and disbursing funds relating to the
repayment of the Prop 55 loan, and
BE IT FURTHER RESOLVED that the administrative services manager as fiscal agent is
hereby authorized to sign on the account, and
BE IT FURTHER RESOLVED that either an electronic signature from the District's
computerized accounting system or a manual signature by the administrative services
manager is acceptable for US Bank to honor payment of a check, and
BE IT FURTHER RESOLVED that the administrative.services manager as fiscal agent is
authorized to enter into other electronic banking services offered by the bank such as ACH
transfers, wire transfers, book transfers, stop payments, account reconciliation and other
such services in order to conduct the District's Prop 55 loan administration business.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the fourth day of February, 2004 by the following roll call vote:
AYES: Directors Aguera, Hemig, Maass and Van Gundy
NOES: None
ABSTAIN: Director Sutton
ABSENT: None
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By: �--,
James . Maass, President, Board of Directors
ATTEST:
Peter L. Holzmeister, District Clerk