Reso 0794-07/1987 RESOLUTION NO. 794
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SAN MARCOS COUNTY WATER DISTRICT
APPROVING STATEMENT OF INVESTMENT POLICY
FOR FISCAL YEAR 1987-88
WHEREAS, the Board of Directors, pursuant to
Government Code Section 53646, shall annually approve a
statement of investment policy; and
WHEREAS, the annual Statement of Investment Policy
of the San Marcos County Water District is as follows:
San Marcos County Water District (DISTRICT) funds
not required for immediate expenditure will be invested in
compliance with the provisions of Government Code Sections
53600-53683. Criteria for selecting investments and the
absolute order of priority are safety, liquidity, and yield.
Investments will be made in a range of instruments and maturity
dates to insure diversification and liquidity of assets in an
emergency or when a large cash outlay is necessary.
The District Auditor will use those investments
permitted under the Government Code of the State of
California. All investments shall mature not later than 365
days from the date of investment.
All time deposits, certificates of deposit, and
other deposit accounts shall be made at a depository wherein
such deposits are insured by the Federal Deposit Insurance
Corporation, the Federal Savings & Loan Insurance Corporation
or collateral pledged as required by Government Code Section
53652.
The instruments of investment to be used are
Certificates of Deposit, Local Agency Investment Fund, Treasury
Bills, Repurchase Agreements and Savings Accounts. The
investments will be fully collateralized or insured by the
Federal Deposit Insurance Corporation or the Federal Savings
and Loan Insurance Corporation, and the "Contract for Deposit
of Monies" will indicate the type and amount of collateral.
Not more than 30% of District funds will be invested in any one
single institution and not more than 25% will be invested with
savings and loans.
No investment will be made pursuant to the
provisions of Government Code Section 53601.1 in financial
futures or financial option contracts without the prior
approval of the Board of Directors.
Resolution No. 794
Page Two
Adhering to the provisions of this investment
policy, the Auditor is delegated the authority to invest, with
the guidance of the General Manager and Controller. Investment
brokers or dealers will not be used. No deviation will be made
from this policy without prior Board approval. A list of
investments will be submitted to the Board each month.
NOW, THEREFORE, the Board of Directors of the San
Marcos County Water District does find, determine and resolve
as follows:
Section 1: The Annual Statement of Investment
Policy for fiscal year 1987-88 is hereby approved and the
District Auditor is directed to follow this Investment Policy
in investing funds of the District.
PASSED, APPROVED AND ADOPTED by the Board of
Directors of the San Marcos County Water District at a Regular
Board Meeting held this 20th day of July, 1987, by the
following roll call vote:
AYES: Directors: Newport, Mason, Rutherford, Mahr,Ferguson
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None
Board of Directors
San Marcos County Water District
ATTEST:
William W. Rucker, Secretary
Board of Directors
San Marcos County Water District