BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
Adopt a Resolution Delegating Authority to Deposit and Invest Funds to the Treasurer or Their Designees and Approve the Board Investment Policy.
End
RECOMMENDATION:
Recommendation
A. Adopt the Resolution DELEGATING AUTHORITY TO DEPOSIT AND INVEST FUNDS TO THE TREASURER OR THEIR DESIGNEES; and
B. Approve the Board Investment Policy.
Body
SUMMARY:
In accordance with Executive Limitation 4.9 regarding treasury and investment management, and pursuant to California Government Code (Government Code) Sections 53607 and 53608, staff recommends that the Board:
A. Adopt a resolution delegating authority to deposit and invest funds to the Treasurer, or their designees (Attachment 1); and
B. Approve the Investment Policy (Attachment 2).
Delegation of Authority to Deposit and Invest Public Funds
Per Government Code Sections 53607 and 53608, the authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the Treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. The Treasurer for Santa Clara Valley Water District (Valley Water) is the Chief Financial Officer who in turn has delegated the investment duties to the Treasury and Debt Officer. The Chief Financial Officer submits monthly and quarterly Investment Reports to the Board through the Non-Agenda Memorandum in compliance with Government Code Section 53608 (https://www.valleywater.org/how-we-operate/board-non-agendas).
The Board's current delegation of authority to invest funds expires on June 30, 2024. If the Board chooses not to delegate the authority to in...
Click here for full text