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.
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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.
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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 the 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 delegation of authority to invest must be renewed annually by the Board. The Board's current delegation of authority to invest Santa Clara Valley Water District (Valley Water) funds expire on June 30, 2025. If the Board chooses not to delegate the authority to invest funds in Fiscal Year 2025-26, the Treasurer (Chief Financial Officer) or their designees (Treasury and Debt Officer) will be limited to making deposits only, and the Board will be responsible for the investment of Valley Water's funds. Furthermore, Government Code Section 53608 requires the Board to delegate the authority to deposit funds for safekeeping with a federal or state association (as defined by Section 5102 of the California Financial Code), a trust company or state or national bank located within this state or with the Federal Reserve Bank of San Francisco or any branch thereof within this state, or with any Federal Reserve bank or with any state or national bank located in any city designated as a reserve city...
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