BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Resolution Delegating Authority to Deposit and Invest Funds to the Treasurer or his or her Designee and Resolution Authorizing Investment of Monies in the Local Agency Investment Fund.
End
RECOMMENDATION:
Recommendation
A. Adopt the Resolution DELEGATING BOARD'S AUTHORITY TO DEPOSIT AND INVEST FUNDS TO THE TREASURER OR HIS OR HER DESIGNEE;
B. Approve the Board Investment Policy for Fiscal Year 2017-18; and
C. Adopt the Resolution AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND.
Body
SUMMARY:
In accordance with Executive Limitation 4.9 regarding treasury and investment management, and pursuant to Title 5, Division 2, Part 1, Chapter 4, Articles 1 and 2 of the California Government Code, as amended from time to time (the "Government Code"), staff recommends that the Board: (A) Adopt the resolution delegating authority to deposit and invest funds to the Treasurer or her designee; (B) Approve the investment policy for Fiscal Year 2017-18, and (C) Adopt the Resolution Authorizing Investment of Monies in the Local Agency Investment Fund.
Delegation of Authority to Deposit and Invest Public Funds
The authority to deposit and invest public funds belongs to the Board and may be delegated to the Treasurer and her designee. The Treasurer is designated by the Interim Chief Executive Officer and is currently the Chief Operating Officer - Administrative Services, who in turn has delegated the investment duties to the Chief Financial Officer and the Treasury/Debt Officer.
Per Government Code Section 53607, the delegation of authority to invest must be renewed annually. If the Board chooses not to delegate the authority to invest, the Treasurer will be limited to making deposits only, and the Board will be responsible for the investment of the District's funds. Furthermore, Government Code Section 53608 requires the Board to delegate the authority to deposit funds for safekeeping with a federal ...
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