BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Resolution Delegating Authority to Deposit and Invest Funds to the Treasurer or his or her Designee.
End
RECOMMENDATION:
Recommendation
A. Adopt the Resolution DELEGATING BOARD'S AUTHORITY TO DEPOSIT AND INVEST FUNDS TO THE TREASURER OR HIS OR HER DESIGNEE; and
B. Approve the Board Investment Policy for Fiscal Year 2018-19.
Body
SUMMARY:
In accordance with Board Governance Policy -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 his or her designee, and (B) approve the Board Investment Policy for Fiscal Year 2018-19.
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 his or her designee. The Treasurer is designated by the Chief Executive Officer and is currently the Chief Financial Officer, who in turn has delegated the investment duties to 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, under Government Code Section 53608, the Board may delegate authority to deposit funds for safekeeping with a federal or state association (as defined by Section 5102 of the 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 l...
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