Reso 1999-625RESOLUTION NO. 99 -625
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE COSTA MESA SANITARY DISTRICT AUTHORIZING
THE DISTRICT'S TREASURER TO INVEST DISTRICT
FUNDS IN THE ORANGE COUNTY INVESTMENT POOL
WHEREAS, Government Code Section 53530 -53683 authorizes the District's
Treasurer to open and maintain accounts in certain qualifying depositories; and
WHEREAS, state law and the District Operations Code Section 4.03.010
requires the District to have an Investment Policy Statement that shall authorize the
types of investments allowed; and
WHEREAS, the District has established that any investment vehicle shall be
evaluated with safety as the first consideration, liquidity as the second consideration,
and yield as the third consideration; and
WHEREAS, the District is required to invest its funds in accordance with the
"prudent man" rule; and
WHEREAS, the Orange County Investment Pool is administered by the
County Treasurer and said Treasurer has demonstrated a prudent investment strategy
since his election after the Orange County Bankruptcy; and
WHEREAS, investment in the Orange County Investment Pool would be in
compliance with the District's Investment Policy Statement; and
WHEREAS, the Board has considered the District Treasurer's
recommendations on the appropriateness of the investment of District funds in the
Orange County Investment Pool;
NOW, THEREFORE, the Board of Directors of the Costa Mesa Sanitary
District does hereby resolve and determine:
i
That it has reviewed the factors specified in its Investment Policy Statement
and has determined that the Orange County Investment Pool would be an
appropriate investment fund for District money and does hereby authorize the
District Treasurer to invest such sums as he shall determine are appropriate in said
Orange County Investment Pool.
PASSED and ADOPTED on this /a day of 1999.
Secretary : osta Mesa Sanib,ry District
Board- of.___ irectors
President, Costa Mesa Sanitary
Board of Directors
STATE OF CALIFORNIA)
COUNTY OF ORANGE) SS
CITY OF COSTA MESA )
I, Joan Revak, Clerk of the Costa Mesa Sanitary District, hereby certify that the
above and foregoing Resolution No. 99 -625, was duly and regularly passed and
adopted by said Board of Directors at a regular meeting thereof held on the ai
day of _ 1999.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal
of the Costa Mesa Sanitary District, this /a day of
1999.
Clerk 6T,t, 7 Costa Me,Sanitary District
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