HomeMy WebLinkAboutOCSD 11-12 (REPEALED)RESOLUTION NO. OCSD 11-12
AUTHORIZING THE ORANGE COUNTY SANITATION DISTRICT'S
TREASURER TO INVEST AND/OR REINVEST DISTRICT'S FUNDS. AND
ADOPTING DISTRICT'S INVESTMENT POLICY STATEMENT AND
PERFORMANCE BENCHMARKS
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ORANGE
COUNTY SANITATION DISTRICT, AUTHORIZING THE DISTRICT'S
TREASURER TO INVEST AND/OR REINVEST DISTRICT'S FUNDS, AND
ADOPTING DISTRICT'S INVESTMENT POLICY STATEMENT AND
PERFORMANCE BENCHMARKS; AND REPEALING RESOLUTION NO.
OCSD 10-14
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WHEREAS, on July 28, 2010, the Board of Directors adopted Resolution No. 10-14,
readopting the District's Investment Policy Statement, and establishing specific performance
benchmarks and objectives, together with a schedule of frequency of investment performance
reports; and,
WHEREAS, pursuant to California Government Code Section 53607, the Board of
Directors may delegate authority to invest and/or reinvest District's funds to the Treasurer for a
one-year period; and,
WHEREAS, pursuant to California Government Code Section 53646, the District is
required to review its Investment Policy annually and readopt its Policy at a public meeting,
which Policy will establish specific performance benchmarks and objectives, and specific
monitoring and reports.
NOW, THEREFORE, the Board of Directors of the Orange County Sanitation District,
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section 1: That the authority of the Board of Directors to invest or reinvest District's
surplus funds, or to sell or exchange securities so purchased, or to deposit for safekeeping the
funds and investments of the Districts with depositories, as provided for in California
Government Code Sections 53608 and 53630, is hereby delegated to the District's Treasurer for
a one-year period commencing on the date this Resolution is adopted, as authorized by
California Government Code Section 53607.
REPEALED BY
OCSD 12-11
Section 2: That the Board of Directors hereby adopts the Investment Policy
Statement of the Orange County Sanitation District, as set forth in Exhibit "A", attached hereto
and incorporated herein by reference.
Section 3: That the Board of Directors hereby adopts the following specific
performance benchmarks for their two investment funds in accordance with Section 14.0 of the
District's Investment Policy:
LIQUID OPERATING MONIES: The Short-Term Operating Fund will be compared to
the three month T-Bill rate, and the Callan Active Cash Flow Income Style Group. The
Callan Active Cash Flow Income Style Group represents a peer group of managers who
operate with a maximum maturity of one year.
LONG-TERM OPERATING MONIES: The Long-Term Operating Fund will be compared
to the Merrill Lynch Government and Corporate One-to-Five Year Maturity Index and to
the Callan Defensive Fixed Income Style Group.
Section 4: That the Board of Directors hereby adopts a performance monitoring and
reporting schedule, as required by Section 15.0 of the District's Investment Policy, which
schedule is attached hereto as Exhibit "B", and incorporated herein by reference.
Section 5: That Resolution No. OCSD 10-14 is hereby repealed.
PASSED AND ADOPTED at a regular meeting of the Board of Directors held n uly 27, 2011.
ATTEST:
Cler of the BoSrd
http://sharepoinVgmlboard/Agenda Report Form Library/Investment Policy_Att 3.docx