Chapter 3.07 INVESTMENT AND TRANSFER OF FUNDS

Chapter 3.07
INVESTMENT AND TRANSFER OF FUNDS

Sections:

3.07.010 Investment of funds in Local Agency Investment Fund (LAIF).

A. Incumbents in the following authorized position titles are considered authorized individuals for the purposes of this section: general manager, deputy general manager, assistant general manager/chief financial officer, and director of finance.

B. The authorized position titles are permitted to order the deposit or withdrawal of monies in LAIF to, from, and on behalf of the accounts of WMWD. (Res. 3021, 2018)

3.07.020 Transfers of district funds.

A. Incumbents in the following authorized “position titles” are considered authorized individuals for the purposes of this section: general manager, deputy general manager, assistant general manager/chief financial officer, director of finance, and controller.

B. The authorized position titles are permitted to execute any and all agreements, orders, or other documents required to authorize Bank of America National Trust and Savings Association to electronically transfer funds of this district.

C. The authorized position titles are permitted to pay by electronic funds transfer any bill of this district, in compliance with the most current district purchasing policy and procedure, related to:

1. Amounts due to the Metropolitan Water District of Southern California;

2. Certain intergovernmental agency billings;

3. Payroll and benefits vendors;

4. Bank of America ePayables obligations and bank fees;

5. Principal and interest obligations on bonds and other debt of the district, as well as any related fees and charges; and

6. Transactions with vendors who require special payment arrangement as determined by an authorized individual on a case-by-case basis.

D. The authorized position titles are permitted to make electronic transfers of funds between district accounts held at Bank of America or held at any other bank or financial institution.

E. The authorized position titles are permitted to invest district surplus funds in the investment types authorized in the most current district investment policy adopted by the board of directors, sell investments owned by the district to meet district cash flow needs or for reinvestment purposes, and direct the investment custodian to settle trades and deliver securities. (Res. 3023, 2018)