HomeMy WebLinkAboutRes - 1991.30 - Establishing a Restricted Reserve Account RESOLUTION 1991. 30
A RESOLUTION OF .THE BOARD OF DIRECTORS
OF THE EAST VALLEY WATER DISTRICT
ESTABLISHING A RESTRICTED
RESERVE ACCOUNT FOR CAPITAL IMPROVEMENT
OF THE EAST VALLEY WATER DISTRICT
BE IT HEREBY RESOLVED, by the Board of Directors of the
East Valley Water District, as follows:
WHEREAS, the Board of Directors of the East Valley Water
District has established a long range program for
capital improvement programs of the District; and
WHEREAS, the Board of Directors of the East Valley
Water District desires to establish a reserve account which
will be dedicated to fund future capital improvements needed
by the East Valley Water District.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors
of the East Valley Water District does hereby resolve, determine
and order as follows:
1. The Auditor/Controller of the East Valley Water
District is hereby directed to establish from surplus funds a
restricted fund in the initial amount of $1, 000, 000, for the
purpose of funding capital improvements needed by the East Valley
Water District.
2 . The Auditor/Controller of the East Valley Water
District shall from time to time deposit additional
funds dedicated to capital improvements into this account as
directed by the Board of Directors.
3 . The funds deposited in this restricted reserve account
shall remain in such account for the purpose of funding capital
improvements of the East Valley Water District until and unless
the Board of Directors deems otherwise.
4. This account shall be periodically audited and amount
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resolution until written notice of its revocation is delivered
to Bank, and that the authority hereby granted shall apply with
equal force and effect to the successors in office of the
officers herein named.
I, Sandra Shepherd, Secretary of East Valley Water District,
a Water District formed under the laws of the State of
California, do hereby certify that the foregoing is a full and
correct copy of a resolution of the Board of Directors of
said Water District duly and regularly adopted by the Board of
Directors of said Water District in all respects by law, and by
the by-laws of said Water District on the 12th day of March,
1991, at which meeting a majority of the Board of Directors of
said Water District was present and voted in favor of said
resolution. I further certify that said resolution is still in
full force and effect and has not been amended or revoked and
that the' specimen signatures appearing below are the signatures of
the officers authorized to sign for the EAST VALLEY WATER
DISTRICT by virtue of this resolution.
IN WITNESS WHEREOF, I have hereunto set my hand as such
Secretary this 12th day of March, 1991.
AUTHORIZED SIGNATURES:
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Robert E. Ma tin, General Manager Sandra Shepherd, Secretary
of EAST VALLEY WATER DISTRICT
erta M Hess Gera
ld Stoops,
Auditor/Controller President of the Board of
Directors of EAST VALLEY
WATER DISTRICT
ROLL CALL:
AYES: Directors: Disch, Lightfoot , Douglas , Schnarre, Stoops
NOES: None
ABSENT: None
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