Resolution 2220
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RESOLUTION NO. 2220
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A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
ESTABLISHING A BANK ACCOUNT AT THE SECURITY
PACIFIC NATIONAL BANK.
BE IT RESOLVED, by the Board of Directors of the South Tahoe Public
Utility District, E1 Dorado County, California, the undersigned,
legally charged with receipt and safekeeping of the funds coming
into the Treasury of this Public Entity, agrees with Security
Pacific National Bank that this account shall be governed by
applicable banking laws, regulations and customs and is subject
to a Contract Deposit of Moneys between the undersigned and the
Security Pacific National Bank.
I certify that I am authorized to establish this account upon
such terms as may be agreed upon and I further certify that the
following persons:
Walter Neal Olson, President James R. Jones,Vice President
Lorrene Kashuba, Director Mary M. Madden, Director
John Wynn, Director
are authorized "Acting Alone"to withdraw funds from this account
by check, draft, or other items for and on behalf of this Public
Entity.
T his authority shall remain in force until revocatio n thereof,
by sealed notification to Bank of such asction by the Legislative
Body of this Public Entity o by the signer hereof, is received
by the Bank at the office why this account is maintained.
\
-Walter "Neal" son, President
1 ,,TEST.
ry Ambrose, Clerk of Board
I hereby certify that the foregoing is a full, true and correct
copy of RESOLUTION NO.2220, adopted at a regular Board Meeting
of the Board of Directors on the 16th day of JULY 1981, by the
following vote:
AYES: DIRECTORS OLSON, JONES, KASHUBA
MADDEN AND WYNN
NOES: NONE
ABSENT: NONE
CC-2V-
R D. ROSE, CLERK OF BOARD AND EX
OFFICIO SECRETARY OF THE
SOUTH TAHOE PUBLIC UTILITY DISTRICT BOARD
OF DIRECTORS
So. Lake Tahoe #812
7 z-20
CONTRACT FOR DEPOSIT OF MONEYS
DATED 7-9-81
This Contract relates to the deposit of moneys, between James R. Cofer
(hereinafter referred to as "Treasurer"), acting as the official who is charged with the responsibility for the receipt and safekeeping of all
moneys belonging to the South Tahoe Public Utility District , and Security Pacific National Bank
(hereinafter referred to as "Depository"), having a paid-up capital and surplus of Nine Hundred Mi 11 ion Dollars
900,000,000.00
W ITNESSETH.
WHEREAS, the Treasurer proposes to deposit in the Depository from time to time, commencing on 7 -9 - 81
moneys in his custody in an aggregate amount on deposit at any one time not to exceed the total of the paid-up capital and surplus of the
Depository, and said moneys will be deposited subject to Title 5, Division 2, Part 1, Chapter 4, Article 2 (commencing with Section 53630)
of the Government Code of the State of California; and
WHEREAS, said provisions of the Government Code require the Treasurer to enter into a contract with the Depository setting forth
the conditions upon which said moneys are deposited, and
WHEREAS, in the judgment of the Treasurer, this contract is to the public advantage;
NOW, THEREFORE, it is agreed between the parties hereto as follows:
1. This contract cancels and supersedes any previous contracts between the Treasurer and the Depository relating to the method of
Candling and collateral ization of deposits of moneys.
2. This contract, but not deposits then held hereunder, shall be subject to termination by the Treasurer or the Depository at any
time upon 30 days' written notice. Deposits may be withdrawn in accordance with the agreement of the parties and applicable federal and
state statutes, rules and regulations. This contract if subject to modification or termination upon enactment of any statute, rule or
regulation, state or federal, which, in the opinion of the Administrator of Local Agency Security, is inconsistent herewith, including any
change relative to the paymant of interest upon moneys so deposited by the Treasurer.
3. Interest shall accrue on any moneys so deposited as permitted by any act of the Congress of the United States or by any rule or
regulation of any department or agency of the Federal Government adopted pursuant thereto. If interest may legally be paid, all moneys
deposited in accordance with the contract shall bear interest at a rate agreed upon by the Treasurer and the Depository.
4. The Depository shall issue to the Treasurer at the time of each inactive deposit a receipt on a form agreed to by the Depository
and the Treasurer, stating the interest to be paid, if any, the duration of the deposit, the frequency of interest payments, and the terms of
withdrawal. Each such deposit receipt is by reference made a part of this contract.
5. As security for said deposit, the Depository shall at all times maintain with the Agent of Depository named herein, commencing
forthwith, eligible securities having a market value at least 10% in excess of the total amount of local agency moneys on deposit with the
Depository. If any eligible security is determined by the Administrator of Local Agency Security of the State of California in accordance
with Government Code Section 53661 to be not qualified to secure public deposits, additional security shall be substituted immediately by
the Depository, as necessary, to comply with the requirements of this Paragraph. Waiver of Security. Acting under the authority granted by
Government Code Section 53653, the Treasurer hereby waives security for that portion of the total amount on deposit which is insured
pursuant to federal law
6. Eligible securities are those listed in Government Code Section 53651.
7. The Agent of Depository, authorized by the Treasurer and the Depository to hold the eligible securities posted as collateral
ider this contract, is Trust Department, Security Pacific National Bank. Said Agent of Depository has filed with the Administrator of Local
twgency Security of the State of California an agreement to comply in all respects with the provisions of Title 5, Division 2, Part 1, Chapter
4, Article 2 (commencing with Section 53630) of the Government Code. A copy of that agreement is attached to the original of this
contract.
090100 1-81* 50 PS
8. Authority for placement of securities for safekeeping in accordance with Government Code Section 53659 is hereby granted to '
the Agent of Depository, including placement with any Federal Reserve Banks or branches thereof, and the following banks, other than the
Depository, located in cities designated as reserve cities by the Board of Governors of the Federal Reserve System:
_ Bankers Trust Co., New York, N.Y.
Chemical Bank, New York, N.Y.
The Chase Manhattan Bank, NA, New York, N.Y.
Manufacturers Hanover Trust Co., New York, N.Y.
Morgan Guaranty Trust Co., New York, N.Y.
First National Bank of Boston, Boston, Mass.
Harris Trust & Savings Bank, Chicago, III.
Continental Illinois National Bank & Trust Co., Chicago, III.
Bank of America, NT&SA, San Francisco, Calif.
Crocker National Bank, Los Angeles, Calif.
Wells Fargo Bank, NA, San Francisco, Calif.
9. If the Depository fails to pay all or part of any deposits of the Treasurer which are subject to this contract when ordered to do so
in accordance with the terms of withdrawal set forth on the deposit receipt (which is by reference made a part hereof), the Treasurer will
immediately notify, in writing, the Administrator of local Agency Security. Action of the Administrator in converting the collateral required
by Paragraph 5 above for the benefit of the Treasurer is governed by Government Code Section 53665.
10. The Depository may add, substitute or withdraw eligible securities being used as security for deposits made hereunder in
accordance with Government Code Section 53654, provided the requirements of Paragraph 5 above are met.
11. The Depository shall have and hereby reserves the right to collect the interest on the securities, except in cases where the
securities are liable to sale or are sold or converted in accordance with the provisions of Government Code Section 53665.
12. The Depository shall bear and pay the expenses of transportation to and from the Treasurer's office of moneys so deposited and
the expense of transportation of eligible securities maintained as collateral to and from the designated Agent of Depository. The Depository
shall also handle, collect and pay all checks, drafts and other exchange without cost to the Depositor.
13. This contract, the parties hereto, and all deposits governed by this contract, shall be subject in all respects to Title 5, Division 2J
Part 1, Chapter 4, Article 2 (commencing with Section 53630) of the Government Code, and of all other state and federal laws, statutes,
rules and regulations applicable to such deposits, which are in force at the time each specific deposit is made.
IN WITNESS WHEREOF, the Treasurer, in his official capacity, has signed this contract in quintuplicate and the Depository has
caused this contract to be executed in like number by its duly authorized officers.
TREASURER: DEPOSITORY:
James R. Cofer, General Manager/ Treasurer
SECURITY PACIFIC NATIONAL BANK
By.
0 ficial Title, If Other Tha Treasurer)
Frank Ogaz-Vice Pr1
By:
R. T. Borucki, Vice President
(CORPORATE SEAL)
FI ED 1
June.29, 1970
Donald E. Pearson
Administrator Local Agency Security
.
By
nines C. Updegra : f
Acting D9puty Administrator
AGREEMENT OF AGENT OF DEPOSITORY
This agreement is made on June 15, 1970 by
(date)
. SECURITY_ PA, rjrTr_NATIONAL RANK ~ (hereinafter
(name)
referred to as "Bank") with the Administrator of Local Agency
Security of the State of California.
RECITALS
~w A. In this agreement:
1. "Local Agency Deposit Security Regulations" meaAs
Chapter 2, Division 4, Title 2 of the California Admin-
istrative Code, as effective July 1, 1970, and as the
same or any provision thereof may be amended, added,
or repealed.
2. Terms defined in the Local Agency Deposit Security
Regulations shall have the meanings therein set forth.
3. Words in the singular number include the plural, and.
in the plural include the singular.
4. Words of the rnasculine gender include the feminine and
the neuter, and when the sense so indicates, words of
the neuter gender may refer to any gender.
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B. Bank is authorized to engage -in the trust business in the
State of California.
C. Bank intends to act as Agent of Depository.
NOW, THEREFORE, Bank agrees as follows:
1. Bank shall comply in all respects with the provisions of the
Local Agency Deposit Security Law and the Local Agency .
Deposit Security Regulations.
2. Without prejudice to or limiting the provisions of the foregoing
paragraph, Bank shall:
(a) File with the Administrator such reports and other docu-
ments as may be regt»red by the Local Agency Deposit
Security Law, by the: j..,ocal. Agency Deposit Security
Regulations, or by the Administrator pursuant to such
Law or Regulations.
(b) Accept, hold, pool, place for safekeeping, and release or
otherwise dispose of each security which may be placed
with it by a depository for the purpose of securing. a
secured local agency deposit in such manner as may be
prescribed by the Local Agency Deposit Security Law, by
the Local Agency Deposit Security Regulations, or by the
Administrator pursuant to such Law or Regulations.
(c) Comply with any instruction or order which may be issued
by the Administrator pursuant to the Local Agency Deposit
Security Law or the Local Agency Deposit Security Regula-
tions.
(d) Permit the Administrator, at such times as the Administra-
tor may deem necessary, to verify securities which Bank
holds for the purpose of securing a secured local agency
deposit; and exhibit to the Administrator and permit him to
inspect and copy such books, records, accounts, securities,
and other docur,ients in its custody or under its control which
pertain to securities which Bank holds for the purpose of
securing a secured local agency deposit.
2
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3. No waiver by the Administrator of any failure of Bank to comply
with this agreement or any provision thereof shall be deemed a
waiver of any failure to comply thereafter occuri•i:,,.
IN WITNESS WHEREOF Bank has caused this agreement to be executed
by its duly authorized officers as of tlie date first above written and
filed with the Administrator.
SECURITY PACIFIC NATIONAL BANK
(name)
By i -
(signature)
C. W. Smith
11 '(name of signatory)
V'kv Pm wor&
Its DA Tma orm"
(title of signatory)
-~F
By.
`
(signature)
Wayne B. Crewell _
(name of signatory)
Its VICE PRF.SIDI.IIT.~- A"iSTANT SECRETARY,,
(title of signatory)
STATE OF CALIFO
SS.
COUNTY..
On.. ./.-)~....../...~~...Q.., before me, the undersigned, a Notary P 1' T in arusd ~~i~ id~rtale, personally appeared
s.n c
C . ;-Ostzi known to me to be the Vice Presi t, IIC'°B : erewe3
...o... .wneto >s.. t.e.aito
&1eAt 6qPe. and Assistant Secr@t. .
92Y of the SECURITY ATIONAL BANK, the association that exe-
cuted the within Instrument, known to me to be the persons who executed the within Instrument on behalf of the association therein named,
and acknowledged to me that such association executed the same, and acknowledged to me that such association executed the within Instru-
ment pursuant to its by-laws or a resolution of its board of directors.
WITNESS my hand and official seal. -
v-
(Seal) (Notary
Pubtica Signat04~
Jc
AN BUXTON !.C. y ,L1
s NOTARY P11' 1.:C CALIFORNIA r............./ 7..i!-.!1....1.....~C..f........
PIUNC:PAL OFFICE IN (Name - Typed or Printed)
N' LOS ANGELES COUNTY NotWA§tkti le-01.165-08Y11 to
In and for the Stafs of California
8067 MY Commissi- EKokas December 6, 1971
MIS 8867 to-ass on Ilona Olllsses Notarial AdmwA
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