Chapter 3.07
INVESTMENT AND TRANSFER OF FUNDS

Sections:

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

3.07.020    Transfers of district funds.

3.07.030    Participation in California Asset Management Trust.

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

A. Incumbents in the following 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 individuals are permitted to order the deposit or withdrawal of monies in LAIF and may execute and deliver any and all documents necessary or advisable in order to effectuate the purposes of this section and the transactions contemplated hereby. (Res. 3267, 2023)

3.07.020 Transfers of district funds.

A. Incumbents in the following authorized position titles (“authorized positions”) 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. Authorized positions are authorized to deposit or withdraw funds, make electronic fund transfers, and approve investment purchases in accordance with the requirements of this section.

C. In accordance with good accounting and money management practices, funds of the district may be deposited in the name of the district in any of the district’s designated bank accounts (“accounts”). Funds deposited in the accounts shall be subject to the by-laws, rules, and regulations of the bank which governs the accounts.

D. Any authorized position, or their designee, may endorse any check, draft, trade acceptance, note, or other order for the deposit of funds into the accounts.

E. Any check, draft, trade acceptance, note, or similar order for the withdrawal of funds from the accounts in an amount less than $10,000 shall not be valid, and the bank shall not honor or pay, unless signed by at least one authorized position.

F. Any check, draft, trade acceptance, note, or similar order for the withdrawal of funds from the accounts (with the exception of electronic fund transfers) in an amount equal to or greater than $10,000 shall not be valid, and the bank shall not honor or pay, unless signed by two authorized positions.

G. In the case of electronic fund transfers where the bank system only allows for one authorized position to approve the transaction request regardless of amount, under the purchasing policy and procedures the district has other internal controls in place, such as several layers of review and approval, before an electronic transfer request is sent to an authorized position for final approval and release to a third party.

Authorized positions are permitted to release the payment of electronic funds for any invoice or similar obligation of the 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 inter-governmental agency billings, (3) payroll and benefits vendors, (4) Bank of America ePayables obligations, (5) bank fees, (6) principal and interest obligations on bonds and other debt of the district, as well as any related fees and charges, and (7) transactions with vendors who require special payment arrangements as determined by an authorized position on a case-by-case basis.

H. Authorized positions are permitted to execute any and all agreements, orders, or other documents required to authorize the district’s financial institutions to electronically transfer funds of the district in accordance with subsection G of this section.

I. Authorized positions are permitted to make electronic transfers of funds between district accounts.

J. Authorized positions 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. 3268, 2023)

3.07.030 Participation in California Asset Management Trust.

A. Western Water shall join with other public agencies pursuant to and in accordance with the Joint Exercise of Powers Act by executing the declaration of trust and thereby becoming a participant in the trust, which declaration of trust is hereby approved and adopted. A copy of the declaration of trust, which is available in the office of the assistant general manager/chief financial officer, shall be filed with the minutes of the meeting at which the resolution codified in this section was adopted. The general manager is hereby authorized to execute, and the board secretary-treasurer is hereby authorized to attest and deliver, the declaration of trust.

B. Western Water is hereby authorized to purchase shares in the trust from time to time with available funds of Western Water and to redeem some or all of those shares from time to time as such funds are needed.

C. Western Water is hereby authorized to invest available funds of Western Water from time to time in one or more individual portfolios managed by the investment adviser to the trust and described in the program guide.

D. The appropriate officers, agents and employees of Western Water are hereby authorized and directed in the name and on behalf of Western Water to take all actions and to make and execute any and all certificates, requisitions, agreements, notices, consents, warrants and other documents, and any changes, amendments, modifications, or waivers thereto which they, or any of them, might deem necessary or appropriate in order to accomplish the purposes of this section. (Res. 3340 §§ 2 – 5, 2025)