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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, CFO |
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PRESENTER(S): |
Brian Reeves, Associate CFO |
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Rob Lamph, Comptroller |
TITLE:
title
R2024-09-09 - Resolution Designating Authorized Users for the Authority’s Utah Public Treasurers’ Investment Fund Accounts
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution R2024-09-09 authorizing the Treasurer (Chief Financial Officer), Comptroller and Assistant Chief Financial Officer as authorized users for the Utah Public Treasurers’ Investment Fund (PTIF) Accounts as presented.
BACKGROUND:
The Board of Trustees Policy 2.1, Financial Management, authorizes the Treasurer to open and close bank accounts and ensure that only authorized users are provided access to bank accounts.
This resolution updates the list of personnel that are authorized and empowered by the Board of Trustees to act on behalf of the Agency to access funds, direct transactions, and add, delete, or make changes to Utah Public Treasurers’ Investment Fund (PTIF) accounts. The PTIF is available to state and local government entities, including local public transit districts, to provide a short-term cash investment vehicle. PTIF invests only in securities authorized by the Utah State Money Management Act, Utah Code §51-7-1, et seq., including investment-grade corporate notes, top tier commercial paper, money market mutual funds, and U.S. Government agency obligations.
DISCUSSION:
On June 28, 2023, the Board of Trustees adopted Resolution R2023-06-05 designating authorized users for the Utah Transit Authority’s Utah Public Treasurers’ Investment Fund Accounts.
Since the June 28, 2023 Board action, there have been organizational changes including the hiring of a new Associate Chief Financial Officer. The proposed resolution will rescind the prior 2023 resolution and designate the following as authorized users of the UTA’s PTIF investment fund accounts: Viola Miller, CFO/Treasurer; Robert Lamph, Comptroller; and Brian Reeves, Associate Chief Financial Officer.
ALTERNATIVES:
None
FISCAL IMPACT:
None
ATTACHMENTS:
Resolution R2024-09-09
Exhibit A Public Entity Resolution