1975-14 Authorizing the Issuance of Warrants Due at a Future Time
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RESOLUTION R75-1~
AUTHORIZING THE ISSUANCE OF WARRANTS WE AT A FUTURE
TIME.
w.aEREAS, ~ater Code Section 24628.5 authorizes the issuance of warrants
payable at future time or times to obtain funds for any lawful purpose of the
District;
AND WHEREAS, it is now neces681'Y for the District to issue said time
warrants in order to carry on the necessary improvement and construction activities
of the District;
NOW, THEREFORE, BE IT RESOLVED that the officers of the District be, and
they hereby are, authorized to execute and issue warrants payable at future times
under the provisions of the applicable sections of the Water Code and specifically,
Sections 24628.5 and 24629;
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is the changes in the lavs that were enacted in the last session of the Legislature.
It vas reported that the original Guidelines were adopted two years ago and were
amended last year in order to comply with changes. At this time, Attorney Cranston
recommended that the old articles be rescinded and cancelled and that the new
guidelines be adopted and be put into effect immediately. After a discussion of
this item, Director Cermak moved that the following resolution be adopted. Motion
was seconded by Director Wanket.