HomeMy WebLinkAboutMINUTES - 06021998 - C132 TO: BOARD OF SUPERVISORS s . Contra
FROM: Alfred P. Lomeli, Treasurer-Tax CollectorCosta
June 2, County
DATE:
A t1UN
SUBJECT: AUDIT REPORT ON THE COUNTY TREASURY
SPECIFIC AEOUEST(S)OR AECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION!
RECOMMENDATION(S):
ACCEPT the audit from the County Auditor-Controller on the activities of the
County Treasurer and the Treasury Oversight Committee as required by
Government Code Section 27134.
ACCEPT the Treasurer's Response to the above audit.
BACKGROUND/REASON(S) FOR RECOMMENDATION(S):
Per Government Code section 27134 and at the request of the Treasury
Oversight Committee, the County Treasury was audited by the County Auditor-
Controller for the period of July 1, 1996, through December 31, 1997.
This audit and the responses were discussed at length at the Treasury Oversight
Committee meeting of May 5, 1998. The County Treasurer and Treasury
Oversight Committee members agreed to the recommendations and responses
that are part of this document and are being submitted for approval by the Board
of Supervisors.
CONTINUED ON ATTACHMENT: 2S--YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE {
APPROVE -OTHER
OTHER
MATURFUS1.1
S
ACTION OF BOARD ON Ttin e 2 APPROVED AS RECOMMENDED X OTHER
VOTE OF StX3 RVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
.� UNANIMOUS(ABSENT - - - ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
conta Clarissa V. Javier (646 -4115) ATTESTED .Timm 1'ggg
ounty Auditor-Controller PHIL BATCHELOR,CLERK OF THE BOARD OF
�c�:
County Administrator
SUPERVISORS 40 COUNTY ADMINISTRATOR
County Treasurer-Tax Collector
Treasury Oversight Committee
BY DEPUTY
Office of
COUNTY AUDITOR-CONTROLLER
Contra Costa County
Martinez, California
March 31, 1998
TO: Diane E. Meade, Chairperson, Treasury Oversight Committee ff
f
FROM: Kenneth J. Corcoran, Auditor-Controllerkior
Audit Staff: Leo D. Schmall, CIA, Senior Au
Karen M. Watkins, CIA, Staff Auditor
Andrea De Lany, Auditing Assistant
SUBJECT: Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
1. SCOPE OF EXAMINATION
We have examined the activities of the County Treasurer(Treasurer) and the Treasury Oversight
Committee(Committee) as requested by the Committee and as required by Government Code Section
27134. Our examination covered the period of July 1, 1995, through December 31 1997, and
included such tests and other auditing procedures as we considered necessary to:
1. Determine the extent of compliance with Government Code Sections 27131through 27132.4
which govern the establishment, membership and meetings of the Committee.
2. Determine the extent of compliance with Government Code Section 27133 which governs the
establishment, review and monitoring of investment policy.
3. Determine the extent to which the quality of the Treasurer's investment portfolio complied
with applicable laws and administrative requirements governing investments, including
Government Code Section 53501 governing authorized investments and the County's
Investment Policy.
4. Determine if internal controls were adequate to ensure the safeguarding of investments under
the Treasurer's control.
5. Determine if the Treasurer has contracted with financial entities for investment services and
safekeeping and restricted investing transactions to brokers and dealers allowed by the
County's Investment Policy.
5. Evaluate the accuracy of the Treasurer's Quarterly Investment Report as of December 31,
1997.
7. Determine the extent to which investments subject to the Treasurer's control were sold before
maturity.
Dime E. Meade, Chairperson, Treasury Oversight Committee March 31, 1998
Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
11. S MARY ANTS CONCLUSIONS
As a result of our examination, we have concluded that in all material respects.
1. The establishment, membership, meetings and other activities of the Committee were in
compliance with applicable laws, except that the Treasurer should submit nominations for all
Committee membership changes to the Board of Supervisors for appointment as noted in
Section III.B.
2. The establishment, review and monitoring;of the County's Investment Policy were in
compliance with the law except that the Policy should include additional criteria for the
withdrawal of funds as noted in Section III.C. The Policy should also specify the distribution
of the Treasurer's Quarterly Investment Report to the Committee and any other required
distributions, citing;the appropriate Government Codes as noted in Section HI.E.
3. The quality of the Treasurer's investment portfolio met or exceeded the requirements set forth
in Government Code Section 53601, in other applicable laws and in the County's Investment
Policy, except that the Policy should include Local Agency Investment Fund,(L.A.I.F.)
investments and other legal investments the Treasurer deems appropriate as noted in Section
IIIA.
4. Internal controls were adequate to ensure the safeguarding of investments under the
Treasurer's control.
5. The Treasurer has contracted with financial entities for investment services and safekeeping
and has transacted investments with eligible brokers and dealers.
6. Except for the minor misclassifications noted in Section IIID. the Treasurer's Quarterly
Investment Report was accurate as of December 31, 1997.
7. Our review of all investment dispositions during two months of the quarter ending December
31, 1997, found only one sale of an investment under the Treasurer's control before maturity.
It had reached its investment goal earlier than projected.
2
Diane E. Meade, Chairperson, Treasury Oversight Committee March 31, 1998
Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
III. FINDINGS AND RECOMMENDATIONS
A. Need to Include L A I F Investments in the Court's Investment Policy
Condition: The Treasurer has for many years invested in the State's Local Agency Investment
Fund(L.A,I.F.)as allowed by Government Code Section 16429.1. However,the County's
Investment Policy does not include this as an allowable investment. It only refers to
investments allowed by Government Code Section 53601.
Criteria: Government Code Section 27133(a) requires the investment policy to include"a list
of securities or other instruments in which the county treasury may invest, according to law,
including the maximum allowable percentage by type of security."
Effect: The Treasurer has made substantial investments which were not authorized by the
County's Investment Policy that was approved by the Board of Supervisors.
Cause: We believe that L.A.I.F. investments were omitted from the County's Investment
Policy due to an oversight. This County's Investment Policy focused on Government Code
53601 investment instruments and did not address other code sections that could affect the
Treasurer's investment decisions.
Recommendation: The Treasurer should seek to amend the County's Investment Policy to
include L.A.I.F. investments and other legal investments the Treasurer deems appropriate.
B. Need to Submit All Changes in Committee Membershi t the Board of Su ervisors
Condition: The County Superintendent of Schools was appointed as a Committee member.
Subsequently, he designated a Deputy Superintendent to serve on the Committee in his place.
The Treasurer did not submit the nomination of the Deputy Superintendent to the Board for
confirmation. Also, because the change was not submitted to the Board, the Clerk of the
Board did not receive the information and could not update the records keptin that office.
Criteria: Government Code Section 27131 specifies that treasury oversight committee
members shall be nominated by the treasurer and confirmed by the board of supervisors.
Government Code Section 54972 requires the clerk of the board to maintain records for all
appointees to boards, commissions and committees.
Effect: The Deputy Superintendent of Schools was not officially a member of the Committee.
Cause: The Treasurer believed that anyone designated by the County Superintendent of
Schools was officially appointed to the Committee.
3
Diane E. Meade, Chairperson, Treasury Oversight Committee March 31, 1998
Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
III. FINDINGS AND RE �NDATIONS CONTINUED)
B. Need to Submit All Changes in Committee Membership to the Board of Supervisors Continued
Recommendation: Upon our notice, the Treasurer has submitted the nomination of the
Deputy Superintendent of Schools for appointment to the Committee and the Board has made
the appointment. The Treasurer should submit nominations for all future Committee
membership changes to the Board for appointment.
C. Need to Specify Criteria for Agencv Withdrawal of Funds
Condition: The County's Investment Policy does not adequately address the criteria for the
withdrawal of funds by all agencies. For withdrawal of funds by non-mandated depositors the
policy requires either investment maturity or authorization from the governing board of the
local agency. The Policy sloes not require the Treasurer to assess the effect of an agency's
withdrawal on the remaining investments in the County Treasury.
Criteri : Government Code Section 27133 (h) requires a county's investment policy to contain
criteria for considering requests to withdraw funds from the Treasury, including"an assessment
of the effect of a proposed withdrawal on the stability and predictability of the investments..."
Effect: The County's Investment Policy is not in full compliance with the{Government Code.
If it became prudent for the Treasurer to delay an agency's withdrawal of funds, the decision
may appear arbitrary.
Cause: Since the Treasurer has had a conservative and diversified portfolio, he did not
anticipate any material negative impact from the withdrawal of funds by any agency. The
language in the policy had been considered sufficient to meet legal requirements.
Recommendation: The Treasurer should seek to amend the County's Investment Policy to
include criteria for the withdrawal of funds by any agency including an assessment of the effect
of the withdrawal on the remaining investments in the County Treasury.
4
Diane E. Meade, Chairperson, Treasury Oversight Committee March 31, 1998
Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
TTT, FTNI TNCrS AN[)RECOMMENDATIONS (CONTINUED)
D. Need to Review and Correct Detail Re arts Smpporting Supportingthe Quartedy Inve amen R rt to
Ensure Accuracy
Cndi ion: Three investments in the detail report supporting the quarterly investment report
were not in their correct category. All three misclassifications involved Federal Home Loan
Mortgage Corporation(FBLMC) investments. Two were classified under the Federal Home
Loan Bank(FHLB) category and one was classified under a Federal National Mortgage
Association(FNMA)category. In each case the investment was purchased prior to our audit
period. All three categories involved were unrestricted by Government Code Section 53601,
so this was not a material misstatement of the investment portfolio.
Cri eria: The detail reports supporting the quarterly investment report are a primary
accounting tool to manage the Treasurer's investments. Therefore, these reports should
accurately reflect the investment portfolio at all times to support daily decisions and monthly
and quarterly reporting cycles.
Effect; The FHLMC investment category was understated by$16,000,000',as of December
31, 1997, with a corresponding overstatement of$6,000,000 in FHLB and $10,000,000 in
FNMA investment categories.
C, amIg: The Treasurer stated that the investment accounting software did not have a batch
review screen until recently, so misclassifications that did not affect the total',investments could
not be detected. Staff'now reviews the accuracy of daily postings to these detail reports and
also completes month-end reconciliations of fund totals to the Auditor-Controller's control
reports.
Recommendation: The Treasurer should correct these postings to properly state investment
categories and continue the review of daily postings to detect such misclassifications in the
future,
5
Diane E. Meade, Chairperson, Treasury Oversight Committee March 31, 1998
Examination of the Activities of the County Treasurer and the Treasury Oversight
Committee as Required by Government Code Section 27134
III. FINDINGS AND RECONW ENDATIONS (CONTINUED)
E. Need to Correct Reporting Requirements in the County's Investment Policv
Condition: The Investment Report Section of the County's Investment Policy incorrectly
references Government Code Section 16481.2 which pertains to reporting requirements of the
State Treasurer. It does not specify distribution of the reports to the Board or the Committee.
However, both the Board and the Committee have been regularly receiving the Treasurer's
Quarterly Investment Reports.
riteria: Government Code Section 53646 requires reports to the Board. Government Code
Section 27133(e) requires that a county treasurer's investment policy shall include: "A
requirement that the county treasurer provide the county treasury oversight committee with an
investment report as required by the board of supervisors."
Effect: The County's Investment Policy does not comply with the controlling Government
Code provisions regarding reporting requirements.
Cause: There appears to have been an oversight or misinterpretation of the Government Code
when drafting and approving the Investment Report Section of the County's,Investment Policy.
Recommendation. The County's Investment Policy should be revised to specify the
distribution of the Treasurer's Quarterly Investment Report to the Committee and any other
required distributions, citing the appropriate Government Codes.
IV. STATUS OF PRIOR AUDIT RECOATIONS
This is a new review and therefore there are no prior audit recommendations to review.
We appreciate the excellent courtesy and cooperation extended to us by you and the Committee and
the Treasurer and his stag'during the course of our review.
KJC/LDS:kw
6
Treasurer-Tax Collector's Office
625 Court Street, Room 100-102
Martinez, CA 94553
[SATE: April 30, 1998
TO: Treasury Oversight Committee
FROM: Alfred P. Lomeli, Treasurer-Tax Collector
SUBJECT: EXAMINATION OF THE TREASURY OVERSIGHT COMMITTEE'S AND THE
COUNTY TREASURER'S COMPLIANCE WITH GOVERNMENT CODE
SECTION 27130 THROUGH 27137—TREASURER'S RESPONSE
Following are the Treasurer's response and proposed solutions to SectionIII of the Auditor's
findings and recommendations:
A.
INCLUSION OF L.A.I.F. INVESTMENTS IN COUNTY POLICY
Proposed insert on Page 5-- January 1997 policy in authorized investments section.
GOVERNMENT CODE. 15429.1 LOCAL AGENCY INVESTMENT FUND
(See attached copy of the law)
B.
CHANGES IN COMMITTEE MEMBERSHIP TO THE BOARD OF SUPERVISORS
Problem resolved. Solution: Refer to Board Order of March 17, 1998 attached.
C.1
WITHDRAWAL OF FUNDS BY MANDATED TREASURY PARTICIPANTS
Proposed insert on Page 15--January 1997 policy.
The withdrawal of mandated deposits in the treasury shall coincide with
investment maturities, and or authorized sale of securities by authorized
personnel of the local agency. Except for funds in the California State Local
Agency Investment Fund, a five (5) business days' notification Is required.
C.2
Proposed insert on Page 15—January 1997 Policy:
Criteria for requests for withdrawal of both mandated and non-mandated funds
to access the effect of a proposed withdrawal on the stability and predictability
of the Investments in the County Treasury.
Since each pool participant generally has its own investment portfolio and only
the cash portion is invested on a "pooled basis", any withdrawal, in part or in
whole from the County Treasury by any participant(s)will have no impact, or will
have a negligible effect on other participants and on the treasury pool as a
whole.
Criteria for withdrawal assessments are not currently necessary based on the
present composition of pool participants with each agency having their own
directed investment portfolios.
C.3
Proposed Title Change on Page 15—January 1997 Policy:
FROM: Non-Mandated deposits into the treasury
TO: Non-Mandated deposits and withdrawals in the treasury.
D.
ACCURACY OF DETAIL OF QUARTERLY INVESTMENT REPORTS
Problem: Misclassification of government agency securities; FHLMC and FHLB
Solution: 1. Refer to attached copy of correction for$10 and $5 million;
$1 million was called in January 2'1, 1998.
2. Treasury staff now reviews daily investment classifications
E.
REPORTING REQUIREMENTS IN THE COUNTY'S INVESTMENT POLICY
Proposed insert on Page 13--January 1997 Policy:
The Treasurer shall render a quarterly report"... to the Chief Executive Officer,
the internal auditor, and the legislative body of the local agency . . . (Government
Code 53646).
In addition, the County Treasurer will provide. ."The County Treasury Oversight
Committee with an investment report as required by the Board sof Supervisors".
[Government Code 27133 (e)]
APL:gm
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BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Re: Authorizing Investment of County
Monies in Local Agency Investment Fund RESOLUTION NO. 77&=
WHEREAS, pursuant to Chapter 730 of the Statutes of 1976, Section 16429.1
was added to the California Government Code to create a Local Agency Investment
Fund in the State Treasury for the deposit of money of a local agency for purposes
of investment by the State Treasurer; and
WHEREAS, the Board of Supervisors does hereby find that the deposit and
withdrawal of money in the Local Agency Investment Fund in accordance with the
provisions of Section 16429.1 of the Government Code for the pusposes of invest-
ment as stated therein is in the best interests of the County of Contra Costa.
NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors does hereby
authorize the deposit and withdrawal of County monies in the Local Agency In-
vestment Fund in the State Treasury in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein.
BE IT FURTHER RESOLVED that the following County Officers or their
successors in office shall be authorized to order the deposit or withdrawal of
monies in the Local Agency Investment Fund: Edward W. Leal, Treasurer-Tax
Collector; Alfred P. Lomeli, Assistant Treasurer-Tax Collector; David Dezell,
Investment Supervisor.
PASSED AND ADOPTED by the Board of Supervisors of the County of Contra
Costa, State of California. oWehruary 8, 1977 by the following, vote:
AYES: Supervisors J. E'. Kenny, N. C. Fanden, R. I. Schroder,
E. If. liasseltine and W. N. Boggess.
NOES: Supervisors None.
ABSENT: Supervisors 14one. N. 9oggess
ATTEST: JAMES R. OLSSON, Clerk
Board of Supervisors �a rman, Board of Su et'Ct `sons
canrr. full. COPY
I tertity that this to r. tell, true R le In t copy of
the orl�tnut docttnr� ++•htt:h Is en file In my ottieo
and that It wal pax ed It by the Board of
Deputy Supervisors of Cor.•n t-•ts G�sttnty. California, on
CC: /State 'treasurer the dato shown.A°t fn T: I. It, OLSSON, County
Courity Treasurer—Tax Collector byeDeputy Cie}f Ie Clark sold Board of Supervisors,
County Auditor—Controller81977
County Administrator _ an __ ._._....
RESOLUTION NO. 77,107
III. A PgI
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Local Agency Investment Fund
§ 16429.1. Existence and appropriation of fund; Investment and distribution of deposits
There is in the State Treasury the Local Agency Investment Fund, which fund is'hereby created.
Notwithstanding Section 13340,all money in the fund is hereby appropriated without regard to fiscai;years
to carry out the purpose of this section. The Controller shall maintain a separate account for each
governmental unit leaving deposits in this fund.
Notwithstanding any other provisions of law, a local governmental official, with the consent of the govern-
ing body of that agency, having money in its treasury not required for immediate needs, may remit the
money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment,
Notwithstanding any other provisions of law, an officer of any nonprofit corporation whose membership is
confined to public agencies or public officials,, or an officer of a qualified quasi-governmental agency, with
the consent of the governing body of that agency, having money in its treasury not required for immediate
needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the
purpose of investment.
Notwithstanding any other provision of law or of this section, a local agency * * * with the approval of
its governing body, may deposit in the Local Agency Investment Fund proceeds of the issuance of bonds,
notes, certificates of participation, or other evidences of indebtedness of the ** * agency pending
expenditure of the proceeds for the authorized purpose of their issuance. In connection with these deposits
of proceeds, the Local Agency Investment Fund is authorized to.receive and disburse moneys, and to
provide information, directly with or to an authorized officer of a trustee or fiscal agent engaged by the
local agency, the Local Agency Investment Fund is authorized to hold investments in the name and for
the account of that trustee or fiscal agent, and the Controller shall maintain a separate account for each
deposit of proceeds.
The local governmental unit,the nonprofit corporation,or the quasi-governmental agency has the exclusive
determination of the length-of time its money will be on deposit with the Treasurer.
The•trustee or fiscal agent of the local governmental unit has the exclusive determination of the length of
time proceeds from the issuance of bonds will be on deposit with the Treasurer.
The Local Investment Advisory Board shall determine those quasi-governmental agencies which qualify to
participate in the Local Agency Investment Fund. ,
The Treasurer may refuse to accept deposits into the fund if, in the judgment of the Treasurer,the deposit
would adversely affect the state's portfolio.
The Treasurer may invest the money of the fund in securities prescribed in Section 16430. The Treasures
tray elect to have the money of the fund invested through the Surplus Money Investment Fundus provided
in Article 4 (commencing with Section 16470)of Chapter 3 of Part 2 of Division 4 of Title 2.
Money in the fund shall be invested to achieve the objective of the fund which is to realize the maximum
return consistent with safe and prudent treasury management.
AJll instiruments of title of all investments of the fund shall remain in the Treasurer's vault or be held in
safekeeping under control of the Treasurer in any federal reserve bank, or any branch thereof, or"the
Fbderal Home Loan Bank of San Francisco, with any trust company, or the trust department of any.state
or national bank.
Immediately at the conclusion of each calendar quarter, all interest earned and other increment derived
from investments shall be distributed by the Controller to the contributing governmental units or trustees
or fiscal agents, nonprofit corporations, and quasi-governmental agencies in amounts directly proportion'-
ate
roportion-ate to the respective amounts deposited in the Local Agency Investment Fund and the length of time the
amounts remained therein. An amount equal to the reasonable costs incurred in carrying out the provi-
sions of this section, not to exceed a maximum of one-half of I percent of the earnings of this fund,shall
be deducted from the earnings prior to distribution. The amount of this deduction shall be coedited as
reimbursements to the state agencies having incurred costs in carrying out the provisions of this sectioq'. .
The Treasurer shall prepare for distribution a monthly report of investments made during the preoeding
month.
As used in this section, "local agency," "local governmental unit," and "local governmental official$!
includes a campus or other•unit and an official,respectively, of the California State University who deposits
moneys in funds described in Sections 89721, 89722, and 89725 of the Education Code.
Amended Stats 1983 ch 751 §2; Stats 1991 ch 676 § I (SB 614). Amended Stats 1993 ch 857 §1 (AB 2062). Amgnded
Stats 1994 ch 519§ I (AB 3112).
Amendments
1983.Amendment. (1)Added "Notwithstanding Section 13340." in the first paragraph; (2)substituted "Controller" for
"State Controller"in the:first and tenth paragraphs; (3)substituted "the".for"such" after"needs, remit"in the se6oad.
arid.third paragraphs,before"deposit would" in the sixth paragraph,and after"length of titre" in the tenth paragraph;
(4)substituted "Truer" for"State Treasurer"wherever it appears and "Treasurer's" for "State Treasurers"'in the
ninth`paragraph; and (5)amended the tenth paragraph by(a)deleting"and shall be deposited in the General Fund"at
the end of the first sentence;and(b)adding the second sentence.
1991 Amendment: Added(1)the fourth and sixth paragraphs;and (2)"or trustees or fiscal agents"after"govetnmentai
units"in the first sentence of the twelfth paragraph.
1943 Amendment: (1)Substituted "a local government official,with;' for"an officer of any nonprofit corporatiofi whose
membership is confined to public agencies or public officials,or an officer of a qualified quasi-governmental-agency,with
the' in the second paragraph; (2)added the third paragraph; and (3)substituted "one-half' for "'one quarter":in the.
second last paragraph.
1994 Amendment: In addition to making technical changes, (1)deleted"local" after"indebtedness of the" in the fourth
paragraph; and (2)added the last paragraph.
III . A. Pg2
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TO: BOARD OF SUPERVISORS Cont
ra
FROM: Alfred P. Lomeli,Treasurer-Tax Collector
- Costa
February 27, 1998 +.
DATE: y ,( ( �/
r e
SUBJECT: TREASURY OVERSIGHT COMMITTEE
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)i BACKGROUND AND JUSTIFICATION
RECOMMENDATION(S)-
ACCEPT the resignation of Joseph A. Ovick, Ed.D., from the Treasury Oversight
Committee and APPOINT Ellen Elster, Deputy Superintendent for the Contra
Costa County Office of Education to fill Dr. Ovick's unexpired term which ends
April 30, 2000. The Clerk of the Board has already posted the notice for this
vacancy.
BACKGROUNDIREASON(5)FOR RECOMMENDATIONISI):
Joseph A. Ovick, Ed.D., wrote a letter informing the Treasurer-Tax Collector that
Mrs. Elster would be the Contra Costa County Office of Education's
representative on the Treasury Oversight Committee. The reason for this
request was that Mrs. Elster is now responsible for all the financial and business
aspects of the agency.
1%
CONTINUED ON ATTACHMENT: —YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR —RECOMMENDATION OF BOARD COMMITTEE j
—APPROVE —OTHER
SIGNATURE(sh
ACTION OF BOARD ON— M a r v h 17. 1998 APPROVED AS RECOMMENDED X OTHER
VOTE Of SUPERVISORS
I HEREBY CERTIFY THAT THIS I$A TRUE
.�-t1NANIMOUS(ABSENT - - o - E AND CORRECT COPY OF AN ACTION TAKEN
AYES` NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN; OF SUPERVISORS ON THE DATE SHOWN.
ATTESTED March 17, 1998
Contact: Clarissa V. Javier (646-•4115) PHIL BATCHELOR,CLERK OF THE BOARD OF
cc: County Administrator SUPERVISOR AND COUNTY ADMINISTRATOR
Treasurer-Tax Collector
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III. D.
Classification
Error of FHLMC
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III . D.
Classification
Error of Freddie Mac
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III. D. Correction of
Freddie Mac
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III. D. Classification
Correction of FHLMC