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<br />FINANCE AND ADMINISTRATIVE COMMITTEE <br /> <br />he Committee discussed and amen- <br />ded the procurement policy clari- <br />fying the mechanism regarding <br />the ~election of the Re\'iew Com- <br />minee for Prequalifying Bidders. <br />A repurchase agreement with Zion's <br />First t'\arional Bank was approved, allow. <br />ing for unu~d funds from the District's <br />checking account to be placed into an <br />interest sharing account at the end of <br />every day. <br />Landscaping of the Jordan Terminal <br />Resen'oir was completed according to the <br />agreement made with the surrounding <br />neighbors and Salt Lake County. A beau- <br />tification program l)f the entrance was <br />agreed upon by all parties. <br />The Committee recommended that the <br />District investment p0rtfolio he di\'ersi. <br />fied to allow investments between as <br />many qualified depositories as possible. <br />The Committee recommended to the <br />Board that the District's Debt Sinking <br />Fund be moved into a capital reserve <br />fund to conform with the fiscal Proce- <br />dures Act set by the Utah State Legis- <br />lature. <br />A policy outlining application proce- <br />dures for seeking assistance from the <br />District was e.!otablished. The procedure <br />sets the guidelines for outside agencies, <br />groups, or sponsors seeking assistance <br />from the Dii'trict. <br />The Committee discussed the recom- <br />mendations from the Engineering Com- <br />mittee to fund the Trial Lah repair. <br />Finding the request appropriate, the staff <br />was instructed to work with Reclamation <br />to prepare a design and minor construc- <br />tion contract. The Board appro\'ed a <br />transfer of S3;(l,0lX'.OO from the Capital <br />Improwment Reserve in the general fund <br />to a line item account for the construe- <br /> <br />tion of the Trial lake Dam repair. <br />The Commiuee approved a resolution <br />setting the 1989 ad valorum tax rate at <br />.000..l. <br />The Commiuee approwd the selection <br />of an audit committee to be formed [0 <br />accept requests for proposals for <br />accounting services from accounting firms <br />to conduct the 1990 audit and to provide <br />accounting assistance. <br />The Commiuee recommended to the <br />Board that the District's unappropriated <br />fund balance be transferred in the general <br />fund to "Future Construction Reserve." <br />The Commiuee approved a new Trawl <br />Policy which was accepted by the Board.. <br />The Committee discussed and approved <br />plans [0 implement the financial agree. <br />ments for the Olmsted Aqueduct and the <br />Trial lake Dam rehabilitation, authori;::ing <br />a transfer from the Debt Sef\'ice Sinking <br />Fund of $1,500,298.00 into Improvement <br />Re:-erve Fund to allow construction to <br />begin on the Olmsted T unneJ. <br />The Committee recommended to the <br />full Board that the District approve a <br />letter of agreement with an outside pro- <br />fessional to update the policies and pro- <br />cedures manual for the District. <br />The Committee recommended to the <br />Board that they place the funds for the <br />Johnson \Vater District pipeline, Provo <br />City connection to the Utah Valley <br />\Vater Treatment Plant, and the District <br />headquarters building expansion into the <br />Restricted Re~erve Fund to be available at <br />such time as the projects may be <br />appro\"Cd. <br /> <br />26 <br />