WHEREAS, Article 2 of Chapter 4 of the California Government Code sets forth the statutory requirements regarding Local Agency Investment Policy, their annual review and any changes in the Local Agency Investment Policy; and

WHEREAS, the District Investment Policy requires review of the Investment Policy, at least annually by the District Investment Committee and Board of Directors; and

WHEREAS, the reviews required by State Law and District Investment Policy have been conducted and as a result of those reviews of the District Investment Policy certain additions, deletions, and modifications have been developed.

NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the San Benito County Water District that:

Passed and adopted this 26th day of March, 2003 at a Regular Board Meeting by the following vote:

AYES: DIRECTORS: Swanson, Tobias, Perry, Keck, DeLaCruz

NOES: DIRECTORS: None

ABSENT: DIRECTORS: None

____________________________________

Kenneth A. Perry

President

ATTEST: __________________________________