Title
Draft Resolution - Review and Approval of Unclaimed Property Policy - S Houghton
Other Info
Submitted By: Audri Nelson on behalf of Sharon Houghton, Tax and Regulatory Accounting Manager
Department: Chief Financial Officer
Financial Impact and Cost/Benefit Considerations:
Discussion
Pursuant to the Board’s Policy on Policies, the Board routinely reviews all Board policies as part of its policy management. Under the Board’s review schedule, the Board may consider review of the Unclaimed Property Policy. The purpose of the Unclaimed Property Policy is to describe the use of Unclaimed Property Funds retained by Pedernales Electric Cooperative pursuant to Texas Property Code, Chapter 74. The Policy directs Unclaimed Property Funds at PEC so that they do not sit idle, but rather be allocated fairly and consistently among eligible PEC funds and programs.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS that pursuant to its regular review of Board policies, the Board has reviewed and adopts the Unclaimed Property Policy, with such changes, if any, as were approved by the Board; and
BE IT FURTHER RESOLVED that the Chief Executive Officer, or designee, is authorized to take all such actions as may be necessary to implement this resolution.