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RES-9625 Repealing Resolution No. 8801 and Amending Regulations for Investment Advisory CommitteeREPEALED BY RESOLUTION NO 11356 RESOLUTION NO. 9625 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE REPEALING RESOLUTION NO. 8801 AND AMENDING THE PROCEDURES, RULES, AND REGULATIONS FOR THE INVESTMENT ADVISORY COMMITTEE. WHEREAS, the City Council, at its meeting of June 10, 1997, established the Procedures, Rules, and Regulations for the Investment Advisory Committee and directed staff to prepare a resolution formally adopting these Procedures, Rules, and Regulations. These procedures apply to the conduct of the business by the Investment Advisory Committee of the City of Orange. WHEREAS, the City Council, at its meeting of May 2S, 2002, amended the membership provisions of the Investment Advisory Committee. NOW, THEREFORE, BE IT RESOLVED by the City couneil of the City of OrarLge as follows: SECTION 1: Repeal Resolution No. SSOl is repealed in its entirety and replaced with Resolution No. 9625. SECTION 2: Investment Advisorv Committee Rules and Rel!ulations 1. ]'URPOSE The Committee's primary purpose is to independently review tl1e City's investments toO determine their consistency with the City's investment policy's principal objectives of safety first, liquidity second, and total rate of return third. 2. MEMBERSHIP AND APPOINTMENT The Investment Advisory Committee shall consist of three (3) voting members. The City Treasurer and Finance Director shall serve as non-voting members of the Committee. The Qualifications of the applicants for the Committee will be reviewed by a panel comprised of the City Treasurer, City Manager, Finance Direetor, and three outside experts in finanee or investments. Those candidates passing the pre-screening process will be interviewed by the City Council Members. The Committee members shall then be appointed by the City Council in accordance with procedures established for appointing members of the City's commissions, boards 3. QUALIFICATIONS FOR MEMBERSHIP The members of the Committee must either reside and/or be permanently employed in the City of Orange. Qualifications being equal, preference will be given to Orange residents. The members of the Committee shall have substantial education and demonstrated managerial experience [of no less than five (5) years] in one or more of the following areas: Investment Banking Investment Brokerage and Sales Investment Management Finaneial Management and Planning Commercial Banking No member of the Committee shall be financially interested in any contract, or otherwise conduet any business with any member of the City cowlcil, the City Manager, the Finance Director, the Treasurer, the City or any of its agencies, either on an individual basis or as a partner, major shareholder, member, or employee of any Jirm. 4. COMPENSATION Members of the Committee shall serve without compensation. 5. TERM OF MEMBERSHIP The Investment Advisory Committee members shall serve for a term of two years, or until his or her respective successor is appointed. In order to provide continuity within the Committee, term expirations will be staggered. 6. MEETINGS The Investment Advisory Committee will meet at least once eaeh quarter and shall hold other meetings on an as needed basis. All meetings shall be held at the City Hall of the City of Orange located at 300 E. Chapman Avenue, Orange, 92S66. Meetings will be conducted in compliance with the Brown Act. The City Council will be advised of any Committee member who misses three or more Investment Advisory Committee meetings in a twelve-month period.Reso. No. 9625 2 HB: 7. ][)UTIES OF THE COMMITTEE The Investment Advisory Committee reports to and acts as an advisory body to, the Investment Oversight Committee. Their duties shall consist of the following: Review the City's Investment Policy annually and recommend revisions as necessary. Review the Treasurer's Report as defined by the State of California Goverrunent Code Section 53646 to insure conformance with the City's Statement of Investment Policy and review related factors such as risk, diversification, and maturity. Provide advice regarding potential investment, potential investment strategies, and suitability of pools such as Local Agency Investment Fund LAIF) . Provide written recommendations to the Investment Oversight Committee. The unedited and uncensored copy of the Committees recommendations shall be provided to the City Council along with the Investment Oversight Committee's recommendations for any City Council action. The Committee members shall act solely as an advisory body and shall not exercise decision-making authority, nor shall they be involved in the day-to- day financial and accounting operations of the City. The Investment Committee shall not make, or direct City staff to make, any particular investment, purchase any particular investment products, or do business with any particular investment eompanies, brokers, or advisors.ADOPTED this I I th day of June, 2002.ATTEST: CUAL~~~tIc~/A--T Cassandra J. cathe ,CIty Clerk, CIty of Orange Reso. No. I hereby certify that the foregoing Resolution was duly and regularly adopted by the City of Orange at a regular meeting thereof held on II th of June, 2002, by the following vote: AYES: cOUNcILMEMBERS: SLATER, ALVAREZ, MURPHY, COONTZ, CAVECCHE NOES: cOUNcILMEMBERS: NONE ABSENT: cOUNcILMEMBERS: NONE ABSTAIN: cOUNcILMEMBERS: NONE Reso. No. 9625 4 HB:pjw