HomeMy WebLinkAboutORD 02-22 CREATE THE INVESTMENT AND AUDIT COMMITTEEORDINANCE NO. 02-22
AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF ORANGE REPEALING
CHAPTER 2.50 OF THE ORANGE
MUNICIPAL CODE TO ELIMINATE THE
INVESTMENT OVERSIGHT COMMITTEE
DUE TO THE CREATION OF THE
INVESTMENT AND AUDIT COMMITTEE
WHEREAS, the City of Orange ("City") is a general law city, duly organized
under the Constitution and laws of the State of California; and
WHEREAS, Section 53600 et seq. of the Government Code sets forth investment
authority in tlie City Council; and
WHEREAS, Orange Municipal Code Ghapter 2.50 sets forth the duties and
responsibilities of the Investment Oversight Committee; and
WHEREAS, the City Council approved Resolution No. 11387, which established
the Investment and Audit Committee among other provisions; and
WHEREAS,the new Investment and Audit Committee shares the same duties and
responsibilities as the Investment Oversight Committee; and
WHEREAS, the City Council finds that the existerice of the new Investment and
Audit Committee.and the duties and responsibilities of the City Treasurer, City Manager,
and Finance Director, in their roles as defined by the Orange Municipal Code, provide
suffic'ient oversight of the City's investments;
NOW, THEREFORE, the City Council of tlie City of Orange does ordain as
follows:
SECTION I:
Chapter 2.50 of the Orange Municipal Cocle (Administratiori and Personnel —
Investment Oversight Committee) is hereby repealed in its entirety.
SECTION II:
If any section, subdivision,paragraph, sentence, clause or phrase of this Ordinance
is for any reason held to be invalid or unconstitutional, such decision shall not affeet the
validity of the remaining portions of this Ordinance. The City Council hereby declares that
it would have passed this Ordinance, and each section, subdivision, paragraph, sentence,
clause and phrase thereof, irrespective of the fact that any one (or more) section,
subdivision, paragraph, sentence, clause or phrase had been declared invalid or
unconstitutional.
SECTION III:
The City Clerk is hereby directed to certify the adoption of this Ordinance and cause
the same to be published as required by law. This Ordinance shall take effect thirty (30)
days from and after the date of its final passage.
ADOPTED this l Oth day of May, 2022.
Mar A. Murphy, Mayor, City O ange
ATTEST:
Pamela Coleman, City Clerk, City of Orange
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ORANGE
I, PAMELA COLEMAN, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Ordinance was introduced at the regular meeting of the City
Council held on the 12th day of Apri12022, and thereafter at the regular.meeting of said
City Council duly held on the 1 Oth day of May 2022 was duly passed and adopted by the
following vote, to wit:
AYES: COLTNCILMEMBERS: Murphy;Nichols, Barrios, Dumitru, Tavoularis
NOES: COUNCILMEMBERS: None
ABSENT: COiJNCILMEMBERS: Monaco, Gutierrez
ABSTAIN: COUNCILMEMBERS: None
Pamela Coleman, City Clerk, City of Orange