HomeMy WebLinkAboutORD-05-95 Amend Ch. 2.50 Title 2 Investment Oversight CommitteeORDINANCE NO. 5-
95 AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF ORANGE AMENDING
CHAPTER 2.50 OF TITLE 2 OF THE ORANGE
MUNICIPAL CODE PERTAINING TO THE
INVESTMENT OVERSIGHT
COMMITTEE.
RECITALS:WHEREAS, the City Council has determined that the current
Investment Advisory Committee should be redesignated the Investment Oversight
Committee;
and WHEREAS, the Investment Oversight Committee, consisting of the
City Manager, City Treasurer, and City Finance Director, shall be responsible
for monitoring the City Treasurer's compliance with the City of Orange Statement
of Investment Policy on an ongoing basis and report to the City
Council.NOW, THEREFORE, THE CITY COUNCIL OF THE CITY
OF ORANGE DOES ORDAIN AS
FOLLOWS:Section
I:Chapter 2.50 of Title 2 of the Orange Municipal Code is hereby amended
in its entirety to read as
follows:Chanter 2.
50 INVESTMENT OVERSIGHT
COMMITTEE
Sections:2.50.
010 2.50.
020 Committee
Members Duties of
Committee2.50.010 Committee Members. An Investment Oversight Committee
is hereby established consisting of the Treasurer, the City Manager or his
designee,and the Director of Finance. The Treasurer shan act as Chair of the
Committee with the City Manager as Vice Chair. The Committee shall act by majority
vote.
2.50.020 Duties of Committee. The Committee shall have the following
duties and responsibilities:
A. At least annually and more often if directed by the City COlUlcil or
agreed by a majority of the Committee, review the City Council's adopted
Statement of Investment Policy and report to the City Council its recommendations
for any changes, additions or deletions to the Investment Policy.
B. Monitor the implementation of the City Council's adopted Statement of
Investment Policy and annually submit a compliance report to the City Council. "
Section ll:
A sununary of this Ordinance shall be published and a certified copy of the
full text of this Ordinance shall be posted in the Office of the City Clerk at least
five (5) days prior to the City Council meeting at which this Ordinance is to be
adopted. A sununary of this Ordinance shall also be published once within fifteen
15) days after this Ordinance's passage in a newspaper of general circulation,
published, and circulated in the City of Orange. The City Clerk shall post in the
Office of the City Clerk a certified copy of the full text of such adopted Ordinance
along with the names of those City Council members voting for and against the
Ordinance in accordance with Government Code Section 36933. This Ordinance
shall take effect thirty (30) days from and after the date of its fmal passage.
Adopted this 28th day of March
1/. /.) )
1/j;><<
t:..: i.1. <:/l_-7 Mayor
of the City of Oran .1995.ATTEST:
MnRTT
VN ,
1 .
TRNSRN City Clerk of
the City of Orange Ii /I '; /' ~' l
1'( .
oto i . (" ,,'~-1 _" /. I -- '-1 By: -&
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STATE OF CALIFORNIA)
COUNTY OF ORANGE )
CITY OF ORANGE )
I, MARILYN 1. JENSEN, 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 -.l4thday of March , 1995, and thereafter at the
regular meeting of said City Council duly held on the 28th day of March,
1995, was duly passed and adopted by the following vote, to wit:AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS:
MURPHY, BARRERA, MAYOR COONTZ, SPURGEON, SLATER COUNCILMEMBERS:
NONE COUNCILMEMBERS:
NONE COUNCILMEMBERS:
NONE MARILYN
J. JENSEN City
Clerk of the City of Orange By:
ROF:
dh OrdNo.5-95
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