HomeMy WebLinkAboutORD-13-95 Amend Title 2 Add Ch. 2.49 Statement of Investment PolicyORDINANCE NO. 13-
95 AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF ORANGE AMENDING TITLE 2
OF THE ORANGE MUNICIPAL CODE BY
ADDING CHAPTER 2.49 PERTAINING TO THE CITY'
S STATEMENT OF INVESTMENT
POLICY WHEREAS, the City Council of the City of Orange has determined that
it is in the best interests of the City to adopt and maintain a Statement of
Investment Policy (the "Investment Policy") governing the deposit, safekeeping,
and investment of the City's funds;
and WHEREAS, the Investment Policy is intended to outline the policies
for maximizing the efficiency of the City's cash management system and to
provide guiddines for prudent and suitable investment for City funds;
and WHEREAS, the City Council recognizes that it is necessary that
the Investment Policy be monitored and reviewed from time to time to assure that
it complies with current City Council policies and practices and is revised to
reflect changes in law and conditions that affect investment policies;
and WHEREAS, the Council has previously established the
Investment Oversight Committee and the Investment Advisory Committee made up of
citizens with special investment and financial expertise, to review the City Council'
s adopted Investment Policy and report to the City Council its recommendations
for any changes, additions, or deletions;
and WHEREAS, the City Council has previously adopted the
Investment Policy by resolution and has amended it from time to time by resolution or
motion;
and WHEREAS, the City Council, by this Ordinance, desires to set
forth requirements in connection with the Investment Policy and to prescribe
uniform procedures for revising the Investment
Policy.NOW, THEREFORE, THE CITY COUNCIL OF THE CITY
OF ORANGE DOES ORDAIN AS
SECTION I:
Chapter 2.49 is hereby added to Title 2 of the Orange Municipal Code to
read as follows:
Chapter 2.49
Statement ofInvestment Policv
2.49.010 Puroose
The purpose of this chapter is to establish a requirement that a Statement of
Investment Policy be adopted by the City and to prescribe uniform procedures in
revising the Investment Policy.
2.49.020 Reauirement
It is a requirement of the City of Orange that the City Council adopt a
Statement of Investment Policy to set forth policies for maximizing the efficiency
of the City's cash management system and to provide guidelines for prudent and
suitable investments of City funds.
2.49.030 Adootion ofPolicv bv Resolution
To comply with the requirements of Section 2.49.020, the City Council
shall, by resolution, adopt a Statement of Investment Policy. Any amendments to
the Policy shall be adopted by resolution.
2.49.040 Monitoring and Amending Policy
Pursuant to the provisions of Section 2.50.020 of this Code, it shall be the
responsibility of the Investment Oversight Committee to:
a. review the City's Statement of Investment Policy and recommend
changes, additions, or deletions; and,
b. monitor the implementation of the Investment Policy and annually
submit a compliance report to the City Council."
SECTION II:
A summary of this Ordinance shall be published and a certified copy of the
full tl:xt 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 summary 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 thl: date of its final passage.
ADOPTED this 11th day of July 1995.
ATTEST:
I J\ (\ ~_"f /,-, ,J ,;;:(Mayor
of
the City of Orange "MARl L
YN J. JENSEN City Clerk
of the City of Orange IL{f(it~Pd Deputy 1tt,
ler STATE OF
CALIFORNIA)COUNTY OF
ORANGE )CITY OF
ORANGE )I, MARlL
YN 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 27th day of June , 1995, and thereafter at th,
e regular meeting of said City Council duly held on the 11 th day of July , 1995,
was duly passed and adopted by the following vote, to wit:AYES:NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS
COUNCILMEMBERS
COUNCILMEMBERS
COUNCILMEMBERS:
MURPHY,
BARRERA,
MAYOR COONTZ,SPURGEON, SLATER
NONE NONE
NONE