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HomeMy WebLinkAboutORD-17-92 Establish Investment Advisory Committee & Duties of Treasurer & Finance DirectorORDINANCE NO. 17- 92 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ORANGE ESTABLISHING AN INVESTMENT ADVISORY COMMITTEE AND SETTING FORTH THE DUTIES AND RESPONSI-BILITIES OF THE TREASURER AND THE FINANCE DIRECTOR AS TO INVESTMENTS OF CITY FUNDS.WHEREAS, section 53600 et seq. of the Government Code sets forth investment authority in the city council; and WHEREAS section 2.26 et seq. of the Orange Municipal Code currently sets forth the duties and responsibilities of the Treasurer; and WHEREAS, the city council wishes to amend the duties and responsibilities of the Treasurer as set forth in the orange Municipal Code in order to provide for review and auditing of investment records by the Finance Department; and WHEREAS, the City council has determined that the city' s best interests would be served by assuring input into investment policy from the City Manager and Finance Director as well as the Treasurer.NOW, THEREFORE, the City Council of the City of Orange hereby ordains as follows:Section I:The City Council hereby revokes, rescinds, and repeals any and all ordinances, resolutions, and/or authorizations granting to the City Treasurer the authority to invest City funds and/ or control any City investments.Section 2.26.010 of the Orange Municipal Code is hereby repealed and replaced by the following:2.26.010 Duties of Citv Treasurer Department of the Treasury,supervised by the City Treasurer, who shall:A. Serve as the Chairperson of the Investment Advisory Committee.B. Shall carry out all responsibilities and duties required of the Treasurer in the California Government Code.C. Shall carry out all responsibilities and duties assigned by ordinance or otherwise delegated by the City Council from time to time.D. Under Section 2.45.020(B), the Finance Director shall receive, hold, deposit, disburse and account for the funds of the city. However, to the extent that any duties of the Treasurer involve the hOlding, safekeeping or possession of any City or accounts, or any funds intended to become City Funds: 1. Keep in proper books, a full and accurate account of all the moneys received and disbursed by him on behalf of the city, specifying the time of receipt and disbursement, from who received and to who disbursed, and on what account received and disbursed, and how paid; 2. Make a daily settlement and reconciliation with the Director of Finance of the amounts received and paid out during the day for which settlement is being made. Once each month the City Treasurer shall balance and reconcile accounts with the Director of Finance, which monthly settlement shall show the balance to the credit of the several funds for which the Treasurer is responsible; 3. Make a detailed report to the Director of Finance, on or before the fifth business day of each month, as to the business of the office during the month preceding, showing the balance on hand to the credit of the different funds at the time of his last report, the amounts received during the month, and on what account, together with such other items and facts as the Director of Finance may require; E. Immediately deposit to the City's account any funds received by the Treasurer which are not specifically required to be held by the Treasurer under B or C above; F. Submit to the City Attorney, for approval as to form, and then to the city Council for prior approval any and all agreements or contracts proposed by the Treasurer, other than acknowledgments, authorizations, and similar documents, in the normal course of municipal investment, necessary to the completion of individual investment transactions authorized under the City Council's adopted Statement of Investment Policy; G. Be responsible for carrying out and complying with the City Council's Statement of Investment Policy. The Treasurer shall act in consultation with the Finance Director in making all investment decisions and shall be assisted by the Finance Director in carrying out the duties hereunder. Finance Department personnel who do not have responsibility for effecting investment transactions as designated by the Finance Director shall be responsible for maintaining internal audit controls on all cash management and investment activities in compliance with the City's Cash Investment Policy and generally accepted accounting practices. The Treasurer shall make all original investment, confirmation, audit and other records under the Treasurer's control available to the Finance Director or the Finance Director's designee for such purposes, who shall independently review, verify and confirm the accuracy of such records on a monthly basis. Ord No. 17-92 section II: A new chapter 2.50 is hereby added to the Orange Municipal Code to read as follows: CHAPTER 2.50 Investment Advisorv Committee 2.50.010 Committee Members. - An investment Advisory Committee is hereby established consisting of the Treasurer, the City Manager or his designee, and the Director of Finance. The Treasurer shall 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:City Council' s statement of Investment Policy.A. At least annually and more often if directed by the City Councilor 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 III: Chapter 2. 45 of the Orange Municipal Code is hereby amended to add the following:2.45. 020 Investment Policy. The Finance Director shall,without limiting the generality of section 2.45.010:A. Report monthly to the City Council on his or her review and reconciliation of the City's investment of the records under section 2. 26.010(G).B. Receive, hold, deposit, disburse and account for City funds to the extent permitted by law, except as the City Council may direct otherwise by ordinance or resolution.SECTION IV: A summary 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 summary of this Ordinance shall also be published once within fifteen (15) days after this Ordinance's passage in the orange City News, a newspaper of general circulation,published, and circulated in the City of Orange. The City Clerk 3 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 final passage. Adopted this 11 th day of Auqust 1992. ATTEST: 7-' ~ g ~1:?~/'4!: 7?- '- '--', ,';!:,1fle?,vy city Cler of th 'ciuy of Orange STATE OF CALIFORNIA) COUNTY OF ORANGE ) CITY OF ORANGE ) I, MARILYN J. 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 28th day of July , 1992, and thereafter at the regular meeting of said city Council duly held on the ~ day of August , 1992, was duly passed and adopted by the following vote, to wit:AYES:NOES:ABSENT: ABSTAIN: COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON COUNCIL MEMBERS: NONE COUNCIL MEMBERS: NONE COUNCIL MEMBERS: NONE Ord No. 17- 92 RDH:dg 4