HomeMy WebLinkAboutOrdinance #3284 ORDINANCE NO. 3 2 8 4
AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH
AMENDING THE HUNTINGTON BEACH MUNICIPAL CODE BY
ADDING NEW CHAPTER 2.110 ENTITLED
"INVESTMENT ADVISORY BOARD"
WHEREAS, the City Council of the City of Huntington Beach recognizes the
importance of the investment policy and financial affairs with regard to the proper
functioning of City government and the well-being of the citizens of Huntington Beach;
and
The City Council also recognizes the importance of citizen participation as an
integral investment aspects of the operation of the City; and
City Boards, Commissions and Committees provide a valuable communication link
between the citizen and the government of the City; and
It is essential that there be cooperation between the City Treasurer and other City
staff assigned to serve as staff liaison to City Boards, Commissions and Committees,
NOW, THEREFORE, the City Council of the City of Huntington Beach DOES
HEREBY ORDAIN as follows:
SECTION 1. The Huntington Beach Municipal Code is hereby amended by
adding new Chapter 2.110 entitled"Investment Advisory Board" to read as follows:
2.110,010 Creation. There is hereby created an Investment Advisory Board.
2.110,020 Composition, The Investment Advisory Board shall consist of seven
(7) members. Each City Council Member shall appoint one member of the Board to serve
the same term as the City Council Member.
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2.110.030 Purpose, The Investment Advisory Board shall act in an advisory
capacity to the City Council and City Treasurer in matters pertaining to all the City's
investments.
2.109.040 Duties. The Investment Advisory Board shall have the duty to:
A. Prepare an Annual Report to the City Council. Annually, by January 20,
the Board shall submit a report to the City Council. In preparing this
report, the Board shall review the Investment Policy, Annual Financial
Audits and any other investment information determined by the board to be
applicable to its annual report. The report shall include any
recommendations by the Board pursuant to Section 2.110.040(B)below.
B. Review and make recommendations regarding:
1) Investment Policies
2) Annual Investment Audit including review of the Management
Letter from the City's independent financial auditor
3) Cash Management
4) Risk-Return Analysis
5) Long Term Investment
b) New Investment Sources
7) Proposed State or Federal Legislation which impacts the City's
Investments
S) Anticipated Exposure to Loss.
9) Quarterly Reports.
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10) Compliance with Investment Policy.
11. Monitor Broker-Dealer Selection and Performance.
C. Meet on a quarterly basis.
D. Perform such other duties or studies as may be directed by the City
Council.
2.110.050 Authority.
A. It is intended that the Investment Advisory Board act only in an advisory
capacity and not be vested with final authority in the establishment of
priorities, the expenditure of funds or the establishment of the investment
policy.
B. The Board shall not interfere with the duties of any elected or appointed
officer specified in the City Charter.
2.110.060 Operating Policies. Except as otherwise provided in this ordinance,
the Board shall conform to operating policies for Boards and Commissions as set forth in
Chapter 2.100 of the Huntington Beach Municipal Code and shall receive administrative
support from the City Treasurer.
2.110.070 Financial Disclosure. In accordance with California Government
Code, members of the Board shall be required to file appropriate statements of economic
interest.
2.110,080 Brown Act, Meetings of the Investment Advisory Board shall be
subject to the open meeting law. (Government Code § 54950.)
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2.110.090 Powers of Appointment. The Investment Advisory Board shall have
the power to appoint subcommittees of not more than three of its own members to
perform tasks within the scope of duties.
SECTION 2. This ordinance shall become effective thirty days from the date
of its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach
at a regular meeting held on the I Sth day of may 1995.
_Z�
Mayor
ATTEST: APPROVED AS TO FORM:
:�14
City Clerk Vy
ttom _Z t_5
y- 5s
REVIEWED AND APPROVED: INITIATED AND APPROVED:
1ty Administrator City Treasurer .5t-Z 15-
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Ord. No. 3284
STATE OF CAIHORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of the
City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do
hereby certify that the whole number of members of the City Council of the City of
Huntington Beach is seven; that the foregoing ordinance was read to said City Council
at an regular meeting thereof held on the 1 st of Mai 1995, and was again read to said
City Council at a regular meeting thereof held on the 15th of Mav,1995, and was
passed and adopted by the affirmative vote of at Ieast a majority of all the members of
said City Council,
AYES: Councilmembers:
Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo
NOES: Councilmembers:
None
ABSENT: Councilmembers:
None
Fordi'mme
nie Brockway CITY CLERK of the City of
gton Beach and ex=ofiirio Cle'k Of the styil, do her -u wro that a synopsis of th+s
has ii3 f`�e Daiiy Pilot or!
-- 19 P City Clerk and ex-officio Clerk
id-ity-.�-- of the City Council of the City
of Huntington Beach, California
City Clerk
pity City Cpsrk
G/kwrmdcxcs/ordbkpg
5/16/95
3284