HomeMy WebLinkAboutOrdinance #3838 ORDINANCE NO. 3838
AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH AMENDING THE
HUNTINGTON BEACH MUNICIPAL CODE BY DELETING SECTION
2.110.070 THEREOF RELATING TO FINANCIAL DISCLOSURE BY THE
INVESTMENT ADVISORY BOARD
The City Council of the City of Huntington Beach does hereby ordain as follows:
SECTION 1. That Chapter 2.110 of the Huntington Beach Municipal Code,
entitled "Investment Advisory Board" is hereby amended to read as follows:
Chapter 2.110
INVESTMENT ADVISORY BOARD
(3284-5/95)
Sections:
2.110.010 Creation
2.110.020 Composition
2.110.030 Purpose
2.110.040 Duties
2.110.050 Authority
2.110.060 Operating Policies
2.110.070 Reserved
2.110.080 Brown Act
2.110.090 Powers of Appointment
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.
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.
2.110.040 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:
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Ordinance No. 3838
(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
(6)New Investment Sources
(7) Proposed State or Federal Legislation which impacts the City's Investments
(8) Anticipated Exposure to Loss
(9) Quarterly Reports
(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 Reserved.
2.110.080 Brown Act. Meetings of the Investment Advisory Board shall be subject to the
open meeting law. (Government Code Section 54950.)
09-1968/30280 2
Ordinance No. 3838
2110.090 Powers of Appointment. The Investment Advisory Board shall have the
power to appoint subcommittees of not more than three (3) of its own members to
perform tasks within the scope of duties.
SECTION 2. This ordinance shall take effect thirty days after its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach
at a regular meeting thereof held on the 6th day of July , 2009.
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ATTEST: ayor
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City rk UINITIATED AND APPROVED:
., REVIEW k APPROVED: ity easurer
City n' trator P ROVED AS TO FORM:
CiCit' Attorney
09-1968/30280 3
Ord. No. 3838
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN, 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 a regular
meeting thereof held on June 15,2009 and was again read to said City Council at a
regular meeting thereof held on July 6, 2009, and was passed and adopted by the
affirmative vote of at least a majority of all the members of said City Council.
AYES: Carchio, Dwyer, Bohr, Coerper, Hansen
NOES: None
ABSENT: Green, Hardy
ABSTAIN: None
1,Joan L.Flynn,CITY CLERK of the City of Huntington
Beach and ex-officio Clerk of the City Council,do hereby
certify that a synopsis of this ordinance has been
published in the Huntington Beach Fountain Valley
Independent on July 16,2009
In accordance with the City Charter of said City
n Joan L. Flynn, City Clerk CitVClerk and ex-officio erk
Senior Deputy City Clerk of the City Council of the City
of Huntington Beach, California