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HomeMy WebLinkAboutOrdinance #3920 ORDINANCE NO. 3920 AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH ADDING CHAPTER 2.110 OF THE HUNTINGTON BEACH MUNICIPAL CODE RELATING TO THE INVESTMENT ADVISORY BOARD The City Council of the City of Huntington Beach does hereby ordain as follows: SECTION 1. Section 2.110.010 of the Huntington Beach Municipal Code is hereby added to read as follows: 2.110.010 Creation. There is hereby created an Investment Advisory Board. SECTION 2. Section 2.110.020 of the Huntington Beach Municipal Code is hereby added to read as follows: 2.110.020 Composition. The Investment Advisory Board shall consist of up to seven(7) members. Each City Council Member may appoint one member of the Board to serve the same term as the City Council Member. SECTION 3. Section 2.110.030 of the Huntington Beach Municipal Code is hereby added to read as follows: 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. SECTION 4. Section 2.110.040 of the Huntington Beach Municipal Code is hereby added to read as follows: 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, 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) City's Statement of Investment Policy (2) Risk-Return Analysis 11-2779.001/68616 1 Ordinance No. 3920 (3) Long Term Investment Strategies (4) New Investment Opportunities (5) Proposed State or Federal Legislation which impacts the City's Investments (6) Anticipated Exposure to Loss (7) Quarterly Reports (8) Compliance with Investment Policy (c) Meet on a quarterly basis. (d) Perform such other duties or studies as may be directed by the City Council. SECTION 5. Section 2.110.050 of the Huntington Beach Municipal Code is hereby added to read as follows: 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. SECTION 6. Section 2.110.060 of the Huntington Beach Municipal Code is hereby added to read as follows: 2.110.060 Operating Policies. Except as otherwise provided in this ordinance, the Investment Advisory Board shall conform to operating policies for Boards and Commissions as set forth in Chapter 2.100 of the Huntington Beach Municipal Code. SECTION 7. Section 2.110.070 of the Huntington Beach Municipal Code is hereby added to read as follows: 2.110.070 Brown Act. Meetings of the Investment Advisory Board shall be subject to the open meeting law. (Government Code Section 54950.) 11-2779.001/68616 2 Ordinance No. 3920 • SECTION 8. Section 2.110.080 of the Huntington Beach Municipal Code is hereby added to read as follows: 2.110.080 Powers of Appointment. The Investment Advisory Board shall have the power to appoint subcommittees of not more than three (3) of its members to perform tasks within the scope of duties. SECTION 9. This ordinance shall become effective 30 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 17th day of October , 2011. m ATTEST: APPROVED AS TO FORM: City Clerk or--City Attorney ©V-0 `0\0+\1A REVIE D APPROVED: INITIATED AND , PPROVED: o s C y ager City Treasurer 11-2779.001/68616 3 Orel. No. 3920 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 October 3,2011, and was again read to said City Council at a regular meeting thereof held on October 17, 2011, and was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council. AYES: Shaw, Harper, Hansen, Carchio, Bohr, Dwyer, Boardman NOES: None ABSENT: None ABSTAIN: None I,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 October 27,2011. In accordance with the City Charter of said City Joan L. Flynn,Ci1y Clerk Cy Clerk and ex-officio 6ferk Senior Deputy Citv Clerk of the City Council of the City of Huntington Beach, California