Loading...
HomeMy WebLinkAboutOrdinance 3919 Relating to Chapter 2.109 of HBMC Proposed to PROOF OF PUBLICATION STATE OF CALIFORNIA) ) SS. ---- - — ---COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH . LEGAL NOTICE ORDINANCE NO.3920 Adopted by the City Council on OCTOBER 17, am a citizen of the United States and a "AN ORDINANCE OF T2HEI CITY"COUNCIL OF THE CITY OF ADDING CHAPTE resident of the County of Los Angeles; 1 2.110 OFHNGT THEIHUN�NGTONHBEACH MUNICIPAL CODE RELATING TO THE INVESTMENT ADVISORY am over the age of eighteen years, and BOARD not a party to or interested in the notice i ONNOPSIS FEBRUARY 7, 2011, THE CITY COUNCIL AMENDED THE HUNTINGTON BEACH MUNICIPAL published. I am a principal clerk of the CODE BY CONSOLIDATING THE DUTIES OF THE FINANCEBOARD AD INVESTMENT SOR HUNTINGTON BEACH BOARD. IT WAS ANTIICI ATED THAT THE�CONY OF THESE BOARDSMOULD INDEPENDENT, which was adjudged a NOLGREAITOER STAFF PRODUCTIVITY,ANDESUL EFFT CIENCIES OF THE TIME AND EFFORT, newspaper of general circulation on FOLLOWING.THE CONSOLIDATION OF THESE TWO BOARDS, IT BECAME CLEAR THAT SUCH September 29, 1961, case A6214, and A CONSOLIDATION WAS NOT RESULTING; IN IMPROVED THEREIN- June 11, 1963, case A24831, for the ONGRUENTFGOALSCIES ANDAFUNCTIONWOFETHE TWO BOARDS, RESULTING IN LESS EFFICIENT City of Huntington Beach, County of USE OF BOARD- AND `STAFF TIME AND RE- SOURCES.THIS INEFFICIENCY RESULTED IN THE Orange, and the State of California. 1 LOSS OF CERTAIN VALUABLE BOARD MEMBERS. THE Attached to this Affidavit is a true and i DILUT OOIDATION N S LTHE EXPERTISE PREVIOUSLYALSO RESULTED IPRO- VIDED TO THE CITY TREASURER VIA THE complete copy as was printed and INVESTMENT ADVISORY BOARD,WITH THE LOSS published on the following dates}: OF CERTAIN BOARD MEMBERS.WITH SPECIAL'- ]ZED EXPERTISE IN,,PORTFOLIO AND INVEST- MENT MANAGEMENT. iI,�. 2011 f I IN ORDER TO PROVIDDE A MORE EFFICIENT USE Thursday, ®Ct®LJ@r 27y Z®�1 OF TIME AND RESOURCES, A SEPARATION WAS DONE. TO"FURTHER PROMOTE COST EFFICIEN- CIES COUNCIL VOTED THAT THE BOARDS MEET ON A QUARTERLY BASIS TO REDUCE ADDITION } AL STAFF OVERLIME COSTS ASSOCIATED WITH THE MONTHLY MEETINGS. PASSED AND ADOPTED.by the City Council of certify (or declare) under penalty the City;of Huntington Beach at a regular of perjury that the fore going is true meeting held October 17, 2011 by the following j 9 9 roll call vote: AYES: Shaw, Harper, Hansen; Carchio, Bohr; and correct. Dwyer,Boardman NOES:None ABSTAIN.None ABSENT:None THE FULL TEXT OF THE ORDINANCE IS AVAIL- ] ABLE IN THE C17Y CLERK'S OFFICE. This ordinance is gffective 30 days after Executed on November 1 , 2011 adoption. CITY OF HUNTINGTON BEACH 20M MAIN STREET at Los Angeles, California HUNTINGTON BEACH,CA92648 714-536-5227 JOAN L.FLYNN,CITY CLERK Published H.B.Independent October 27,2011 Signature a,b 0- 3?/9 F4/LC-b /10/✓7/20ii } A/- Ut4�7- L, �..� � Sr RJ A b i�/ C_. I�"i`�..1��.'�-` ,lei✓'a✓ Council/Agency Meeting Held: /0/8/A0// Deferred/Continued to: O?A! .� jo */47// )ll p roved 0 Cony itionally Approved El �Denied ,.Z),!V2 Si Jerk' ignat Council Meeting Date: October 3, 2011 Department ID Number: FN 11-017 0Ab-0J91q �teb 3- CITY OF HUNTINGTON BEACH (SOU. ®, `�` � REQUEST FOR CITY COUNCIL ACTION O&,Y&O,- /VO (Ve OA.b 0,3 92 9 SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Fred A. Wilson, City Manager PREPARED BY: Alisa Cutchen, City Treasurer Lori Ann Farrell, Director of Finance SUBJECT: Approve for Introduction Ordinance Nos. 3919 and 3920 amending the Huntington Beach Municipal Code by separating the Finance and Investment Advisory Board into two separate Boards, as recommended by the City Council's Intergovernmental Relations Committee (IRC) Statement of Issue: The City Council is asked to amend the Huntington Beach Municipal Code by adopting two ordinances that separate the consolidated Finance and Investment Advisory Board into two separate Boards: the Finance Advisory Board and the Investment Advisory Board as recommended by the City Council's Intergovernmental Relations Committee (IRC). Financial Impact: Not Applicable. Recommended Action: Motion to: A) Approve for introduction Ordinance No. 3919, "An Ordinance of the City of Huntington Beach Amending Chapter 2.109 of the Huntington Beach Municipal Code Creating the Finance Advisory Board;" and, B) Approve for introduction 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." Alternative Action(sl: Do not approve the recommended action and direct staff accordingly. Item 14. - 1 HB -240- REQUEST FOR COUNCIL ACTION MEETING DATE: 10/3/2011 DEPARTMENT ID NUMBER: FN 11-017 Analysis: On February 7, 2011, the City Council approved Ordinance No. 3911 which amended the Huntington Beach Municipal Code by merging two separate Boards; the Finance Advisory Board and the Investment Advisory Board, into a new consolidated Finance and Investment Advisory Board under Chapter 2.109. This action also deleted Chapter 2.110 of the Huntington Beach Municipal Code which related exclusively to the former Investment Advisory Board, as it was no longer needed. It was anticipated that the consolidation of these two Boards would result in greater staff productivity and efficiencies of time and effort. Prior to the consolidation, these were two separate and distinct Boards. The Boards acted in an advisory capacity to the City Council in matters pertaining to financial planning and the City's investments. The two boards consisted of seven City Council appointees each for a total of 14 Board members to fulfill these duties. Following the consolidation of the two Boards, it became clear that such a consolidation was not resulting in improved efficiencies as there were incongruent goals and functions of the two boards, resulting in less efficient use of Board and staff time and resources. This inefficiency resulted in the loss of certain valuable Board members. The consolidation also resulted in a dilution of the expertise previously provided to the City Treasurer via the Investment Advisory Board, with the loss of certain Board members with specialized expertise in portfolio and investment management. In order to provide a more efficient use of City Council, Board and staff time and resources, a separation of the Finance Board and Investment Advisory Board is requested. To further promote cost efficiencies it is also recommended that the Boards meet on a quarterly basis to reduce overtime costs associated with the current monthly meetings. Environmental Status: Not Applicable Strategic Plan Goal: Improve Internal and External Communication Attachmenys): 1. Ordinance No. 3919, "An Ordinance of the City of Huntington Beach Amending Chapter 2.109 of the Huntington Beach Municipal Code Creating the Finance Advisory Board" 2. 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" 3. Roster of the Finance and Investment Advisory Board xB -241- Item 14. - 2 ATTACHMENT # 1 54 a9 z 3 ORDINANCE NO. 3 919 AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH AMENDING CHAPTER 2.109 OF THE HUNTINGTON BEACH MUNICIPAL CODE CREATING THE FINANCE ADVISORY BOARD The City Council of the City of Huntington Beach does hereby ordain as follows: SECTION I. Section 2.109.010 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.010 Creation. There is hereby created a Finance Advisory Board. SECTION 2. Section 2.109.020 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.020 Composition. The Finance 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 2.109.030 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.030 Purpose. The Finance Advisory Board shall act in an advisory capacity to the City Council in matters pertaining to financial planning. SECTION 4. Section 2.109.040 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.040 Duties. The Finance Advisory Board shall have the duty to: (a) Prepare an Annual Report to the City Council. In preparing this report, the Board shall review the adopted Budget, Annual Financial Audits, Capital Improvement Plans/Budgets, and any other financial information determined by the Board to be applicable to its annual report. The report shall include any recommendations by the Board pursuant to 2.109.040(b)below. (b) Review and make recommendations regarding: (1) Fiscal Policies (2) Annual Financial Audit including review of the Management Letter from the City's independent financial auditor 11-2779.001/68649 1 Ordinance No. 3919 (3) Debt and Cash Management (4) Capital Improvement Plans and Capital Improvement Budgets (5) Long Term Financial Plans (6) New and Increased Revenue Sources (7) Proposed State or Federal Legislation which impacts the City's finances (c) Meet on a quarterly basis. (d) Perform such other duties or studies as may be directed by the City Council. SECTION 5. Section 2.109.050 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.050 Authority. (a) It is intended that the Finance Advisory Board act only in an advisory capacity and not be vested with final authority in the establishment of priorities or the expenditure of funds. (b) The Finance Advisory Board shall not interfere with the duties of any elected or appointed officer specified in the City Charter. SECTION 6. Section 2.109.060 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.060 Operating Policies. Except as otherwise provided in this ordinance, the Finance 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 2.109.080 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.080 Brown Act. Meetings of the Finance Advisory Board shall be subject to the open meeting law. SECTION 8. Section 2.109.090 of the Huntington Beach Municipal Code is hereby amended to read as follows: 2.109.090 Powers of Appointment. The Finance 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. 11-2779.001/68649 2 Ordinance No. 3919 1 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 day of 52011. Mayor ATTEST: APPROVED AS TO FORM: I �/�/may City Clerk City Attorney "Dto 'MR W REVIt D APPROVED: IN7 Z/ =O fI2 Vy Wtger Finance irector 11-2779.001/68649 3 KEY INSERTIONS: Double underline DELETIONS Stf4EethFeug4i-- Ordinance No. 3919 LEGISLATIVE DRAFT Chapter 2.109 FINANCE AND !NVESTMFNT-ADVISORY BOARD (3184-4/93, 3836-8/09, 3911-3/11) Sections: 2.109.010 Creation 2.109.020 Composition 2.109.030 Purpose 2.109.040 Duties 2.109.050 Authority 2.109.060 Operating Policies I -j 2.109.070 Repealed—Ordinance No. 3836-8/09 2.109.080 Brown Act 2.109.090 Powers of Appointment 2.109.010 Creation. There is hereby created a Finance end hwestm Advisory Board. (3911-3/11) 2.109.020 Composition. The Finance and hwestm Advisory Board shall consist of eleven (11) members in 2011 but thee-eafler-shall eensist ef seven(7) members Each City Council Member sha4l-MaLappoint one member of the Board to serve the same term as the City Council Member. (3911-3/11) 2.109.030 Purpose. The Finance and inkestmen4 Advisory Board shall act in an advisory capacity to the Git-y Tr-easiffer-and the City Council in matters pertaining to financial planning- end the City's investffieftts. (3911-3/11) 2.109.040 Duties. The Finance and investment Advisory Board shall have the duty to: (a) Prepare an Annual Report to the City Council. In preparing this report, the Board shall review the adopted Budget, Annual Financial Audits, Capital Improvement Plans/Budgets, lnvestffieftt Peliey, and any other financial and investffl information determined by the Board to be applicable to its annual report. The report shall include any recommendations by the Board pursuant to 2.109.040(b)below. (3911-3/11) (b) Review and make recommendations regarding: (1) Fiscal aiid investm Policies (3911-3/11) (2) Annual Financial Audit including review of the Management Letter from the City's independent financial auditor (3911-3/11) (3) Debt and Cash Management (3911-3/11) (4) Capital Improvement Plans and Capital Improvement Budgets (5) Long Term Financial Plans and lffi,estfn (3911-3/11) (6) New and Increased Revenue and/er-lnvestffien4 Sources (3911-3/11) Huntington Beach Municipal Code Chapter 2.109 Page I of 2 3/24/11 (7) Proposed State or Federal Legislation which impacts the City's finances or-ilww _ (3911-3/11) (8) Prisk Retufn Analy (9) Ai4ieipa4ed£xpestife-te Les (3941 3rll�'T) erly Repell{ 9 -� — (12) Meneelrer- Dealer-Seleeed Peff � „^— ;3 c) Meet on a quarterly basis (eM Perform such other duties or studies as may be directed by the City Council. 2.109.050 Authority. (a) It is intended that the Finance afid lfwestw.o.,*Advisory Board act only in an advisory capacity and not be vested with final authority in the establishment of priorities;or the expenditure of funds . (3911-3/11) (b) The Finance and li ,estf Advisory Board shall not interfere with the duties of any elected or appointed officer specified in the City Charter. (3911-3/11) 2.109.060 Operating Policies. Except as otherwise provided in this ordinance,the Finance Advisory Board shall conform to operating policies for Boards and Commissions as set forth in Chapter 2.100 of the Huntington Beach Municipal Code. 2.109.080 Brown Act. Meetings of the Finance and 1nvestfflei#Advisory Board shall be subject to the open meeting law. (Government Code Section 54950.) (3911-3/11) 2.109.090 Powers of Appointment. The Finance and Inver+,,..or+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. (3911-3/11) �.LJ' Huntington Beach Municipal Code Chapter 2.109 Page 2 of 2 11-2779.001/68659 ATTACHMENT #2 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. ATTEST: APPROVED AS TO FORM: City Clerk p--City Attorney D\c-0 `b\q\-\ REVIE APPROVED: INITIATED AND APPROVED: ager City Treasurer 11-2779.001/68616 3 Ord. No. 3920 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS: CITY OF HUNTINGTON BEACH ) 1, 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, City Clerk Cy Clerk and ex-officio URerk Senior Deputy City Clerk of the City Council of the City of Huntington Beach, California INSERTIONS: Double underline DELETIONS 5tfi1ethr-etigh Ordinance No. 3920 LEGISLATIVE DRAFT CHAPTER 2.110 INVESTMENT ADVISORY BOARD 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 Brown Act 2.110.080 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 up_to seven (71 members. Each City Council Member may 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 Citv_ 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, 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(bl below. (b) Review and make recommendations regarding: (1) City's Statement of Investment Policy (2) Risk-Return Analysis (3) Long Term Investment Strategies (4) New Investment Opportunities (5) Proposed State or Federal Legislation which impacts the City's Investments 11-2779.001/68647 1 INSERTIONS: Double underline DELETIONS Strilegh (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. 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 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. 2.110.070 Brown Act. Meetings of the Investment Advisory Board shall be subject to the open meeting law. (Government Code Section 54950.) 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. 11-2779.001/68647 2 ATTACHMENT #3 Item 14. _ 15 xe -254- Member Council Member Appointment Date Gerald Chapman Joe Shaw Dec-2010 Jerrold Clarke Devin Dwyer Jan-2009 Ken Dickerson Matthew Harper Jan-2011 Valerie Dickerson Matthew Harper Jan-2011 Joe Foye Keith Bohr Jul-2009 Stephen "Steve" Garcia Joe Carchio Dec-2006 Bob Glass Don Hansen Feb-2005 Patricia "Pat" Goodman Connie Boardman Mar-2010 David Hatch Joe Carchio Jul-2009 Angela Rainsberger Joe Shaw Jan-2011 xB -255- Item 14. - 16 9/29/2011 Proposed Separation of Finance and investment Advisory Boards Alisa Cutchen, City Treasurer Lori Ann Farrell, Director of Finance February, 2011 — Finance and Investment Advisory Boards were combined ® Ordinance No. 3911 adopted © Huntington Beach Municipal Code amended to reflect combined Board a e91 COMMUNICATION Dater 1 9/29/2011 October, 2011 — Recommend Finance and Investment Advisory Board be separated • Request adoption of Ordinances Nos. 3919 and 3920 to amend Huntington Beach Municipal Code Chapters 2.109 and 2.110 to separate into two distinct Boards: - Investment Advisory Board - Finance Board 2 A. Keep the four-year terms with no term limits Approved 7-0 Historic Resources Board A. Reduce the number of board members from between seven and eleven, to between seven and nine B. Keep the four-year terms with no term limits Approved 7-0 Library Board A. Keep the four-year terms with no term limits B. Remove the $15 per meeting stipend Approved 7-0 Mobile Home Advisory Board , B. Ghange the membership requirements frem three paFk ewneFs, three pa Fk r paFk thFee by the six board membem f9F appFeval by the GGUnGil e OF C. Change the membership requirements from three park owners, three park residents and three at-large members to three park owners or designees, three park residents, and three at-large members. Approved as amended that park owners or designees go through the same appointment process as all other appointed members. Approved 4-3 (Harper, Hansen, Carchio no) ORDINANCES FOR INTRODUCTION 44. Approve for Introduction Ordinance Nos. 3919 and 3920 amending the Huntington Beach Municipal Code by separating the Finance and Investment Advisory Board into two separate Boards, as recommended by the City Council°s Intergovernmental Relations Committee (IRC) Recommended Action: Huntington QeaGh Amending Ghapter 2.109 ef the Huntington QeaGh Municipal �j ;" *\ LL B) Approve for introduction Ordinance No. 3920, "An Ordinance of the City of _�q Huntington Beach Adding Chapter 2.110 of the Huntington Beach Municipal Code Relating to the Investment Advisory Board." Approve as amended to direct the City Attorney to return with an u ordinance repealing Chapter 2.109 of the Huntington Beach Municipal Code. Approved 7-0 COUNCILMEMBER COMMENTS (Not Agendized) �9� PA00a �1AYM0 1013111 -7- City Council RDA/PFA Meeting October 3, 2011 ' MooPmo lo�l�'!i